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Posted: Mon Dec 18, 2006 8:09 pm Subject: Need PDL Help

Knowing what I know now I never would of taken out any PDL's. But I did and now Exprescash is withdrawing funds from my account. I will try contacting my bank to block them but I can't open a new account because the PDL's have reported me for check writing violations. I took out these loans in 2003 and 2004. I had been paying them but I got laid-off and couldn't swing it anymore. I know that I am responsible but I also can't afford all of the penalties that are being assessed. Another problem I have is that I have no idea how many accounts I have out there. I was really desperate at one point and just kept applying.

Please someone offer me advice.

Posted: Mon Dec 18, 2006 8:11 pm Subject:

First, you need to review your bank statements to determine how many companies you are dealing with and then go from there.

Posted: Mon Dec 18, 2006 8:13 pm Subject:

Hi and Welcome!
First off, we need to get some info from you: are your PDL's internet or storefront, meaning did you go into a building to get them?
Second, it's crucial to sit down and write a list of how many PDL's to your knowledge that you have at this time. This will help you start to see where you are at.
And lastly, when you say the PDL's reported you for check-writing violations, do you mean did the banks close your accounts for being overdrawn? Or did the PDL's just try and hit you for NSF checks?

Posted: Mon Dec 18, 2006 8:14 pm Subject:

Welcome to the forum Very Happy

A counselor should be contacting you soon. Now, you said they reported you to the check writing place. Are you referring to Teletrack, telecheck, or Chexsystems. I'm just asking b/c the pdls mainly report to Teletrack and that is a system that pdls use to let other lenders know of defaulted loans. I'm quite sure I'm in Teletrack b/c of defaulted loans, but I'm still able to write checks elsewhere.

Posted: Mon Dec 18, 2006 8:24 pm Subject:

My PDL's are internet. I am gathering what I have to see how many I am dealing with. They reported me to telecheck. When I was laid-off I closed my account and switched banks so I am still having problems with that.

Posted: Mon Dec 18, 2006 8:28 pm Subject:

Did you give them your new bank info? I hope not. And what state are you in? These are internet you will be able to deal with these guys.

Posted: Mon Dec 18, 2006 8:29 pm Subject:

No I didn't give them my new information but they are withdrawing funds from my new account. I am in Michigan.

Posted: Mon Dec 18, 2006 8:29 pm Subject:

VGreg - forgive me for asking a redundant question, but are you sure the PDL companies reported you to telecheck, and not TeleTRACK? To my knowledge, PDL companies only report to Teletrack, and banks report you to companies like Telecheck or Chex Systems. There's a big difference.

Teletrack is a database of PDL customers who have defaulted in the past, which gives PDL companies reason to reject you if you apply again. (Which we hope you won't, anyway.) Telecheck or Chex Systems is a system that banks and retailers use to report fraudulent or non-sufficient funds activity, which can prevent you from writing checks at other retailers or opening another checking account.

Or was it the bank (where you closed your account) that reported you? Just trying to get facts straight so we can help you out.

Posted: Mon Dec 18, 2006 8:30 pm Subject:

Are you sure they reported you to telecheck or did they just tell you that? If so, Telecheck would decline the old account that you closed, but if you have a new one and the ipdls don't have your new account info then the new account wouldn't be reported.

Posted: Mon Dec 18, 2006 8:31 pm Subject:

I contact Chexsystems and telecheck and there are 3 outstanding accounts on my file. The bank isn't listed at all.

Posted: Mon Dec 18, 2006 8:32 pm Subject:

I tried switching banks and I couldn't

Posted: Mon Dec 18, 2006 8:33 pm Subject:

Vgreg - I am also in Michigan, by the way.

If you have hits showing up on Telechex and Chexsystems, I would get them cleared up - they will prevent you from opening new bank accounts or writing checks at retailers that also use the same reporting systems.

Posted: Mon Dec 18, 2006 8:34 pm Subject:

Do they have access to your new account? If so, you need to block them or close the accounts all together until this mess is straightened out. This is the only way to gain back control of your finances.

Posted: Mon Dec 18, 2006 8:35 pm Subject:

Are the accounts on your file from the pdls? If so, I wasn't aware that they reported to Chexsystems. I just thought banks use this.

Posted: Mon Dec 18, 2006 8:38 pm Subject:

Hopefully this will help clear up the confusion:

Chex Systems - used by banks and some retailers to report fraudulent or non-sufficient funds checks - prevents checkwriting or new bank accounts from being opened.

Teletrack - used by Payday Loan companies to track performance of customers - if you are reported as defaulting on a PDL, you will not be approved for another if the company uses this service.

telecheck - similar to Chex Systems - tracks non-sufficient funds checks and prevents you from writing checks at certain retailers

To my knowledge, none of the PDL companies report to any of the major credit bureaus. Many of them (especially online ones) will threaten to ruin your credit and "report" you. If you are not going to be taking out any more PDL's (we hope you don't), this threat holds no weight at all.

Posted: Mon Dec 18, 2006 8:41 pm Subject:

How can I clear them when they are with the PDL's? How can I get rid of the PDL's once and for all? I read the Michigan Law but I'm not sure I fully understand it. Exprescash randomly takes money out of my account. One week it will be $35 and the next time $28. Most of the time they are on Fridays but then sometimes they are not. I would like to try to avoid getting into trouble with my new bank because of this.

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