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Guest · Posted: Wed Apr 25, 2007 8:44 am Subject: I am so overdrawn right now

I need some help. I have three payday loans with the following companies.

Quick Cash Direct $300- I have paid 2 payments of $75.00

Cash Today- $225 I have paid 2 paymenms of 80.00

United Cash Loans- 200 and paid 2 payments of $60.00

I am so overdrawn right now it's not funny. I have written to my bank about stopping the debits, but I don't know what else to do. This is really the only debt I have and I am lost.

Andrea

Posted: Wed Apr 25, 2007 9:05 am Subject:

Andrea -

If you can provide us a little more info, we can give you some suggestions to help you out.

What state are you in? The laws on payday lending vary from state to state. In some states, they are illegal.

From the info you provided above, it looks like you haven't paid the principal balance on the loans yet. You need to find out what the laws are for your state (go to paydayloaninfo.org and click on "state information" and then your state for the applicable laws), and then pay the principal balance, plus any allowed interest. If you are having difficulty doing this, see if you can work out a different payment arrangement with the companies you're dealing with.

Posted: Wed Apr 25, 2007 9:05 am Subject:

What state are you in?

Guest · Posted: Wed Apr 25, 2007 9:14 am Subject:

I am in Rhode Island. I looked at the paydayloaninfo.org, but it said for my state that it applied only to check cashing places.

Posted: Wed Apr 25, 2007 9:18 am Subject:

I beleive RI is another state that allows payday loan places located in other states to lend to RI consumers under the other states license . . . . I will check on that to make sure . . . .

Posted: Wed Apr 25, 2007 9:20 am Subject:

I just read that in RI they have a bill going right now to do away with the current laws and make it EASIER to get a payday loan! You need to contact your states AG office and banking dept and complain!!!!

Guest · Posted: Wed Apr 25, 2007 9:23 am Subject:

That doesn't surprise me. Rhode Island is a crappy state.

Posted: Wed Apr 25, 2007 10:21 am Subject:

This is my post. I just registered. I just need to get these taken care of. I am falling behind on other bills not to mention that I just want my life back. I rent from my parents, but they are not rich and I need to pay them and since they have helped me before I don't want to have to tell them that I was stupid once again.

Posted: Wed Apr 25, 2007 10:41 am Subject:

I understand your situation with your parents . . . . You need to get your bank account closed so that you can pay these companies on your terms. Call them up and try to get them to work out some affordable payment plan with you. It's worth a try!

Posted: Wed Apr 25, 2007 10:47 am Subject:

Would it be worth it to change the account number? I really can't close the account because I have some payment arrangements on the account I want to keep.

Posted: Wed Apr 25, 2007 10:52 am Subject:

The internet payday loans won't stop debiting the account . . . . The only way to make sure they don't get into your account is to close it or see if your bank will block all ach transactions.

Could you switch whatever payments you are making to another account?

Posted: Wed Apr 25, 2007 11:02 am Subject:

I emailed my bank this morning about blocking the ach debits. I won't be able to do anything this round because it's Friday that everything hits and I have direct deposit and since the account is overdrawn I need to get that cleared up too.

Posted: Thu Apr 26, 2007 6:33 am Subject:

Well my bank is blocking the ach debits for me and I have tried to open a new account with my bank not sure if they will let me since my current account is overdrawn but we will see.

Posted: Thu Apr 26, 2007 6:51 am Subject:

It may be a good idea to open an account at another bank . . . . Sometimes banks will allow companies to debit with a social security number . . . .

Posted: Thu Apr 26, 2007 7:24 am Subject:

They said the stop is good for 6 months. By then I will have contacted the companies and will work out arrangements where I send them money no more touching my account. I like my bank so I really don't want to switch

Posted: Thu Apr 26, 2007 7:29 am Subject:

Is the stop for a specific company? If so, these pdl's have many names and will just debit under a different dba.

From experience, many here can tell you that stop payments don't always work. If it's an all ach transaction block you have, that should work at first. The pdl's will also try to send a paper check through once they realize they are blocked. That is why it's best to close the account.

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