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 Posted: Sun Feb 25, 2007 3:21 pm Subject: Payday Loan Mess |
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I got into the whole payday loan mess. My bank decided last week to close our account due to too many overdrafts. They closed it on Tuesday, but still took the check that was direct deposited on Friday.Can the do that? They didn't even bother to tell us, they just closed it. I am glad it is closed, because the loan companies can no longer get to our money, but now I have no way to cash or deposit checks. I don't know if I can even open a new account anywhere. Anyone have any good advice or suggestions?
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swoody
Joined: 23 Feb 2007
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| Posted: Sun Feb 25, 2007 3:24 pm Subject: |
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Did your bank warn you first about closing your account due to overdrafts? Was it in the negative for a long time?
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brownsugar
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| Posted: Sun Feb 25, 2007 3:26 pm Subject: |
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What state are you from? Go to another bank right away and try to open an account. Some states have banks report you for this under your credit reporting. If you want to open one, better make it quick before they do this or you won't be able to. If they do this in your state.
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fedupinpa
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| Posted: Sun Feb 25, 2007 3:27 pm Subject: |
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Your prior thread had a link to a list of banks that do not use chexsystems.
Yes, they can do that, and if you owe them anything, they can keep it.
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| Posted: Sun Feb 25, 2007 3:29 pm Subject: |
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What companies did you have loans with? If you give more information there are people here who have dealt with many different lenders who can advise you. What state are you from? What companies do you have loans with? How much is each loan for? and finally how much have you paid on each one so far. You have alot to do to clean this up but we are all here to help you and have been in your shoes.
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fedupinpa
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| Posted: Sun Feb 25, 2007 3:31 pm Subject: |
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Your prior thread had a link to a list of banks that do not use chexsystems. Make sure you look at that list, and try banking with one of said banks.
Yes, they can do that, and if you owe/d them anything, they can keep it.
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Morningstar
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| Posted: Sun Feb 25, 2007 3:32 pm Subject: |
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Also, once you get all the information above you will want to send each company a revocation of voluntary wage assignment so they are going for your paycheck, keep a copy of this, send it certified, you may need it for your human resource department at work. They may try to take your pay, If the pdl company snuck this one in on you, you will have that covered. Most people close their bank accounts in this situation, so you are one up on them. At least now the fees stop.
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fedupinpa
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| Posted: Sun Feb 25, 2007 3:34 pm Subject: |
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Hang in there, you may have refunds coming once you gather up all this information and post it so that forum members can reply. Alot of good people here to help you out of this mess.
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fedupinpa
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| Posted: Sun Feb 25, 2007 5:56 pm Subject: Payday Loan Mess |
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Ok, I went to that link, but it doesn't have it for my state which is Oregon. also, where do I get the revocation of voluntary wage assignment. i would like to get going on this tonight.
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swoody
Joined: 23 Feb 2007
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| Posted: Sun Feb 25, 2007 6:06 pm Subject: |
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The letter would read something like:
Addy...
addy...
addy...
date
To such and such:
I hearby revoke your authorization to any and all of my wages. Should any further deductions be made, you are hereby subject to legal action.
signed,
swoody
As for the link, go to page 3, press [ctrl + F] and type "oregon" in the search box. It is about 3/4 of the way down.
Should the wage letter be inadequete, rest assured, other members can point out better copies/wording/etc...
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| Posted: Sun Feb 25, 2007 6:10 pm Subject: |
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Swoody--
Make sure the wage revocation letter that you give to your payroll dept covers all payday loan lenders that might attempt this. You don't have to list each company by name, just sum it up as any and all.
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brownsugar
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| Posted: Sun Feb 25, 2007 6:14 pm Subject: |
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The letter would read something like:
Addy...
addy...
addy...
date
To such and such:
I hearby revoke your authorization to any and all of my wages from my current employer, xxxxxxxxxxxxx. You are also forbidden from deducting monies from any future employment I may hold.
Should any further deductions be made, you are hereby subject to any and all appropriate legal action against you, of which I will not hesitate to procede.
signed,
swoody
As for the link, go to page 3, press [ctrl + F] and type "oregon" in the search box. It is about 3/4 of the way down.
Should the wage letter be inadequete, rest assured, other members can point out better copies/wording/etc...
Damn bugs...logging me out in less than 5 minutes 
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The only people with whom you should try to get even are those who have helped you.
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Morningstar
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| Posted: Sun Feb 25, 2007 9:48 pm Subject: Payday Loan Mess |
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Thank you to all of you for your help and advice. I am so new to this. I finally got to the oregon link, but it doesn't list any of the banks around here. should I just start calling around and asking, or would that not be a good choice. also, If anyone has a better copy or wording for the revoke letter, I would appreciate it. Like I said i am new to this, and i just want to get it right.
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swoody
Joined: 23 Feb 2007
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| Posted: Mon Feb 26, 2007 7:56 am Subject: |
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Swoody, what part of Oregon do you live in (just generally). I'm the one that made the bank list and I live in Oregon so my research is very extensive . . . . Also, don't just run and open a new account at any bank. Even if the old bank hasn't reported you to chexsystems yet, they still can and most major banks do chexsystem sweeps. They will also feeze and close your new account just like the old bank did. It sucks. Also, wage assignments are ILLEGAL in Oregon. They cannot assign your wages, so don't worry about that.
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goudah2424
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| Posted: Mon Feb 26, 2007 8:02 am Subject: Payday Loan Mess |
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I live in Condon which is about 70 miles southeast of The Dalles. We have one bank in town which is Bank of eastern Oregon. Some of the banks in surrounding town are Sterling, and wells Fargo, and Bank of america
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swoody
Joined: 23 Feb 2007
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| Posted: Mon Feb 26, 2007 8:06 am Subject: |
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Do not go with Wells Fargo. They are notorious for freezing and closing bank accounts and if you have a chexsystems report they will find it and screw you. I just PM'd you a message with the Oregon stuff, but you are right, there isn't much around you. I would try applying at BofA online. That should work.
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goudah2424
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