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Posted: Sat Sep 16, 2006 11:59 am Subject: Stop payment request

I have several payday loans, and I am thinking about putting a stop payment request on them until I am can get them consolidated. Do you think that is wise?

Posted: Sat Sep 16, 2006 12:00 pm Subject:

Are they storefront or internet.

Posted: Sat Sep 16, 2006 12:18 pm Subject:

It depends..If they are storefront loans, it can be a bad thing, depending on what stae you are in.

If they are internet lenders, then that's fine, but remember this..It tends to get pricey doing stop payments, PDLS are sneaky creatures and have been known to find ways around stop payments by changing the debited amount, and stop payments are only temporary....Sometimes with internet lenders it's better to change your account completely.

salem9 · Posted: Sat Sep 16, 2006 12:33 pm Subject: Stop payment request

I'm in the state of illinois. These are all internet loans, and with my bank all I have to do is give them the name of the company and request a permanent stop payment.

Posted: Sat Sep 16, 2006 12:38 pm Subject:

That's what I did, I also had to pay a fee for each stop payment. But then I was later informed that they could go in under one of their assumed names and take out money, so I closed the account all together and I'm opening a new one with the same bank. Many of us on this forum in your same situation have done the same thing otherwise you will have a difficult time and lose alot of money. The internet pdls are going to tell you can't do this and you've committed wire fraud. Don't listen to them they are just trying to scare you.

Posted: Sat Sep 16, 2006 12:57 pm Subject:

Instead of doing a stop payment (because of a fee), ask your bank to block the company ID and don't honor their payment. I have tried this in the past and it worked. When the transaction code of a payday loan company is blocked, the company will not be able to withdraw any money even by using their multiple names. There is no fee for this also. Don't forget to work out arrangements with the lenders. You have a loan with the company and they want you to pay it back, but you will do that by proper means.

Posted: Sat Sep 16, 2006 12:59 pm Subject:

Salem,
Amy is right..They have a lot of aliases, and can get through..And even if they couldn't, trust me, they lie in wait and hit you when the stop payment expires, consolidation or not. They don't usually play nice, and they don't always take out the amount they said they were going to. I know it sounds paranoid, but I have seen a lot..And been through a lot. I was very very lucky 8 months ago and closed my account just in time..Another day and I would've had the negative balance from hell.

Posted: Sat Sep 16, 2006 1:35 pm Subject:

I had one of the internet payday loans go through, after putting a stop payment on the original company, based on my social security number alone

Posted: Sat Sep 16, 2006 1:42 pm Subject:

My bank told me that they also will go in a debit the account for a different amount several different times. (EX: they usually debit $90 but they'll debit $30 a few times to get their money.)I was lucky just like you finsfan, I closed it in time, one more day and I would've been hit hard. But we have to take back control in order to survive.

Posted: Sat Sep 16, 2006 1:50 pm Subject:

They sure will debit the account for a different amount each time..They've also been known to try and take the entire amount of the loan. They are sneaky.

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