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Payday loan trouble

Date: Fri, 08/25/2006 - 03:41

Submitted by fray1967
on Fri, 08/25/2006 - 03:41

Posts: 8 Credits: [Donate]

Total Replies: 11


Well my husband and I have 4 payday loans out from the following internet companies Paydayonline, 500Fastcash, ICS, Arrowhead Investment. We live in Florida and have defaulted on all of the loans because of unforseen circumstances. I need these people to stop trying to debit my checking account. My bank Bank of America wont seem to help me. Our account is now overdrawn by $850.00 because they keep reposting the payements to the payday jerks, and charging us NSF fees. $455 dollars worth since 8/11/06. Yesterday I tried to put a stop payment in the amounts that I figured they would try to post on Sept 1. as my bank said they could do nothing about the ones this week. And I noticed this morning that the loan people are posting 2 small amounts instead of one payment. So now the stop payment will not work because the bank said the date and amount had to be exact to stop payment. We have stopped our direct deposit to the bank so that we can at least pay our bills and other monthly expenses. I now have like 4 checks bouncing around 2 of which have already given me notice that I have either 15 or 30 days to pay or will go to court. I am not trying to avoid our debt. We just need the bank to stop posting to the account so we can get caught up. And I need to work something out with the payday lenders. Any idea what I can do? What are the laws in Florida?


Hi Fray....

I am not a moderator or anything,just a person that
try's to help out his fellow man.

You may have to open up a new checking account and
treat the BofA as another bill to pay off. You usu-
ally have 21 days before they shut your account down. When that happens they turn the account over to a clearinghouse preventing you from opening
any accounts until your overdrawn account is satis-fied. It can stay on your credit report for Five years.

On a brighter note maybe Bank of America has a program where as you can set that account aside and
pay it off without damage. Check with them!

Like I stated above,I am not a mod,or even pretend to be one! I didn't even stay at a Holiday Inn Express!

In addition, I am not familiar with the laws of Florida.You might want to call the AG's office,or
the states website for individual consumer laws.

Good Luck!


lrhall41

Submitted by Roadwarrior on Fri, 08/25/2006 - 06:16

( Posts: 637 | Credits: )


why don't you try freezing the account till you get things straightened out? The only thing that will happen then is they will only except credits - money that is posted into the account nothing else.


lrhall41

Submitted by ouzog12 on Fri, 08/25/2006 - 07:17

( Posts: 120 | Credits: )


I have been dealing with them for 2 days. They will not freeze the account as it is already overdrawn and that is the same reason the are giving me for not closing it as well. The did refund 155 of the overdraft charges but that was it. I have already opened a new bank account with a different bank.


lrhall41

Submitted by on Fri, 08/25/2006 - 08:20

( Posts: | Credits: )


Hi Fray, I had the same problem w/ BofA and they will not close your account nor freeze it until you pay the negative balance. Anyway,opening a new account is a good idea. Just pay BofA when you can.


lrhall41

Submitted by chicagobabe0725 on Fri, 08/25/2006 - 16:15

( Posts: 96 | Credits: )


Ok Fray....

That's a start. Do not give the PDL's your new account number! Maintain that account and pay off the Bank of America as soon as you are able. They might even set it aside allowing you to do so,especially if they are mostly overdraft fees.

Chicagobabe is giving you some good info!


lrhall41

Submitted by Roadwarrior on Fri, 08/25/2006 - 17:11

( Posts: 637 | Credits: )


I did open up a new bank account at a different bank, so I will take care of B of A just like any other bill. But what am I going to do about the payday people now that I can not close my account they are just going to keep trying to post to the old account, and B of A will let them then return it and charge me more money. I tried emailing the companies and told them of my situation and asked to please make some sort of other arrangement but they have not replied.


lrhall41

Submitted by fray1967 on Sat, 08/26/2006 - 04:33

( Posts: 8 | Credits: )


we have only been paying the interest on the PDL's we took them out in July so they have been rolling over. I am an not sure what the regulations are on Florida.

the original loan amounts where as follows
DATE OF LOAN LENDER AMOUNT PAID
7/05/06 500FastCash 300.00 180.00
7/31/06 ICS 200.00 213.00
7/31/06 Arrowhead Invest 250.00 75.00
8/07/06 Paydayonline 200.00 0.00

since Aug 11/06 when we defaulted on the loans they have tried to post the following

ICS 178.00
500FastCash 210.00
paydayonline 149.90
arrowhead 75.00

As far as freezing the account I really don't know who to talk to


lrhall41

Submitted by fray1967 on Sat, 08/26/2006 - 05:38

( Posts: 8 | Credits: )


Check out their website and see if they have a management link...Any e-mail address you can find, send a letter...Someone will listen. Be a pain in their neck until you get the result you need.

Do a search in this forum for Florida laws, I know they're around here somewhere....Figure out what is legal in your state...Example, if the max interest charge is 30% of your principal, then the amount due on a $200 loan would be $60...If you've paid $100, than you would owe $160. Offer this as a payoff in a letter, sent certified mail...I also like to fax just to double efforts...Plus you can keep faxing and keep faxing until they respond.

You HAVE to pay the principal back, but you don't have to take their abuse. :) Good luck!


lrhall41

Submitted by Jessi on Sat, 08/26/2006 - 05:51

( Posts: 3361 | Credits: )