Help! PDL's in Illinois
Date: Mon, 09/25/2006 - 18:27
First, I'd like to thank anyone who responds to this post in advance. I have already learned a lot by reading others' posts, but would like to get some more advice.
I live in Illinois and have a number of payday loans, most of them are internet companies:
1. United Cash Loans $400
2. Payday Ok $400
3. ameriloan $200
4. NetcashUSA $300
I also have an installment loan with Check n' Go.
I'm ok with the check n' go loan. I think I'm just going to pay that off every two weeks ($160).
I make good money, but obviously was living outside of my means. I recently moved and didn't adjust my budget properly to account for my increased rent. There are many other reasons, but those are irrelevent now.
I'm just looking for advice on how I can get out of this mess. I have opened up another checking account and am going to close the checking account that all these are linked to tomorrow. What do I do next?
1. Do I proactively contact them and tell them that the checking account is closed?
2. Do I wait for them to call me?
3. What happens if they try to post the checks to a closed checking account? Will I incur fees from my bank? I know I will from the PDL's.
If anyone has any advice, I'd greatly appreciate it.
Any moves that you decide, you must tell your lenders about this
Any moves that you decide, you must tell your lenders about this. I will talk to the lenders and explain the problems in making the payments. Tell them that you are now willing to pay off the debts and don't want to use your checking account for the payments. You have closed it and want to pay them through money order or western union. Ask them for your loan statement. See if all the charges are put correctly on it and then work out your payment plans. Once everything is fixed, stick to your plan.
How much have you paid on your internet pdls to date? I would al
How much have you paid on your internet pdls to date? I would also advise that you find out your state's laws regarding pdls. As far as your closed account, if it is closed and the companies try to debit or post a check, your bank won't charge a fee, because the account is closed. The pdls may charge a NSF fee though.