Payday Loan ACH Endless Nightmare

Welcome to the forum...What state are you in??

Hi Msdawnya - I know just how you feel!!My bank will not work with me either and I am so overdrawn that I fell I will never be able to pay it back! Last week I wen to my hr director and told her I needed a paper check. She did not even blink an eye and said when you get another account just bring me the paperwork. I opened a new account at another bank and now I am ready to go into credit counseling or bankruptcy - whichever is best for me. Listen to the people on this site - I cannot tell you how much help that they have been! The most important thing is knowing that you are not alone.

msdawnya, Go to www.paydayloaninfo.org and look up the laws for the state you are in. Thats your first step. Then figure out how much in total you have paid each of these people. Please keep posting and let us know how you are doing. KYSIDE38

msdawnya, when dealing with payday loans, it is very important that you are informed of your state laws. Most loan companies add illegal charges and fees on the principal amount and keep debiting from the account. You never see your loan getting paid off. You have to know your state laws and calculate the payments done on each of the loans. Chances are some of the accounts are already paid off and you are sending additional money towards it. The pdl will not stop you from doing that. They want to have more and more.

Do some homework and review your accounts. It will be easier moving from there. Come back to this place and we will give you directions. Search with the company name in the google box at the top. You will read others who have experiences with these companies.

thanx i will do so...but i'm not sure how to confirm state laws...all this was done online with a FL driver license and I am working and living in TX. Which do I reference?

You took the loan in Texas, right? So, you will refer to the TX laws. Here you go:

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msdawnya - I'm so sorry to hear of your troubles. We've all been there, to some extent, so please rest assured you will receive sound advice here to help you get out of your situation and back on your feet. Next Christmas may be the best you and your family have ever had.

Once you have your overdrafted account with BofA paid off, I would suggest changing banks. If you look at some of the other posts regarding this particular bank, they are notoriously hard to deal with on these types of situations. They appear not to care if your entire paycheck gets sucked up for overdraft fees, and will not help you to resolve it.

Msdawna,
If your bank will not help you to stop the debits, have you tried Revoking the authorization from the PDL's. All you need to do is send or fax a letter telling them that you are revoking their authorization to make any further debits from your account XXXX.

Very good point, Pinklady - thanks!

If this is how your bank treats you then I would go to another bank and open a new account and redirect your paycheck immediately to the new account. And then deal with Bank of America. At least then you will know that your new account is safe as well as knowing you will get PAID.

Steelers - that is what I just did. For the first time in a monthe I was able to put gas in my van without borrowing it from my kids! I will deal with usbank when the time comes, but they would not help me when I asked them to.

You did what you had to do to survive, nobody can fault you for that. When USBank contacts you just make payment arrangements that you can afford so you don't end up in the same situation again. I remember when you posted you didn't have gas money for your van, I'm happy to hear you've taken back control.