T&C told me to close my bank acct...

Read OH laws again. The only way they will pursue charges is if you went to several pdls in a few days time span and have made no attempt to make a repayment plan with them. You are making an attempt to do a repayment plan. OH laws are not that harsh. If it makes you feel better, leave that account open, and open a new one somewhere else and have your direct deposit redirected to the new account, otherwise you will never have control back. And the storefronts are going to take you to civil court before they pursue anything else, you need to make an attempt for a repayment plan, which OH law requires the storefronts to do.

I'm signed up with T&C, which shows I'm making repayment plans. Should I contact my pdls and tell them what I'm doing, or just let T&C contact them about the repayment plans? T&C said they would talk to the pdls, but should I say something to them, too? I feel so awful about this.

Don't feel awful. You are taking care of your situation. Has T&C contacted them yet? You can contact them and tell them you have fell on financial hardship and rather than file bankruptcy you are working with a debt consolidation firm who will be contacting them. Then you can give them T&C's contact info. But try checking with the T&C first to see if they have notified the companies.

Don't beat yourself up about this---I have been in almost the same situation as you and can offer a little insight. You may recall seeing in re: your other post that when I first went with T&C, I just put my IPDLs with them. I closed bank account and then defaulted. A few months later I put my storefront PDLs with T&C. I did not call them, but put stop payments on the checks and this is where the problem was. I guess the paperwork you sign says something about the PDL can submit an electronic withdrawal instead of the actual check and it will (or can) bypass the stop payment on the paper check. I am trying to remember everything that happened to better inform you. So you could technically do it either way. If you decide to not close the account, maybe you can halt all attempts at payments by your PDLs?

Lorri's right. If they are going to attempt an electronic withdrawal, pay your bank the fee to block the company(s) from debiting your account. The fee is the same as putting a stop payment on the check (with most banks anyway).

Thanks, BritneysBald and Lorri (why did Britney Spears have to shave her head? She had such gorgeous hair!) Please, if you remember anything else, Lorri, please share. I really want to know what I could be facing in a situation like this so that I won't make matter even worse.

The reason I did not contact the storefront PDLs is that I was just plain ol'embarrassed. I had been going in there for so danged long (isn't that sad) that I knew the people almost like friends! I didn't want to face them. By the time the checks went to the bank and the stop payments hit, T&C had contacted them.

But, a couple of them went ahead and tried electronic withdrawals anyway and that is where I got messed up. When my bank (WaMu) put through the stop payments they should have covered any withdrawal attempts by those companies,but through their error it didn't and the full amount came out anyway. They had to reimburse my account, blah, blah, blah.

Only one of the PDLs tried to call me and that was one time. Please, please, please don't worry. You are doing the right thing and are making attempts to get out of a no-win situation. Relax! I am a world class worrier and if I am saying relax and it is not such a big deal, you can rest assured.

I realize I am not in your shoes or your situation, I just want you to feel confident about the decision you have made.

Thanks, Lorri, for your advice. I'm a world-class worrier, too, even though I'm trying to let Jesus handle this for me as I try to do what I need to do - i.e. set up a repayment plan. Thankfully, He's a forgiving Lord. Are you from Ohio, Lorri? I know that not every state has the same laws about PDLs.

Lorri is in CA. But OH law allows for a repayment plan which you are getting, so you should be fine. I know it is hard not to worry because you have never been in this situation. These storefronts may be angry but in the end they are going to get their money, but I really think you are doing the right thing and are going to be fine. I know it is hard to believe it at this point, but in a week or two you will feel the worry gradually reduce itself and feel better.

I am in southern California. And AMEN that we have a forgiving Lord! Let it go and let God! I don't know where I would be if I hadn't counted on him to be in control!

And steelers is right---you WILL start to feel better in a bit. Tell the truth now---don't you feel a teensy little bit of relief that you are going to be getting some control of your money back and there is a light at the end of the tunnel?

Yes, I am feeling a bit better. But I still need to decide whether to close my bank account or pay for stop payments fees. I really don't want to mess up and do the wrong thing about my bank account. I'm glad I have a repayment plan taking shape - that really makes me feel better. Thank you, Lorri and Steelers for your help, insight and advice. I will keep you posted on what happens. God bless you both!

Another option is that you could also talk to your bank and explain the situation and see if they can freeze that account and open another, just a suggestion.

I am with Town and COuntry and they did not tell me to close my account. I just filled out a statement of unauthorized debit to prohibit those companies from tapping into my account.

Now thats interesting. When I first went with T&C, they just suggested that I close my account--which I had already done.

I signed up with T & C and I had several internet loans. I did not have any store front lenders. They advised me to close my account because they would try all kinds of tactics to get their money. I really couldn't afford to pay all those stop payment fees and keep my head above water. Which store fronts are you dealing with? I've contacted a few of these on behalf of other forum members and it seems they are willing to make out payment plants. Since you are going with a dmp program, I don't think you have anything to worry about.

Do I need to be concerned about these laws with these IPDL's? I figured it up and I have overpaid all of these companies...Now I am stressing again....

Can someone give me the info to contact T&C...are they good...I know I have way overpaid these loans but maybe.....

Leah---I have the contact info at home (I am at work), so I can't PM it to you right now. Maybe someone else who has it can---I will this evening if someone else doesn't before hand. Please don't stress! It just isn't worth it!

Thanks...

Leah---I have sent you a PM with the contact info on T&C.

Thank you Lorri...I am gonna check it now Bless you

Leah---Just wondering how things are going? And also are you the original poster of this message? Cause it says ladybugmisty or something like that and I could not remember if it was you or not.

Yes, T&C never told me to close my account. I just went to Capital One and filled out a Statement of unauthorized debit which blocked the companies from pulling from my account completely. You will be surprised at a number of banks who do not tell their consumers that they have this option. Instead they recommend that you do a stop payment but if you are persistent, you find out certain things.

Quote:

Also, some bankers just don't know that it's an option.

Lorri-no I was not the original poster for this thread...Things are going here I guess. I am battling GFSIL pretty strongly..They seem to harass me the most. I haven't contacted T&C yet..I am going to do that this week when I am off.

Morningstar and Goudah:

I did have one that highly recommended that I use the stop payment option even though I called customer service and they were the ones who told me about it. I went to another bank and they told me that they didn't have a clue what I was talking about. Then the lady could no longer lie and gave me the form to fill out even though I got the impression that she didn't want me to.

And Goudah you are right. There are a lot of them who don't know about the option. They really don't have a clue as to what the option is.

You have to look at this as a business decision. What is in the best interest of you and your family.
The people in the storefronts are workers who are making millions for payday lender executives.

There is no shame in making a payment arrangement. The upside is that you are not digging yourself deeper into debt every payday. There is a light at the end of the tunnel. Keep your head up. It will be over soon. When it is, promise yourself - never again.

Never again for me too. I paid off a loan on Friday and I told them I will see them again, at the grocery store or at the mall. But as far as borrowing, I hope that I never have to borrow again.

Alexandra--Congrats on paying another loan off!

Thanks. It took me long enough. Now if I can just get some more posts so that I can be in the Hall of Fame. That's my next goal you know.

Good for you Alexandra---I will definitely vote for you to be in the HOF.

Leah---What part of the country are you in? I ask because I am in California and T&C is in Alabama, so I have to get up early when I call them before work. Just thought I give you heads up on their location (I didn't find out right away).

I think Leah is in Ohio.