Cleaning up my PDL mess

I don't have any experience with T&C, but as far as the bank account goes, I would tell your bank your situation. Tell them that you have revoked authorization and are putting these companies into a debt consolidation program. Tell the bank that these companies have a history of ignoring the fact that authorization has been revoked. Ask the bank to put a ach block on your account. They can do this.

Also warn the bank that some of these companies will try to send a paper check through once they find the debits have been blocked. They will do this without your signature on the check. Ask them since you don't know what they will put for the check amount is there any way to stop them from going through.

If you don't have any legitimate transactions going through the account it will be easier. The bank can block any activity. It's called a freeze or a hard hold. But if you do have things that need to go through, it may be get complicated.

You can't just put a stop payment on the transactions because the companies will just put the payment through using another company name, or they will change the amount.

If the pdl debits are due to come out of the acct. you closed, then when the debit is presented for payment from your old acct., the bank will just reject it and pdl's bank will be advised that acct. is closed. Once the pdl's are made aware that debit didn't go through due to closure of acct., that's when you'll start getting calls and emails.

Whatever you do, do not give the pdls your new bank acct. details, credit/debit card info, etc. Contact them to see if you can work out a payment plan, and send them the agreed upon payments via money order. They will tell you that the only way they can accept payment is via debit/credit card, Western Union or MoneyGram. This is not true! Send money orders no matter what. I very much doubt that when they receive the payment, they won't cash it.

It might be useful to sit down and figure up how much each loan was for, what your finance charges are for each loan, and how much in fees you've paid for each loan so far. Depending on your state's payday loan laws, you are most likely being charged an illegal interest rate on the loans, and the lenders will probably not be licensed to lend in your state. After figuring all of this out, some people find that they have more than paid back their loans as per their state's payday loan laws.

But, if you'd rather just bite the bullet and throw the loans into a consolidation program, I really haven't heard anything too bad about T&C.

You should ask your bank what their policy is. Some banks have a policy that if any ach transactions go through within a certain time period then they force the account back open. Some banks will leave the account closed and reject the debits, it all depends on the banks policy.

Right, I plan on visiting my bank tomorrow with a list of the loan sharks, err... PDL companies and any dba names I can find and try to block them from any further transactions. Not sure what their policy is as far as account closures, but I will find out. From there I guess I will start working on my revokation letters and try to get them sent out ASAP.

Today I'll be contacting T&C and CCCS and get the paperwork going with one of them.

Since my experience with the car repo and coming to this site I've finally realized that I *can* regain control of my finances. I've definitely made a ton of mistakes but being proactive I can turn this whole thing around in time.

Thanks for your replies. Will keep you guys posted and keep reading the forum.

~b

Good luck! Keep us posted!

Okay, I've closed my checking account and started a new one at the same bank. If they try to debit the old account it will go into the negative but hopefully not deduct from my new account. My payroll dept. will be depositing my next paycheck in the NEW account so I *should* get my *whole check* next time around which will be such a great but unfamiliar feeling.

Just faxed letters to Geneva Roth Ventures and OneClickCash, asking them NOT to use that account or any account with my bank or any other bank I have, and not to call me, etc. and to mark my accounts PIF. I am in VA and have overpaid by a several hundred for each one - yikes!

Anyway, will post more info as I progress and let the community know how it goes. Thanks so much to this site and its members for the info and support so far! I feel much more empowered and hopeful about the future with all of this info at my fingertips. :D