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ACH Debits from my banks

Date: Mon, 05/28/2007 - 07:27

Submitted by anonymous
on Mon, 05/28/2007 - 07:27

Posts: 202330 Credits: [Donate]

Total Replies: 4


How can I stop the ACH debits from my bank on payday loans? I currently have 3 and 2 have been paid in full at least, one is almost paid in full. The interest is ridiculous and I am so sorry I got caught up in this.


You may need to open a new account, and close the old account. Upon closing the old account, I'd instruct the bank to not allow an attempted ACH to re-open the account.

Are these storefront or internet?
Who are they with?
What state are you in?
How much have you borrowed from each?
How much have you repaid each?


lrhall41

Submitted by Morningstar on Mon, 05/28/2007 - 07:34

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They are internet. One is MTE Financial, one is BIG Int and the other is CASHNET. I borrowed 225 from Big Int and paid back at least 350, I borrowed 300 from MTE and paid back about 400. I borrowed 400 from Cashnet, and paid back more than half. I live in NJ. Thanks!


lrhall41

Submitted by on Mon, 05/28/2007 - 07:56

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The first two are two af the worst. You must close that accpount immediately and open a new one like morningstar says. The expect the harrassment. MTE will turn you over to a third party collector right away. BIG is a foreign entity and will use the most bizarre threats you have ever heard. They can't do a thing to you. They are operating here illegally and have no legal collection rights in the US. They can't garnish your salary or call the police on you. They are low lifes. Be sure to send a letter to all these companies revoking their ACH priveledges and Wage assgnment agreements. Keep a copy to show your employer. Remember. They can't do ANYTHING they say.
The third, cashnet operates within all the rules. You will have to deal with them for a settlement. They are one of the better ones.


lrhall41

Submitted by Frogpatch on Mon, 05/28/2007 - 08:08

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thanks for your help! I am going to close my bank account on Friday after my pay is deposited. The debits will come out, but at least the next paycheck will be mostly my own. I saw a letter someone sent to a payday company (posted on this sight) citing the laws of the state. I live in NJ and payday loans are prohibited I think, so I might fax those letters to the 2 companies tomorrow, and call cashnet about payment arrangements.


lrhall41

Submitted by on Tue, 05/29/2007 - 08:14

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