In Deep with Online PDL lenders...

Tennesse has pretty good laws restricting the amounts they can charge you.
You will find the Payday loan laws for Tennessee here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Can you post how much you borrowed/paid back so far for each loan?

Also, you need to get that account postive so you can close it. Once you are ready to close it, you need to go into your bank and ask them what their policy is on ach transactions going through on closed accounts. Some banks will force open closed accounts and allow the transactions to go through. Then you owe the bank! If your bank does have this policy, tell them your situation and ask them to put your account on deposit only, a hard hold, or an ach block before they close the account.

PayDay OK $500
PayDay Select $500
Aeroadvance $400
Sonic Payday $500
MTE Fininacial Services $500
Payday Yes $300
ameriloan $250
United Cash Loans $300
Discount Advances.Com (I got it) $300

I have had them all for quite a while...probably more than a year. I just can't keep up with them any longer.

PayDay OK $500 $65 every two weeks
PayDay Select $500 $73 every two weeks
Aeroadvance $400 $80 every two weeks
Sonic Payday $500 $129 every two weeks
MTE Fininacial Services $500 $95 every two weeks
Payday Yes $300 $90 every two weeks
ameriloan $250 $75 every two weeks
United Cash Loans $300 $90 every two weeks.
Discount Advances.Com (I got it) $300

Discount advances is $30 every two weeks as well.

Well, according to TN law, on all your loans over $200, you would only pay $30 in fees . . . And it is against the law for them to rollover the loans. So all that money you've paid so far in fees should to go the principle.

You need to get that bank account closed asap. Also, you need to file complaints against these companies. Odds are they are unlicensed. You can check their licensing status by going to paydayloaninfo.org, click on your state, and there should be a link to a licensee database.

So, I need to get my account positive again...then close it. Then I need to file complaints about these companies (with whom, where). Anything else...

What can I expect from these storefronts when they go to deposit their checks and they're returned? Anything I need to do or be ready for on that end?

The storefronts I would call ahead of time and see if you can make payment arrangements. Since they are legal, they can sue. They are absolutly your first priority. Don't pay another dime to the internet companies until you have the storefronts taken care of.

You will need to write letters to all the internet companies. You need to include some important info:

1. You herby revoke any and all wage assignments you may have signed with X Company." (wage assignments are clauses some pdl's will put in their contracts so when you default they can attach your wages without having to take you to court. But this is completly voluntary, and can be revoked. What that line does is revoke it.)

2. You revoke authorization to debit in any way and account you may have.

3. According to TN state laws, you legally owe $XXX. (Since you've overpaid on most of these loans if you've had them for a year you can request a refund of the amount you've overpaid, or if it's not a lot of money, just request that your loan be marked paid in full.)

Send these certified mail so you have proof of reciept, and save copies to show your payroll if they do try to assign your wages.

Also, do a search on this site for the company names you are dealing with. That will give you an idea of what to expect from them. Just know now that you cannot go to jail over this. Read some of the threads about pdl threats so you know what to expect.

Goudah is right. CALL YOUR STOREFRONT LOANS! They are legal! You owe them that money & they'll expect it. I'm in Kentucky, so it might be a bit different, but I was speaking with the manager at one of the storefront pdl's and asked what course of action places like that take against people who don't come in an "pick up" thier checks. I was told that NUMBER ONE is to contact them! Always try to maintain a good relationship and show them you are willing to pay. He also said that a majority of them will "hold" the check once you explain your situation for maybe another 2 weeks or whatever. One place "held" a friend of mine's check for 30 days. No extra fees incurred. But the manager also told me that him and many other storefront pdl's will set up pmt plans with you. Just pay xxxx amount of dollars each week or two weeks until it's paid. If you don't "settle" with them, it could get turned over to collections - but you could work out a pmt plan with them, or turned over to an attorney's office - which he then told me will add on their OWN fees, so you'll be paying more - but still be able to set up pmt arrangements. Best advice - call these places, ask for the manager, tell them your situation & see what they can do for you. The manager I spoke with said 99% will set up a pmt plan with the customer. Because they want their money back. Good luck, and call them!

Yep - Communication with storefronts is key. They know people get caught up in these loans, they know the default rate is high, so as long as you are willing to pay, they should be willing to work with you.

I do know that Advance America will not set up a payment plan with you until the check comes back NSF. Even if you tell them the account is closed, they still send the check through first. That is their policy.

How much total have you paid Payday OK and Payday Select? There should not be any problem with getting them to mark you paid in full as long as you have paid back what you borrowed. You may be entitled to a refund if you overpaid them which from what you said it looks like you probably have. I have dealt with both of these companies and they were very easy to work with. United Cash Loans-not so much. I couldn't get them to back down at all. Sonic has some other dba's one of which is Payday Avenue...they were very difficult but once my state's AG got ahold of them they marked my account PIF. It took a long time though.

Thanks a lot. I called my storefrotns and they seem to be willing to work out payment plans there at the stores...without it going anyfarther than that. Looks like I need to get my butt in gear writing some letters, though.

Yep! If you read through some of the threads here you will get an idea of what others wrote. I recommed putting it in your own words and not using a template . . .

Goudah,

Thanks a lot for all of your help. You can only imagine what the last year has been like for me trying to keep up with all of these places. Honestly, now that I'm fianlly looking at it all down on paper...I'm amazed I made it this long. What a flippin' nightmare.

I've been there myself, so I know what you are going through.

But there is light at the end of the tunnel!

Keep us updated on your progress, and if you have any more questions, please feel free to ask!

Good Luck!

And be sure to ask your bank about their ach policy . . . . If you bank does allow them to go through on closed accounts and you don't get a block in place you will end up owing a legal bank $1000's instead of illegal pdl's . . . .

So, if my bank does allow a closed account to open back up if something is presented...what can I do? Just make my account deposit only? Or will they go against their own policy if I ask them to....

Ask them to do one of the following before closing: Put the account as deposit only, put a hard hold on the account, or put an ach block on the account. All banks will do at least one of the three, it just depends on what your bank does.

You may be lucky and your bank may not reopen closed accounts too!

Ok, this might be a dumb question...but can you put a block on or stop ACH or hard hold an account that is in the negative...or does it need to be current. I'm not sure when I'll be able to get the account back in the positive...but, I don't need anything else hitting it and making it more negative.

Most banks will require you to be positive to close the account. I would go into the bank and ask them. Each bank has a different policy, so your bank may be able to help you.

So, you can't just put a hold or non debit on an open account? In other words...without closing it...is there a way to keep it from getting more negative and keep the IPDL's out of my account. Or is closing it the only way to do that.

No, your bank may be able to . . . . I just know that they won't close it for you until it's positive.

Call your bank or go down in person, explain the situation, and see what they can do. Be sure to mention the terms hard hold, deposit only, or ach block. They should be able to do something to help prevent further debits.

OK...that's what I needed to know. I'm not really interested in closing it until I get it current again. But, if these IPDL's keep hitting my account...I'll never get it current and be able to close it for good.

I'm going to my bank on my lunch hour...I'll be sure to let you know how it goes.

Okay, good luck! Be sure to tell the bank that you've revoked authorization for them to debit the account too . . . .

Well, I got my account frozen and then closed. I have worked out payment arrangements with my storefront lenders. I sent all my letters, and have gotten 2 PIF's so far from Payday OK and Payday Yes. I told all of them not to call me at my place of employment and not to contact my freinds or relatives and it seems to have worked. I haven't gotten a call in two days. I beleive we are starting to make a difference and these companies are beginning to understand that their customers are becoming aware that their sahdy practices will not be tolerated any longer. The more educated we are...the more power they lose. Keep up the good fight, everyone!!!

I left the loan unpaid and move to a new bank because my husband lost his job and i could no longer aford to pay it,some how they got my new account number at another bank and took money from my account, can they do this?