Payday loan debt merry-go-round

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You may want to consider denying access to your checking account by either closing it out and notifying your bank of your situation.

Most important thing is to regain control. That is your first step in doing so. Keeping a roof over your head is much more important than paying the PDLs!

You will need to close your bank account. When you do this, you need to ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. Then instead of owing an illegally operating pdl, you owe a perfectly legal bank $1000's . . . Not good! So if your bank does have a policy like this, tell them your situation, and tell them to put one of the following on your account before it is closed: An ACH block, a hard hold, or put the account on deposit only. This will prevent any ach transactions from forcing the account back open.

You will need to concentrate on the storefronts first. Also, can you list the names of the 2 internet loans? If the companies are licensed you will need to try to work something out with them too.

Call your storefronts and ask them if you can set up payment arrangements. Most places once you default you stop paying the ridiculous renewal fees.

My bank has a hold on my account. The branch manager has been very helpful and told me that closing the account won't work because some of the checks have not been presented yet, and once they are presented it can actually reactivate the account thus incurring overdraft fees. She put a $100,000.00 hold so anything that comes through will automatically be rejected.
I am now in the process of writing letters to each of the companies I have loans with. I don't know how to contact the internet companies by certified letters.
One of them is Cashnet which is already in default, I also have a loan with Cash Call which is more of an over-priced long term loan. The other internet loan company I think is called Loan Spot, and this one puzzles me because I was initially turned down for a loan with them, but 2 days later they deposited money in my checking account. I deleted all their email after the declination and I'm not even sure I have the name correct so I have no idea how to contact them.

Hi, I think I can actually. I have been doing the same thing. I got behind in bills after my parents died. I had 7,000 dollars last year and now I live payday to payday. My son drained me of all of it. One problem after another, including homelessness, and I have a beautiful granddaughter so it's hard to say no to a baby. That led me to doing payday loans. They are on their feet now, and do not help me, have not paid a dime back, so go figure. Anyway, back to the subject. I went to Ace Check express the last time, here in st pete, fla. I'm from cincinnati. the nice woman there had a son that was doing the same thing. she helped me!!!! i have 3 months to pay it off. she told me everything. hahaha. I am so thrilled. You call family life, sweetie, it's a counseling service, and you tell them you cannot pay the loan off this time, that you need more time. they gave me until 8/23/07. I borrowed the 500 on 6/2/07, the payment was due 6/18/07, they gave me until 8/23/07. I am supposed to make small payments. I was upset because I was supposed to pay $138 today and I can't but I can pay $50. Guess what, ???? that's ok. In fact, I don't have to pay anything today. I have until 8/23/07. So, I suggest you ask for the counseling place, that they have, and by law, she told me this!!! they have to give it to you. And, close the bank account, so they cannot debit you. Try both those things, and God Bless you. I also know that if I don't tithe at Church, bad things happen to me financially. It's wierd but true. good luck, yarnyogi

oh my goodness, yes, i forgot that, talk to your bank first, tell them what is going on. that happened to me. the ended up fixing a more doing amount to pay them back, but that other post so so important, talk to your bank.

To the poster Please see the thread by Steelers Proud to Be a Buckeye. Ohio has passed new laws on payday loans. You need to contact your Attorney Generals office ASAP> KYSIDE38

Um, how did you get 5 storefront loans in the state of OH? They all run checks with the exception of Checksmart and will not give you a loan if you already have one out.....

Leah - I had 8 pdls and I live in Ohio. They really don't check that well and three of them were associated.

Ohio hasn't passed the law yet, but they are expected to. Govenor Strickland does not like payday loan companies and what they do consumers, so it is expected to pass soon without any problems. Oregon has already passed the new law similar to the one in OH (which will cap the interest rates at 36% driving the payday loan companies out of town!) Unfortunately, I know they have several other states they can operate in.

Leah - I had 8 pdls and I live in Ohio. They really don't check that well and three of them were associated.

Sorry about the double post - my computer screen just went nutz!

Sure you're sorry Irish! LOL. I know Brownsugar had several storefront payday loans out at once, (5 I think, and 3 of them were all linked to one coorporate company, and they knew she had the loans out with their sister companies). It does happen, I don't think they pay attention to the law, more money to be made by them. But soon, their money train will stop rolling in when Ohio passes the new law capping their interest rates at 36%! :D