Considering PDL consolidation

I'm bumping this back up to the top. Please someone tell me what to do. Payday is quickly approaching and if I don't pay my rent this week I'll be kicked out on the street!

Okay, first off know that most all of us have been in your shoes, and there is light at the end of the tunnel.

pls find your state info here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

That is the info for your state - I am in the process of doing some more digging to see exactly what the laws mean, as I've never looked into DC before.

In the meantime, you need to stop the bleeding. As your state doesn't specify if you can be prosecuated for closing your account, however, since these are all online loans you probably didn't give them a check. Closing your account is the best option.

See this sticky -

http://www.debtconsolidationcare.com/paydayloan/close-account.html

For important information to know before you close your bank account. Some banks have some policies in place that could put you in a worse situation if you don't cover yourself.

Sorry, i didn't answer your original question - Can consolidation help you? Yes, it will. But you can also do it on your own. It's your choice.

If you go to your bank right away and use the info in the link i gave you above, you should be able to have your paycheck this week. Also, ask your employer about getting a paper check. That way you are sure to have the money for the important things like rent, food, etc.

If you follow the advice in the link posted above, you should be able to stop the pdl's from debting your account. Just go into the bank in person, speak honestly, and take letters with you showing that you have revoked authorization for these places to debit. Take some print outs of threads from here to show the bank that these places don't care if they have authorization or not, they will take money anyways. And don't take no for an answer! They can do something to help you.

Ok, so I first send revoked authorizations to the lender? How simple or technical should the letter be? Should it be sent certified mail or will a fax be ok? IT's hard to secure addresses for these companies.

As far as closing the account. I doubt I'll be able to open another one. My husband caused a strike against us in the checking system. I'll have to check with my employer (federal, so everything is automated) to see if I can have a paper check issued for this week.

Okay, good news! You can open a new account! I can help you find a bank that doesn't even use chexsystems. But you will need to register with the site so i can pm you. It's free, and there is absolutly no obligation. Under your posts you will see a register today link. Go to that, and sign up. Once you sign up you can also earn points, which can be traded in for cash. 1 point = $.01.

To revoke authorization, all you need to do is send them a letter saying " I revoke any and all authorization i gave company x to debit in any way any account I may have."

It's best to send certified, you should be able to find addresses on this site, if not, post what company you need the address for and we can help you track it down.

sorry, I signed up last night. I just need to get more comfortable with the site

No problem! I am pming you the bank info right now . . . .

Thank you.

No problem . . . . But you need to get your bank/paycheck issues resolved asap. If you can't get a paper check in time, tell your bank to put your account on deposit only. That way your check will still go in, but no debits will be allowed. You will then have to go into your bank again to have them remove the hold, take your money out, then put the hold back on, but it is worth it to have your paycheck again! Some banks don't do this, or will say they don't. Ask to speak with the branch manager.

if I do the consolidation, will they be able to stop the withdrawals this week? Or does it take a signifigant amount of time.

Consolidating your pdl's is a seperate issue from the bank.

You need to go down to your bank asap, today if possible, and get one of the blocks mentioned above or in the link done on your account. That will protect it. Then you can worry about consolidation. First step is protect your paycheck, once you've got that done, and your rent paid, etc, then it's time to worry about the payday loans. For now, just concentrate on the bank account. The pdl's can wait.

If you do decide to go with a consolidation company, that usually takes a week or so before things kick in. But i could be wrong, I've never consolidated my debts before. They will also tell you to close your bank account.