Arkansas laws and internet payday loans

welcome. I will post the laws for your state. In the mean time please let us know whhat lenders you have, how much you have borrowed, how much you have paid in total to each lender. Are your loans internet or store front. Also I will post something that yiu need to read before closing your account

Arkansas State Information here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Before you close your bank account due to payday loans eating away at your paycheck, please read this.

Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.

If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.

It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.

Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches! [/quote]



Online Resources

Well I have two that required a check but I am paying them off in full payday, current on those, I have Cash America which is a store front that I still owe 600 to but have paid them 275 10 days ago and will pay them off by Nov 2. The internet ones are Nationwidecash,zip cash,cash direct express, Arrowhead,paychecktoday,ML assoctes and 500fash cash. I have gotten a couple of emails about two of them and I offered a payment plan but after reading a number of the posts I think I could say as many times as I have rolled 2-3 of them over I could say they were paid in full.

Also, please read this thread:

http://www.debtconsolidationcare.com/settlement/about23856.html

It's about another Arkansas person with pdl problems. I talked to the AR Banking dept several times and there is some information about the laws and closing your account that are AR specific.

Well guess the 2 questions I have are these, which do I do first send letters of revoking the ACH debts first or go to the bank and kill all ACH transfers?

First go to the bank. If you revoke first then the companies will hit your account. You need to fix the bank account before you contact the pdl's.