need help pay day loans

Here are the Payday loan laws for Illinois here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

If you could tell us who your loans are with, how much borrowed, and how much you have paid back then we can help you further.

papercheck payday loan
5/04/2007 450.00- loan
Paid
5/29-135.00 6/26-370.00 7/26-210.00 8/26 210.00 9/26-260.00. 10/26-230.00stopped payment
fastbucksnow
8/14-250.00
paid-8/21-31.25 9/11-94.29 9/25-61.25 10/16-91.87
Mycashnow
9/17-300.00
paid 9/25-55.86 10/25 130.00
payday cash net
10/18/200.00 paid 0

Ok, First things first.Stopping payment on these loans will not stop them from taking your money. They will use a different name, or change the amount. What you need to do is CLOSE your account, and open a new account at a completely unrelated bank. I know it is a pain in the neck , but this is what we nave done, and reccommend to others. Pleasde read the following to be sure you can close it.

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 headaches!

thanks everyone. Paper check sent e-mail back in one day and said account paid in full. Coundnt have done it with out you guys.
God bless You

mstina! I am so glad to read this! Great job! :D

Yay! Way to go! You are off to a great start!