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Debtconsolidationcare.com - the USA consumer forum

closing my account

Date: Sun, 11/11/2007 - 06:01

Submitted by bewitchen_chick
on Sun, 11/11/2007 - 06:01

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Total Replies: 21


i have 6 store front pdls out and my bank said i could pay 30 dollars per check and that, that would put a hold on them for 6 months without hurting my account, plus I also like to know what I would have to write to each one explainging i would like to set up a payment thing up with them. and also what is it that I would let me work know that I dont want my wages garnished.
thanks


putting a hold willnot help, as the pdls use many different names to get the money and yiuy dont knoiw which one they will use when they find ourt thereis a hold on one name. also theywill change the amount by a few cents to getit thru. the onlky way is to close your account. stop payments will not work ,If you try to make a pay plan whikle your account is open , they will go in and take everything


lrhall41

Submitted by on Sun, 11/11/2007 - 06:40

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I have to agree...others have tried this and it mostly hasn't worked. They have so many DBA's they will just debit under another name or as stated in an different amount and the charge will go through leaving you nsf or broke or both. That is why we suggest totally closing the account or having the bank put it on deposit only status.

The letters you mean simply say you revoke their right to debit your account (which they don't always pay attention to) and you revoke their right to any wage assignment. Assignment is voluntary and can be revoked...you will have to give a copy of that to your HR person at work also. Garnishment is done through the courts and you can not stop that however most internet loan companies do not use it..


lrhall41

Submitted by Morningstarr430 on Sun, 11/11/2007 - 07:18

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The letter is actually to the ipdls...you will state that you are revoking their right to debit your account (and you really must get the bank to close the account or put it on deposit only because they will continue to debit no matter what you say...but you need this for documentation)you will also in the same letter revoke their right to wage assignment. At this time you can also say anything else you want..offer payment arrangements or demand a pif...you can also include copies of your state law. Then you will give copies of the letters to your HR person to prove you have revoked their power to do a wage assignment.


lrhall41

Submitted by Morningstarr430 on Sun, 11/11/2007 - 10:22

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The thing is, though..If these are all storefronts, they are generally acting within the law. They probably would not use a wage assignment. Storefronts can sue you and get a judgement to garnish. They are usually easier to work with than internet lenders, though. You should definitely contact each lender directly and tell them what would be reasonable for you to pay. The bank account thing is tricky...Depending on what state you are in, it could be a crime to close your account at this time..I do know, however, that frequently in a payment plan storefronts will agree to stop ACH debits while you make the payments. I really think that if you level with them and make good on your arrangements they will work with you.


lrhall41

Submitted by finsfan13 on Sun, 11/11/2007 - 12:59

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These are 6 storefronts. Not internet. This person needs to let us know what state they reside in so that we can check the state pdl law and see what it says regarding "criminal action" before advising anything regarding their bank account. Some states can take action if you put a stop payment, close the account, etc. We need to know what state this person resides in. Criminal action could be taken. Also, we could also see if any of the storefronts are members of the CFSA so this person can invoke the EPP for payments.


lrhall41

Submitted by cannr on Sun, 11/11/2007 - 17:11

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bewitchen - You left me a message on my page asking for letters. Storefronts are the case where you are going to be on the phone with them mostly or talking to a manager in person. Any letters you send are most likely going to be just a repeat of whatever arrangment you made with them in person, that is if you wish to send a letter.

You can close your account but in this case it is better to speak with the companies.

We do need to know what state you reside in. There are laws governing PDLs and we can give you more specific advice if we know. Sometimes states only allow a certain number of PDLs or a total limit to how much you can borrow. If you borrowed from these stores over either limit, that may help your case... and persuade them to work with you. So please let us know!


lrhall41

Submitted by on Mon, 11/19/2007 - 07:35

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We still don't know what state this guest resides in. Or what storefronts they have. Poko, did they tell you what storefronts they have on their message? If they are indeed members of the CFSA, this person needs to go to the storefront BEFORE the due date of the loan and request the EPP. They will then sign an amendment to their loan agreement and this will list out 4 equal payments coinciding with this persons paydates to pay the loan amount off. It needs to be done BEFORE the loan due date. Do we have any idea of the state this person is in or what the storefront names are?


lrhall41

Submitted by cannr on Mon, 11/19/2007 - 08:17

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They just asked me what kind of letters to write. I didn't know anything else about the situation, so I searched for their original thread... finding out that the situation is nothing these letters can help with. I replyed to the quick message, but I don't think they'd know where to find it.


lrhall41

Submitted by pokogeo on Mon, 11/19/2007 - 08:23

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Thanks, poko! So this person wanted letters to send to storefronts? Is that what they were saying?


lrhall41

Submitted by cannr on Mon, 11/19/2007 - 16:51

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