Payday Loan Problems in Washington
Date: Sun, 11/25/2007 - 14:31
One Click Cash - $300 - I pay the $90 renewal/finance charge each paycheck
ameriloan - I have been paying this one down each check by $50.00 plus the renewal charge - I think I now owe probably $150.00 on principal plus the finance charge
Impact Cash - I owe one last payment of $50.00 plus the finance charge
Usa Cash Services - $500.00 = $75.00 in finance charge will be in default on the 28th of this month.
CashnetUSA - in default I owe $575.00 plus a returned check fee - I think the total is $600.00 that I owe.
I like many of the other people that have posted to this site - am tired of being in this vicious cycle. I have spent the last few hours reading the responses on this site and I think I have concluded that I need to go to my bank to close my account and try to force a reasonable payment plan. I am behind on many other bills - that could be brought current but for the never ending drain on my checking account from these pay day loan companies. Do you have any advise?
TM, Please read this about closing your account. It has very go
TM, Please read this about closing your account. It has very good information in 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 heacaches!
TM, I am going to ask a mod to move this to the pdl fourm. Als
TM, I am going to ask a mod to move this to the pdl fourm. Also, could you please list the total you have paid to each company. Is this Washington State or DC?
I live in Washington State - Impact cash $300 original loan amou
I live in Washington State - Impact cash $300 original loan amount paid 810.00 to date. ameriloan - original loan amount $425 - paid $1310 to date. One clikce cash origianl loan amount $300 - paid $180 to date in renewal finance charges. USA Cash Services - $500 loan amount finanice charge is $75.00 same for Cash Net USA. These last two are supposed to be paid off each time - Thanks!
TM, I see you have two threads going. I am going to ask a moder
TM, I see you have two threads going. I am going to ask a moderator to lock this one. Keep responding on the other one.
I went to my bank - which incedentally is Washington State Emplo
I went to my bank - which incedentally is Washington State Employees Credit Union. What a great bank. The women I spoke with could relate to my predicament as she has gone thru the very thing I am going thru now. They closed my account and opened a new account with a new account number. Any time they try to present against the old account it will be returned account closed.
So now what is the next step. Posted: Sun Nov 25, 2007 3:31 pm
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I currently have the following internet payday loans outstanding:
One Click Cash - $300 - I pay the $90 renewal/finance charge each paycheck
ameriloan - I have been paying this one down each check by $50.00 plus the renewal charge - I think I now owe probably $150.00 on principal plus the finance charge
Impact Cash - I owe one last payment of $50.00 plus the finance charge
Usa Cash Services - $500.00 = $75.00 in finance charge will be in default on the 28th of this month.
CashnetUSA - in default I owe $575.00 plus a returned check fee - I think the total is $600.00 that I owe.
Regarding Ameriloan I have paid them $1310.00 to date, Impact Cash I have paid them $810.00 to date and One Click Cash - I have paid them $180.00 to date. Clearly I have overpaid Ameriloan and Impact Cash - any chance that I can force a refund from these companies - or would such an endeavor be a waste of time?
