Can you please give me some advice?

Hi Tricia-

Someone with a lot more knowledge will come along and advise soon so try to relax.

In the mean time you might want to post what state you are in and the name of your bank. You will also need to go through your bank statements to determine who you owe, how much you borrowed and what you have paid in fees so far. And please list if they are store front loans or Internet loans.

Chin up.. we've all been there!

Tricia -

First things first, if you can take a moment and look over your most recent bank statement (or get one from the bank), and post the following information, we will be able to help you:

-names of all payday lenders
-whether they are internet or storefront based
-how much you borrowed from each one
-how much you have repaid each one (including all fees, interest, etc)
-state you live in

(And we actually don't need the name of your bank.)

As far as the lack of money for the next couple of weeks, you may need to seek some help from local charities, like the Salvation Army or a local food bank to get by until you can get this resolved and get back on your feet. Please don't be ashamed to do this - many of us came here in the same boat you're in - no money due to PDL's and bills to pay, family to feed, etc.

Go to your bank as soon as possible (TODAY) and explain the situation to them. Talk with the branch manager, not just a teller. Ask them what is the best way to stop the debits from your account so that you can stop your last paycheck from disappearing on you.

Once you post the info about your payday lenders, we can help with advice on how to handle that. But first things first, talk to your bank.

I am in Florida - our bank is Old National out of Indiana (where we used to live). The loans were all over the internet.

I have spoke to the bank the only options I have are (1) close the account
(2) sign and notarize a fraud affidavit.
I can't do (2) because I am in another state and don't have faxing capability since I am unemployed now.
I am working on the other information you need - as we speak.
Thanks Tricia

I don't think that I would use number 2 as an option. Can they close the account and have a hard block placed on all debits only allowing credits to post? It soundss like a smaller bank... if they opened a new account for you could they close the old and redirect your deposit to the new one?

We are in another state so it makes it difficult for us to open another account with them - I don't think they can do that without us there to sign papers. I asked them about a hard block and was told that these were my only two options. I don't know what to do now? If I close the account I don't know what happens to our direct deposits that will go in tomorrow and Friday and it is too late for us to stop the direct deposit.

My first thought would be to call them back and ask about the possibility of opening a new account, do they have a website? Most banks allow you to open new accounts online. The second suggestion would be to contact those making the direct deposits. I'm sure at this point it is to late to redirect them to a new account but checking to see what happens when they are returned might be an option. Perhaps they could issue paper checks to you within a few days.

I went to my banks website and you have to go to a local branch to open a new account.

Here is all the information I have on the pdl's.

500fastcash - two deductions (?) 50 and 15
loanshop - 60
united cash loans - 60
pay check today - 90

These are all $200 loans - I have no idea how long I have been paying for these - months I know.

Also

EME Marketing - 200
SSM Group LLC - 200
Sagamore BB - 200

These are all new ones that I haven't paid on yet - yeah

What a wonderful mess I have gotten myself into.

Thanks for all the help.
Tricia

Here are the PDL Laws that I found for Florida:

Florida State Information

Legal Status: Legal

Citation:
Fl. Stat. Ann. ???? 560.401 et seq.; Rule 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,
http://www.flofr.com/

Someone with knowledge of how to spell them out in laymans terms will come along shortly to further help you with your obligations, if any, to the PDL companies assuming you took them out while living in Florida. I see that from the Florida Law some of these may in fact be legal PDL companies. It looks like according to FL law you can only have one out at a time and it can not roll over.

My fist concern for you would be to protect your checking account and I am not really sure how to advise you if the debits are scheduled to come out tomorrow... Have you tried to contact the companies that will be depositing to see how quickly they can replace your direct deposit with a paper check, citing that because of questionable activity on your checking account you had to close it quickly. It may be worth being without your deposits for a few days in order to gain back control of your money.

You should have tried to do something much sooner. I was in the same boat and went to my bank, explained the situation and she helped me close my account and open another one to stop the payday loan sharks from debiting my account. I too had direct deposit and they flagged my account so that if the deposit came in they would put it into my new account until I could get it changed through my payroll. It has only been 2 weeks since I did all this and now the payday loan companies are having a fit because my account is closed and they cannot just debit the money. At least this gives me some room to make arrangements to get them all paid when I can. My intention is not to never pay them, I just have to have some control or I will be constantly overdrawn and will get nowhere.
good Luck, I think you have no choice but to close your account. those loan sharks will keep trying to debit your account over and over. You simply cannot leave it open with any money for them to take. I would get to the bank the minute your deposit hits and draw all the money out, hopefully before the loan sharks run their debits through.