payday loan help needed

elise, PA prohibits pdls. I'm going to post the PA state law for you showing this. However, PA will "allow" internet loans IF they are licensed SOMEWHERE. We can check to see which ones of yours are licensed. If they are not licensed, they will be considered illegal, okay? You can do this on your own if you choose to do so. Many, many of us have done it and come out on top. Have you done anything with your bank account yet? I'm going to post something about closing your bank account also. Please read the information I'm posting for you and ask ANY questions. We can help you with this. :D

You will find the Payday loan laws for Pennsylvania here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

i have not done anything with my bank account yet. I didn't really want to because I have many automatic debits from other campanies/bills that would have to be changed. However, if this is the only option, I can do so. I have read from some of the posts that it is better to do at another bank. Again would prefer not to due to location in a small town but will if only option.

thanks for any input.

I do believe the only way you can get a handle on the PDL's is for sure closing your bank account. I'm sure others will be along to give you more information. I'm also pretty sure others have opened up accounts at the very same bank and not had any issues with this. You would just need to make absolutely sure the accounts weren't linked. I would think as long as the bank assured you they would be in no way linked then it should be ok to bank at the same bank. There shouldn't be anyway the PDL's could get your new information if the accounts weren't linked. Hope this helps and again I'm sure others will be along with more information on this.


Johnita

You have so many that are unlicensed/illegal, your best bet is to close that bank account so they can no longer access your money. I know you don't WANT to; however, this is the only way to get control back of your money. You can mess around with the illegal ones and put them on the back burner for now and deal with the legal ones first. Does that sound like a plan?

I will talk to someone at the bank today or tomorrow about a new account. Which ones are unlicensed and which are, so that I can contact them and set up a plan - or at least try to give them a chance to work things out. Obviously I know not to mention closing the account.

OK I've been reading and of my loans, I think I've determined that MTE, GFS, are illegal and PayDay One is legal (thus will work with them directly). Of my others - national loan service, loan shoppe, worldwide cash and power funding are any illegal.

Then do I understand correctly:
1. Close bank account (working on opening new)
2. I am only responsible to pay illegal companies the amount borrowed.
3. Send illegal companies notice that they are paid in full, send c&d letter, revoke ACH, revoke wage garnishment and report to AG and FTC.
4. Legal companies I have to work with.

Do I have this right so far?
Thanks

That sounds about right. Just make sure that when you open your new account you do NOT give that information to anyone. When I closed an account at one bank and opened another at the SAME bank, the PDLs were still able to get money from my bank because my husband's paycheck was direct deposit and the bank had to "link" the two accounts together until the direct deposit was moved to the new account. So just make sure if you open another account at the same bank, they (the bank) knows to not "link" the accounts together. Good Luck.