B of A Nightmare - Payday Loans - Please Help

Hello JJ, You need to go into the bank directly and speak with a Branch MAnager! The customer service reps sometimes have no clue of what is going on and their word is not golden. Also the branck manager can make those decisions on the spot, be careful because they can be overiden by headquarters, but that is rare. I would go into my branch immediately and speak with the BM and plead my case. This can not continue to happen, they must work with you!

Could you post what state you are in, whether they or internet or storefront, who you have loans out with, how much you have paid on each, and what is still owing? The only way to get them to stop is to default on the loans. Even though you are in the negative, does you bank still honor the debits? Have you sent a C and D letter to the PDLs? Honestly, the only way to stop the insanity is to default on the loans. Once you have sent a C and D letter you can contact their processors and inform them that they are being asked to debit on a revoked account, if they are internet. If they are storefront you should be able to make payment arrangements, but someone who can interpret your state laws will be along to advise you and confirm what I have stated. There are many factors which enter into the route you can take, so please think about listing the information I requested. I don't quite understand the theory behind not closing a negative account, other than the bank will continue to make a buck off of your unfortunate situation, which is pretty, sad if you ask me. Hang tight. Help is on the way.

By the way, I would open a new account at a different bank and move your direct deposit to that one untill this whole thing is cleared up.

Often it will take a payday or two to get your direct deposit transferred to a different account. If that is the case, can you just cancel your direct deposit and get a check, which you could then deposit into a new account at a different bank?

Also, when you go in and talk to your branch manager, be sure to discuss the stop payments that were still allowed to go through your account, and try to get them reversed.

I will go to the bank on Monday morning to talk to the Branch Manger.

I am in the state of Texas, all of my loans are internet loans.


I have loans with:

CASHNET USA - Principal is $1,500 I have rolled this loan 3 times for a total of $787.50 in fees through the 3 rolls and this Friday was the 4th time. If the bank does not honor my stop payment this is one of the ones that they took out the entire amount this paycheck. If they don't return it it is paid off. The total that they took out of my paycheck was $1,650.00. In total I have paid CASHNET over $5000.

CHECK N GO - Principal was $1,400, this is the same situation as with CASHNETUSA. This was the 4th time I rolled this loan. I paid them up through the 3rd roll ~$1,025 in fees. On Friday they hit my bank account with the total amount which was $1,770.

PAY DAY ONE - Principal was $900, This one is in collection I paid them $750 in fees, I owe them $615, I worked out with them that I would pay the remiaing $615 in 2 payments 1/2 of this on Friday, their debits always come in late, so I should see this on Friday for $300. It am guessing that this is going to get returned.

ONE CLICK CASH - Principal $450 I have paid them I believe $400 off of the most recent loans. This is one that I had sceduled to pay off in total on Friday, My bank got hit for $585 on Friday.

THE CASH SPOT - Princiapal $300- I have paid them either $150 or $225 in Fees


NATIONWIDE CASH - Princial - $300 - Paid them ~$150 in Fees.

My bank generally will allow me to go ~$300 negative, so on Monday they will be returning some of the payments, I don't know which ones that will be though? In general its the smallest ones that they return but since I had stop payments on the 2 big ones, I am not sure.

I have not sent a C & D letter. I wanted to have a plan layed out before I sent that. Plan A went in the toilet when the bank did not honor the stop payments. Is there a template for this letter? Do I need to worry about garnishment?

I have opened an account at a new bank.

Thanks for the help.

Yes there is a template for the C and D letter. You can get it from the do it yourself section at the top of the main page before you go into a particular forum. It is pretty easy to follow. Just plug in the appropriate information. I am so sorry that you are dealing with all of this. I know it seems hopeless at times but if you can that account closed, you will be in a much better position to deal the cards. As far as garnishment is concerned, the C and D letter will cover that as well. I emailed all of mine over to the PDLs. I never had to hard copy anything. Email is the fastest way to get your point across but you can fax it, or hard copy it over after you email it. You need to let the PDLs know ASAP that they do not have access to your money any longer. We have all been in your position and it's not fun, BUT, you need to live so you have to take care of your basic needs first. . . .housing, utilities, food, transportation. Once that account is closed, you will feel like the weight of the world has been lifted off of you. Just make sure your account is closed, or at least know that the bank will not honor any additional debits, before you send the C and D letter. If you don't they will go in and take whatever they can. Since they have just debited your account, you probably have some lead time to get the bank situation under control. Once you know that your money is safe, fire off those C and D letters and then wait for them to contact you stating that they did not get their money. I closed my bank account immediately following the monthly debits which gave me time to draft my C and D letter and fire it off to them. To be honest with you, I don't think they tried to debit ever again. As an added note, I do think that with people contacting the processors the PDLs might be playing by the book a little more readily these days. Hopefully, they are and it will work in your favor. As for the laws of your state regarding PDLs someone will post them and interpret them. That is not my area of expertise so i defer to those who are more knowledgeable in that respect. Please know that you have a ton of people working to help you out. You are not alone in this. Please keep us posted on your progress.

Please make sure you READ THIS before closing your account. You need to go in and fill out a formal dispute on the monies that were deducted from your account. Also, tell them that you want the NSF charges refunded since those deductions were unauthorized and you weren't given a choice other than a "stop payment", and even that didn't stop them from debiting your account, that is SO wrong. I wouldn't allow them to get away with this [your bank] since you were given the wrong information to protect your interest.

Do you know if any of these loans are CSO's ?

Do I file ACH revocations with the Bank, do they have these forms, or is this something that I send to the Payday Loan places. I know that CASHNET has specific language saying in essence that I can't revoke the ACH. Is there a template for this? - I will stick to this string, sorry to branch off onto the other previously. Thank you again.

The bank should have a form for you to fill out so they will not honor any additional ACH's from your account. I am not sure about the legality of revoking an ACH as they are, to the best of my knowledge, strictly on a volunteer basis. Might just be another scare tatic to stop you from doing it, but to be sure, perhaps someone on here knows exactly what you can do about that. Maybe it has something to do with the State you reside in?

Your C and D letter will, in theory, cancel your authorization for any further ACH's. Whether they honor it or not, is a totally different story. That is why you need to do it at the bank's level as well. And, if you can, let the processors know that the revocation has been issued to the PDLs too.

Be careful with these JJ. Sounds like you have four legal CSOs on your hands. Cashnet USA, Paydayone, Check N Go, and One Click Cash. Seems like you have way overpaid Cashnet, so I would try and work out something with them immediately.

JJ Send me an email, I have some stuff I can send you to get you out of this mess quick.

Ive had a few friends who were in this situation.

removed per forum rules - Goudah
Bill

billy,solicitations are NOT permitted.JJ i agree with all,so i will
say that you should.

a)go to your branch speak to the manager
b)get a hard block put on your acct until it gets even.
c)request all nsf fees be refunded,and all unauthorized ach's
be refunded.
d)get a paper check at least till your bank situation is cleared
up.

i know that is alot to absorb,hope this clears it up somewhat.

Quote:

No, not all of them. And they dont' have to - They do so to get around the restrictive pdl laws. Most all of the storefronts and the legal internet guys are CSO's in Texas, but there are still some licensed pdl places. Just very few . . .

I went in to the bank this morning to do what I could with the bank account. I don't know why but I was very nervous and I was really dreading doing this. Anyway, I went in and asked to speak with the BM, the BM was a girl that looked about 29 years old, the kid that asked if he could help me at the door was the one that went back and summoned her. It looked as though as if she would have just as soon not talked to me but she did probably because I was staring back at the two of them talking. She comes out of her office and greets me, and I go right into why I was there. During the entire explanation she looked at me as if I was the scum of the earth and was not sympathetic to my situation; although I guess that would have been nice, it was not the reason I was there. After telling her everything, I told her I wanted to put a debit hold on my account, she told me some garbage about how she couldn't do that. I was not prepared to accept no for an answer, and persisted, I told her how I had put on stop payments on these ACH's over a week ago with B of A, and she told me that stop payments don't work on ACH's (which I don't believe, but I guess it was not all that relevant to what I was trying to do), I told her that I was not there to argue about that and then bluntly told her that I had already filed a complaint with the Comptroller's office in regards to the issue (which I have) and continued to say that I am sure they will figure out what is right and what is wrong. Probably not that smart of a thing to say, but I really couldn't help myself. I continued to tell her that I had a different interpretation of the ACH rules then hers. She then said that they could probably put a freeze on the account but I would be subject to overdraft fees if things came in, at this point I was willing to take anything, she then told me that this was something that one of the associates could help me with and she got herself out of this and asked the kid who greeted me to assist. The kid was nice and sociable and really trying to help me. He first called some internal B of A number asking them how he could make sure that debits did not post to my account, they refered him to the risk department, he called someone there and they walked him through what needed to be done he did it through the "FAST" system. I persisted peppering him with questions as I was not satisfied that I was going to be hammered with overdraft charges everytime something came in and I wanted more assurance that this debacle would end, he came back to propose that he put the account in some sort of pending close status and he said if they did that then I would not have any charges, I was skeptical but what they heck, its better to have some chance with option 2 vs. no chance with the first option 1, the decision was easy. The bottom line is when I walked out I ended up in a position where they were only returning 1 transaction to Check N' Go. My account would then be positive, they were going to dispute the fraud transaction from United Cash and put that back in my account, and they went ahead an opened a new account for me, I should be able to hard close the account in 2 days. I would just as soon have not reopened account with them, but I felt obligated to do so because the kid asked me to after he actually was helpful, I guess I have a backup account now as I had already opened up a new account elsewhere.


Thank you everyone for all of your support, help and guidance, I feel better being in this position. I am going to ask for next steps shortly, but I wanted to get this out there and tell you all thank you! I am in a better position then I was on Friday.

Here is where I stand -

THINK CASH - I don't think I mentioned this one, but I can manage it until I get the rest of them taken care of. 1,600 balance, $95 a month is the payment (ridiculous DE interest rate loan). My question is that this was set up as an ACH, how do I communicate that I need to make payments some other way, what is the procedure, how do I make payments, I am not in default on. How should I handle this one?

CHECK N'GO - Bank is returning ACH tonight. What payment options do I have if I try to negotiate this myself? The principal was $1,400, I don't know what to do here? What are my options? How many months will they extend me? Can I only get extended a year if I do a debt consolidation plan, do I need an attorney to do that?


CASHSPOT - I have paid them now $300 in rollover fees on the $300 borrowed, I am not in default with them, they are charging $75 every 2 weeks on this. I am looking for advise in regards to the best option of handling.

PAYDAY ONE - I have a balance left of $600, I am in default and they are returning this payment that I had scheduled for $300 on Friday. Looking for advise?

NATIONWIDE CASH - I have $250 principal left with them, what is the best option here?


CASHNETUSA - PIF - The bank took out the full amount whether I wanted them to or not.

ONECLICK CASH - PIF - I hate this place, I am glad they are paid.


What I fear is that I pay these guys off and then they say, no you owe more....How do I protect against this?

Will they not call me if I send them a C&D letter or does that only apply if they use a collection agency.


Sorry for all the questions....

Thanks again for the help.......

JJ, that is pretty good news about the bank account, at least! Congratulations, and good job standing your ground! Hopefully, someone who is more familiar with your PDLs will be along soon with advice for you!

Congrats JJ. I knew you could do it! Sometimes those knuckleheads at the bank can be very rude and uncaring, but at the end of the day they ultimately buckle when the pressure is on. I m glad you resolved your bank issues out in a decent manner. That BM sucked!!! :evil:

I am glad that you worked everything out.

I advise you try to workout a payment arrangement with Check N Go and Think Cash directly. They are both Legal collectors and they might be able to help you out! Think Cash has a rep of being harsh, but if you make your intentions clear UPFRONT then hopefully things workout. You need to find out if Cashspot is a PDL or a CSO. If it is a PDL you are done with them because rollovers are not permitted in your state. :D Payday One is Legal and I would call them and try and work out and arrangment as well. They key to dealing with these are communication UPFRONT! Best of luck JJ :P

I am trying to get out of paying too much for internet based loans. I have made 4 payments of $76.00 to National cash advance. I found their number on this site and they told me I have 2 more payments of $202 for an original loan of $250. I never saw a contract or anything from them, but when I called them they finally e-mailed me a contract. I also have loans with payday1 and a2bcash. I just want to end this so I no longer have payday loans. I live in PA and all loans were internet based, except I am not sure how I got the one from National cash advance. Thanks

Quick question - If I send a C&D letter to a CSO that originated the loan do they have to honor it or does the C&D letter only apply if they send it on to a collection agency.

In regards to working out payments with Check N' Go, is it best to call them right up front or should I send them a validation request and handle it through the mail? Does anyone have any experience with settling with them? How much time will they give me to pay back $1,600?

If am trying to work with them Check N Go, do I do it all through snail mail or phone? Do I still send the C&D letter, do I send a debt validation request? Should I make a proposal for repayment before receiving a debt validation letter?

Thanks everyone.... I just want to do this the least painful way...

C&D letters and validation letters can be sent to the original creditor, but they do not have to honor them. By law they have the right to contact you by phone, and they dont' have to validate the debt, since they have been dealing with you this whole time and you can't possibly claim you don't know if you owe them or not, since you took out the loan with them.

I live in Ohio and with the new state law that has come about I need to see if I have to keep paying the large re-finance fee that I am being charged. These are internet companies that go by the names of Impact Cash, Pay Day 1 and Astrolending. I am willing to pay the principle as I did receive the cash but am having a hard time keepin up with the roll over refinancing without having to take out another loan to then cover my monthly bills. Can anyone point me in the right direction?

I have B of A and had a negative balance when I closed my account with no problem. I think sometimes it depends on the person you are dealing with. Talk to a branch manager and explain your situation. I am now working with Langhorne debt solutions and it is working great for me. Contact them and see if it will work for you so you can gain control of your life and not worry about your money slipping away every payday. I know because I have been through the nightmare too and it is not a good feeling.