Debt consolidation and checking account - how to avoid nsf

Sue,

If you close your checking account, then you are 100% sure that you won't be hit with any NSF fees later in case the lenders hit your account. Moreover, there are some lenders who try to recover money from the people in every possible way. If they have your personal information and you are making arrangements, I suggest you to change the previous info that is with them. You will be safe from all angles.

Ask your consultant working in your program to keep you updated with all the activities that have been worked out with the lenders. You should also be getting monthly statements from your creditors showing the amount transferred to your debt account.

I closed my checking account and opened a new one over the phone with my bank.I did not want to take the chance of them trying to debt my account.Like Ben said,you will be 100% sure this way.

what company arey ou working with that included your payday loans in the consolidation?

when I closed my account back in March due to these payday loans - I was hit with 3 NSF fees of $31 each and I was reported to Chex Systems - any advice on what I should do?

Dale

Banks report to the Chexsystem when you have failed to make a payment towards your account or if you have closed the account.

You need to take some active steps in removing this entry otherwise it will stay on your record for the next 5 years from the date of report. You might also have difficulties in opening a new account if you have a negative entry in the records of the ChexSystems.
If the item is disputed, write a letter to the ChexSystems and ask them to validate the information. They are required to provide you documentation associated with these charges. If they are unable to provide any info, you can get it deleted from the file under which your social security number is maintained.

ChexSystems
Attn: Consumer Relations
7805 Hudson Road, Suite 100.
Woodbury, MN 55125
FAX 602-659-2197

If the debt is proven as per the records of the ChexSystems, you will have to pay it to the bank or the credit union directly unless the ChexSystems collection department serves you any notice.

thanks for the heads up. I guess I'll make a payment to the bank after the holidays.

for information on chexsystems disputes and other related issues ...go to

http://www.debtconsolidationcare.com/banking/index.html

there are sample letters there as well

Remember as well, if you pay chexsystems it will NOT remove your name from their database either unless you get a letter from the reporting bank. GET IT IN WRITINg !!