payday loan consolidation

Payday loans are creditors themselves. So, no law to stop their collection calls. Consult with your counselor about it.

my councelor told me most pdl companies are required to try and collect on the debt for 30-60 days before they will work with the consolidation company. basically he just said to hang tight for the first 2 months and after that it should be pretty easy going.

My counselor told me to close my checking account. I tried to do that, but my husbands direct deposit couldn't be stopped, so the bank said they would put a balance freeze on the account, and that nothing could be paid out. Since putting the "freeze" on the account, my balance has gone from -$1000, to -$850, to a -$1000 overdraft. I have contacted these payday loans and told them there is a freeze on the account, so nothing will be paid. Some payments have been returned, and are trying to go through again. A couple of these payday loan companies offered to hold off until January,and others offered payment plans. One actually stated that he was under no obligation to work with my financial advisor. My counselor said that he most certainly does have to work with him since he has power of attorney over my accounts. Any advice?

I'm also curious how long before they stop trying to debit my account, or before I can close the checking account.

they dont have to work with the consolidation company, but i think in the long run when they realize they are not going to get there money until the consolidation company pays them most will work with them. paychecktoday told me they wouldnt work with anyone but me, so i replied "really so who are they going to give the money to if you wont take it" i havent heard from her since then, its been about 6 days. i dont understand with your bank account. they put a freeze on it but your balance is still changing? my bank froze my old account and opend up a new one. the old one hasnt changed. its still just sitting there with a .65 cent balance. i figured 65 cents was a small price to pay versus all the nsf fees. they will probably try to debit your account for weeks. they will try the debit card when the ach doesnt work, then they will print up fake checks and send them to your bank. its hard to say when they will finally stop.

I had to go to my local branch yesterday and talk to the manager. He contacted the department that handles "freezes". They said that they would freeze the account, and I did see the managers screen myself and saw that there is now a freeze on that account. When I sent a message online to the bank,I explained that a freeze was placed on the acct on 12/11. What they saw was a collateral hold,which apparently isn't the same. Anyway,today the balance is different again. Can these ACH debits post, regardless of the accounts status? Also, the account number is not linked on my debit card any longer. The bank can't close the account because it has a negative balance,and it has a negative balance because the bank didn't freeze the account or funds.

from my own experiance and understanding if the account is frozen then nothing will post. it will get returned account frozen. the only options you have are to talk to the bank again and advise them the nsf fees were caused due to them not putting the correct freeze on your account when you originally asked them to. worst case scnario they will say no and you will have to pay the nsf fees. it really depends on the bank.