logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

need your support as I change my account to "deposit only"

Date: Wed, 03/04/2009 - 15:31

Submitted by anonymous
on Wed, 03/04/2009 - 15:31

Posts: 202330 Credits: [Donate]

Total Replies: 11


Hello, all -
I've been a "lurker" on here for almost a year and have learned so much. I can't believe I've been so stupid. I guess my payday loan situation never came to a head before this, but now it's going to force me to deal with it. My husband has been unemployed for almost a year and I figured out that when I get paid this week, my check will cover rent and payday loans - that's IT. And I still have to buy groceries, pay car insurance, etc. So...I just talked to an online agent at my bank (a mega-behemoth bank, but I've been with them for 13+ years and they've been pretty good to me) and she said that yes, I can change over to "deposit only," that the change would take effect immediately, and when I get paid on Friday, my check would go in, no debits would come out, and I'd have to go to the bank to take out my money.

I have 4 payday loans, of which only 1 is legal. I'm in NM:

BIG: borrowed $150, paid $1,230 (yes, you read that right)
instantwages: borrowed $200, paid $74 (Delaware?)
getecash: borrowed $300, paid $115.71 (Utah?)
PayDayOne (the only legal one): am halfway through repayment plan on $400 loan, I pay about $55 every two weeks and that repayment plan will end in May.

So I'm just posting because I need your encouragement that everything will be okay after I do this.

Also, my husband's name is on the account - does anyone know if he has to go with me to change to "deposit only?"


Hi maryf,

A lack of knowledge is not stupid. Payday loans specifically prey upon the financially insecure, until they are struggling to stay above water and then they attack them, hook their claws in, and engorge themselves on usurious and unethical levels of interest. $1,200 for a $150 loan is absolutely ridiculous, but I'll bet they want more!

As far as the bank question, that depends on the particular account, so it is a question to ask the bank. But if it were so they should/would have told you when they said you could change it over to deposit only.

I wish you the best. These payday loan companies treat people rather horribly, as many many posts can attest.

chrys


lrhall41

Submitted by Chrys Henderson on Wed, 03/04/2009 - 19:55

( Posts: 2538 | Credits: )


You're doing the right thing, protecting your own interest! If you have been lurking for a year you are probably aware of how to deal with illegal lenders, and are headed in the right direction but I will go ahead and post a link for you anyways. Good luck and take good care!

CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Wed, 03/04/2009 - 20:51

( Posts: 17344 | Credits: )


He may not have to go but he may need to sign the form. If he does then you can take it home, have him sign it, then return it to the bank.

You can always call ahead and ask or heck just go in and see if they even mention it.

You are doing the right thing and things will get better. You don't have to put up with the illegal lenders preying on you anymore.


lrhall41

Submitted by nohiogal on Thu, 03/05/2009 - 02:47

( Posts: 2582 | Credits: )


***UPDATE***
Well, I did it. I went to Bank of America at lunch today and got an awesome manager who quickly put a balance hold on my account after I fessed up to my bad decisions. She said, "Let's face it. Those things are HORRIBLE!" She also opened up a new account for me and assured me that they wouldn't be linked in any way. She said that my old account would be marked as "stolen" so debits couldn't go through on the old one.

So tomorrow my paycheck will come through via direct deposit and it will be safe. And all of the ACH debits from the payday loans will be returned to the lenders on Monday. The bad thing is that I won't have access to my money until Tuesday, so we'll be broke until then, but it will be worth it. And I have to talk to my property management company about paying my rent late because of all of this.

She said that the only way a company could have access to my new account would be via court order, but that they'd try wage garnishment first. Well, I know from this forum that that won't happen, since 3 of the 4 companies are illegal.

For the one that is legal that I'm halfway through a payment plan with...do I contact them about paying via money order through the mail now? The others will be getting C+D letters from me first thing Monday morning.


lrhall41

Submitted by on Thu, 03/05/2009 - 12:23

( Posts: | Credits: )