WILL PaydayLoans TAKE money out of my check?
Date: Thu, 03/05/2009 - 22:53
Yes, they can take out money out of your checking account. Close
Yes, they can take out money out of your checking account. Close the bank account. But check whether the payday loans arelegal in your state. Alsocheck the pdl laws of your state.
First what state do you live and and what is the name of the PDL
First what state do you live and and what is the name of the PDL? Some states PDLs are illegal or they require a license.
I assume you meant take the money out of your paycheck.
There are two ways. One is a wage assigment which you may have signed as part of the loan agreement. You can revoke that at anytime. I would draw one up and get it on file with your payroll.
The second is to garnish which they can only do if they take you to a civil court and get a judgement. In some states they can't even do that.
If you go here to this post and scroll down about 12 posts you will see a template letter. In the middle of that letter you will see the wage assigment comments. It is just a simple sentence or two and all you need to give to payroll/HR.
Again, give us the state and PDL and we can help you further.
Creditor can neither garnish your bank account nor your wages un
Creditor can neither garnish your bank account nor your wages unless they bring judgment against you to do so. However, if you permit them to withdraw money, they can take out money from your checking account. In most cases, when you apply for a payday loan, the creditors make you sign a form which asks you to fill up the bank account number and the routing number and they have some terms and conditions in them. Whenever you sign up the form, you authorize the payday company to withdraw money from your checking account. Now the only way to stop the payday company to withdraw money from your account is to close the account and open a new one.