Needing some advice

If the loan is illegal then you only owe the amouth borrowed.

If you have overdraft protection and the bank covers the amount and then you owe the bank that is up to you but I why pay more than you have legally owe.

Again, it is your call on that situtation.

Well the bank can do more damage to you than an illegal pdl can. I dont know anything about your bank but just make sure if you go this route they do not report you to chex system. That would be my concern. Some banks will not pay the debit and just charge NSF fees which puts most folks in a bigger bind.

I know that it seems extremely crazy to suggest something like this, its just that I was thinking to myself would it easier to deal with one problem versus the 4 payday loans I have out. I know banks are hard to deal with. I am going threw Identity theft right now that screwed everything up for me. It has been because of the theft that I had to take the loans out in the first place. And have been dealing with this bank ever since that happened. Its been somewhat hard dealing with them but they have worked with me. I don't know, I am somewhat at my breaking point with the stress of the theft that I just don't know if I have enough left in me to deal with the payday loans.

Can we ask what state you are in and the names of the loan companies?

Maybe we can guide you further.

Sure I have listed this information in a previous post but I don't mind copying the information again.

Payday One-Original Loan Amount-500.00
Amount paid to them so far-232.03

First Bank of Delware Loan-Original Loan Amount-500.00
Amount paid to them so far-255.42

Payday Max-Original Loan Amount-300.00
Amount paid to them so far-71.82(but not drawn from my checking account yet)

National-Payday Loan-Original Loan Amount-300.00
Amount paid to them so far-450.00

I live in the state of Kentucky and know that all of these are illegal payday lenders according my attorney general. I also know that the First Bank of Delware is an installment loan and I will have to pay that back and am fine with doing that. As far as the others I have overpaid on National Payday but am willing to accept the account as paid off. They other I will have to set up some type of payment terms.

I guess at this point it is your call. But as Kfsatff24 pointed out you may have issues later with chex systems as well as the bank. If you are reported it may be hard to get another bank account or cash checks at a retailer.

The PDLs are all illegal so you have the law on your side.

Yeah I know. I guess its just a decision I will have to make on my own. Weight the one against the other. I would figure that most of these illegal payday loan places don't work with you very well concerning payment terms?

No they don't.

You have already legally paid back one. Why pay more?

The other illegal one is not that much and you can pay them when you can if your account is closed. Since they are illeal they can not sue you.

But again, It is up to you. The old between a rock and hard place and who do your rob? Peter or Paul?

We have all been there and many of us are still there.

Tony take it from me you don't want to get into bad standing with your bank. I'd rather deal with the illegal payday loans. I had 11 pdls all out at the sametime. I sent them all the C&D letters. I've received responses back so far where they are willing to except just the amount I was given. I am not paying back the refinancing fees. I borrowed $400 and I paid $318 in total back. They agreed for me to pay back the remaining $82. I don't have a problem paying them back what I borrowed but I refuse to pay back the high refinancing charges especially since they are illegal.

If it were me, I would just deal with these companies on an individual basis. Your bank can cause you a whole lot of legal trouble, illegal lenders can't.

Quote:

Tony here is just one example of the responses I'm getting back from these payday loans. They don't even call me anymore it's strictly through email and mail now. I've taken control back of my life and I'm loving it.


Dear Kimberly,



We have been trying to reach you regarding your payment that was due on 3/18. We are willing to work with you and allow you to have plenty of time to pay this loan back with no additional finance fees or late charges but need to speak to regarding your overdue account.



Please call us at 866-446-1760 immediately before any further action or fees are assessed to this account.



Sincerely,



Claudia

Customer Service



Fast and Reliable Cash



866.446.1760 Toll Free

800.531.1584 Toll Free Fax

Email: claudia @ fastandreliablecash.com

Email: customerservice @ fastandreliablecash.com

Website:fastandreliablecash . com

Business Hours: Mon-Fri 8:30am-5:30pm EST

Thanks everyone for all the advice. I really appreciate everyone trying to help me threw all of this. I haven't decided actually what I am going to do at this point. I am having issues trying to get an accurate answer from National City about closing my account. According to what they keep telling me they can reopen the account up to 30 days if I have any EFT or ACH transactions go threw. I explained to them that the payday loans I received where illegal and am in the process of trying to provide them proof at that. Any one have any advice concerning that or any suggestions on how to go about that?

I would send an ACH revocation letter??to your bank.. You have the right to do so three days before the loans are due to hit the bank.
You also need to send these to the companies. There is a template letter you can use to send to the illegal lenders. You can find it here. Scroll down to the 13th post to find it. You need to change the letter to your information and state laws.
You are in KY and all the internet loans are illegal.
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If you go here to the KY regulator website. Scroll down to??were it says "What is a payday day loan?". It flat out says that??internet loans are illegal in KY. Print that off and take it to your bank with the ACH revocation.
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Good advice do as nohiogal states.?? Your bank as the ability to freeze your account do not let them tell you otherwise.