Tried to get out of pdl's- things went all wrong!
Date: Fri, 04/24/2009 - 11:49
Okay, I'm not sure what to do from here and need some serious help. My husband and I had loans from 5 payday loan companies and were drowning under the fees. We did as suggested: put a hard hold on our account, opened a new account elsewhere, sent ACH recisions to the PDL companies and thought we were set.
The bank advised against closing our account because they said we would be liable for NSF fees. Instead, they did a hard hold on the account and all debit/credits were to be referred. Uh, yeah.
The reality is that the only illegal PDL company- CTC- actually listened to the ACH recision and did not try to withdraw the money. Cash Central listened, as well. Cash Net USA and Cash 1 did not listen and pushed through their loans under old authorization numbers! So, instead of paying them back I now have a very negative balance on my account. Apparently, it is illegal to put a new debit through on account on an old authorization but this is something they do all the time, anyway. Accounts can only block new ACH authorizations, not old ones.
To top it off, instead of the NSF fees we were told we wouldn't have to pay, we are paying an equal charge to return the debits that were rejected!
Our old account is with KeyBank. Does anyone have experience in paying them off from having a very negative balance? We are so scared about what to do now with $1600 owing to our bank, $780 to Cash Central, and $403 to Check Into Cash.
We thought we were going to be getting somewhere but may have caused more problems, instead.
Please help!
The bank advised against closing our account because they said we would be liable for NSF fees. Instead, they did a hard hold on the account and all debit/credits were to be referred. Uh, yeah.
The reality is that the only illegal PDL company- CTC- actually listened to the ACH recision and did not try to withdraw the money. Cash Central listened, as well. Cash Net USA and Cash 1 did not listen and pushed through their loans under old authorization numbers! So, instead of paying them back I now have a very negative balance on my account. Apparently, it is illegal to put a new debit through on account on an old authorization but this is something they do all the time, anyway. Accounts can only block new ACH authorizations, not old ones.
To top it off, instead of the NSF fees we were told we wouldn't have to pay, we are paying an equal charge to return the debits that were rejected!
Our old account is with KeyBank. Does anyone have experience in paying them off from having a very negative balance? We are so scared about what to do now with $1600 owing to our bank, $780 to Cash Central, and $403 to Check Into Cash.
We thought we were going to be getting somewhere but may have caused more problems, instead.
Please help!
Don't stress over your bank so much. Pick up the phone and call
Don't stress over your bank so much. Pick up the phone and call them. Explain what happened. You wanted to close the account, however, they advised you not to. Now, look what has happened. I would call the bank immediately. The should be able to reverse the debit. If not, they will work with you to get the amount you overdrawn on paid off. Just agree to pay a little toward it each pay period.
Trust me....I know you're upset and scared, but the same thing happened to me. My bank worked with me.
