payday loans

That depends if these lenders are legit companies or not, for the most part, legit companies will abide by the cease and desist order at your work place - if you tell them you are not permitted to accept personal phone calls. As far as calling you at home and contacting your references, the original creditor has every right to try to make contact with you other than your place of employment. Now, if these are illegal lenders you can count on being harrassed to death, they abide by their own laws (which they make up as they go), unfortunately.

how do u know if they are legit or not

BTW can anyone PM me the toll free no. for Town and Country ? I REALLY REALLY need help in the next 3 weeks or so with consolidating my pdloans. Do I have to go into default with the loans in order to consolidate ?

Quote:

If I choose to consolidate my payday loans and have to close my bank account could I open up a new one at the same bank or do I have to open it up at a different bank ? I really do like my current bank they make everything so easy and have great customer service. :roll:

I ould think you can open an account at any bank you choose. Some folks change banks because of the fear of the PDL getting the new bank info. Just ensure when you open up a new account with the same bank, you DO NOT have the new account linked to the old account.

I am trying to begin the process of trying to eliminate my payday loans, writing letters, making my bank acct. deposit only, etc. But I want to know if anyone has ever tried a hard hold or "deposit only" at Sovereign bank ?

Okay, I finally froze my account and allowed "deposits only" to go through. I would have closed it altogether but the bank's policy is that any ACH deposit that goes through within the time frame that it takes to close the account could reopen it. Tomorrow I will open an account at another bank before I officially close this account. The debits go out on Thursday and I am probably going to give my new account info to only three of my PDL's that are fairly new and have not paid the principal on yet. The others are all fairly old and I have paid not only the principal, but more interest than my state law allows (MA). In fact, in MA, they are illegal. I just want to know what letters do I send/fax/email now that I have froze the account and when to send them out. I especially need a FIRM letter letting them know NOT to contact me at work or to contact my references and revocation of ACH debit I already made an EPP letter. Please help !!!

i would not give them your new account number as alot of these companies use the same ach processor. also, what helped me was i got one of those pre-paid cards from walmart and whatever i put on there is what they got and they couldn't take anymore than that. you don't get charged NSF fees for it, the PDL just gets a declined transaction.

Has anyone ever had a payday loan company put the ACH debit in when an account has been frozen. My bank says that this is possible but what is another option other than closing the account, which can be opened if they try to put it through anyway. This process is so emotionally draining. Great advice and lots of encouragement would help at this point !!!

I work at a bank and I've never seen anything able to go through an account if you have a hard hold on the account. When I was dealing with my payday loans I never closed my account I just put a debit block on my accounts and nothing ever went through. The only thing that posted afterwards was pending Check Card transactions that were still outstanding when I placed the hold. I'm not sure what your bank is talking about but the only thing I can think of is if you close your account some banks allow transactions to automatically open it back up within 30 days.

As guest mentioned above I would not give my new account number out especially if they are illegal.

Thanks Pink Lady, so far the PDL's have not been able to get through. How long did it take for them to start calling you at work ?

I mainly got emails from the PDL's. Some I didn't hear anything from, some just called my cell phone and only a couple harrassed me at work. I tried to set up payment arrangements with all of them and only a few would cooperate. The illegal ones gave me the most trouble but after awhile when they realized their scare tactics woudn't work they left me alone. I told them all I was only going to pay what I legaly owed them and most I had paid well over that so they weren't getting another dime from me.

Okay, bank acct is closed and I already missed one payment for several of my loans. I opened another one b/c I was going to work with Langhorne Debt solutions. I have all the paperwork and have the starter fee all set. I have approximately 14 PDL's and owe about 4000$. However, I have overpaid at least four of them. Question is, should I go through w/ Langhorne or do it myself? If I didn't have this many loans I would have done it myself but my job doesn't give me much free time or privacy to handle all of them. Can anyone tell me when they started calling your job? I have a pretty strict policy at work about this.

If you overpaid four of them then the answer is obvious. Why pay an outside company to settle someting you have already paid off, and that you can do for FREE :( In fact these companies owe you a refund if you overpaid and they are Illegal.

On the other hand if your time is limited then I guess an outside consolidation company is you next option. PLEASE be aware these companies charge fees ontop of what you owe. If these PDL companies are ILLEGAL then I definately would do it myself. The consolidation company may end up paying them $200 over what you have already overpaid. This happens all to often here on the boards. please do more research on this company before deciding.

In the meantime please list the companies and the amounts you paid towards each. Please distinguish wether they are internet or storefront lenders as well.