Need Help Please and/or Advice
Date: Wed, 11/25/2009 - 12:56
Here's the situation at hand:
Our checking account is overdrawn by $181.15 but after depositing my husbands paycheck on Friday we'll be back in black but not for long.
There are 3 payday loan companies that will be doing ACH withdrawals on our account within the next few days. Two for $90 and one for $60.
The $60 withdrawal loan was for $200 and so far we've paid $240 so I really think I should do a stop payment on anymore withdrawals right? And if so, can I send them a letter stating that I've already paid them in full and that I request them to stop ACH withdrawing?
One of the $90 loans isn't quite paid in full yet for a $300 loan so on Friday when they hit our account it'll be $360 paid. And the remaining $90 loan hasn't withdrawn anything as of yet so I'm just waiting until that one is paid.
Ever since we came back from visiting relatives back in May, I have not been able to get a grip on our finances. I was so good before but now it's like it's gotten completely out of hand and the real shocker? We haven't done anything differently from before. So what gives???? Nothing really, that I can think of anyway.
Back to the point, since I haven't been able to keep up with the bills, our CapitalOne & Household Bank credit cards have now gone to collections. I didn't want this to happen and the credit limits on these aren't very much. CapitalOne is $1250 limit & Household is $350. Both of them are over limit now with late fees & overlimit fees.
CapitalOne $1,790.00
Household Bank $609.00
When these have gone to collections does that mean that these accounts are closed and that even if I paid them off I won't be able to use the cards anymore?
I just don't know what or where to turn. I've kept all of this from my husband so he knows nothing about any of this. I know I should tell him but I just can't because I can't bear the sscreaming and long sit down talks about finances and what we're going to do and blah blah blah. I really want to get this all cleared up asap as I can so any help and/or guidance would be greatly appreciated.
Thanks
hang in there I will or someone else will be back to help,need t
hang in there I will or someone else will be back to help,need to eat supper,lol.
First thing I would do is bring your checking account current and then close it out if in fact the payday loans will bring it in the negative again.
OKAY...I am full What state do you live in? This is to see if
OKAY...I am full
What state do you live in? This is to see if payday loans are legal in your state and to see if you just have to pay the principle back or not.
As for the credit cards, sometimes you can work with the original creditor but it can be tough and you need a good lump sum to settle for less than the full balance. Sometimes you can work out a payment plan to get caught up too but it is hard dealing with them.
Accounts do not get charged off until 180 days after you stop paying. Once you are late, it can go to in house collections and they do not have to follow the FDCPA. When they out source it to a different company, that company has to follow the FDCPA. Once it is charged off, after 180 days, you cannot deal with the original creditor anymore.
Most likely as time goes on Household bank will settle $600 for a little more than half or around $380, depends on their mood. They did it for me. You kind of have to pressure them and make sure you get an agreement in writing from them.
Capital One If I remember correctly is very tough to deal with.
I live in the state of Iowa and Friday our checking account will
I live in the state of Iowa and Friday our checking account will be brought to current.
I did some research on this site and found that a letter to the payday loan companies to stop ACH withdrawals, which I went ahead and faxed to them along with a certified copy of the letter with return receipt.
As for my credit cards I will admit that they are quickly coming up to 180 days and I sure as heck don't want them to deny access to these accounts due to my stupidity.
I really appreciate any and all help you've given and continue to give me.
Thanks
Quote:Originally Posted by AnonymousI live in the state of Iowa
Quote:
Originally Posted by Anonymous I live in the state of Iowa and Friday our checking account will be brought to current. I did some research on this site and found that a letter to the payday loan companies to stop ACH withdrawals, which I went ahead and faxed to them along with a certified copy of the letter with return receipt. |
Have you taken steps to keep the leeches outta your bank account, other than faxing/mailing that letter? When they see that, they may well decide to clean you out.
If you haven't already done so, go to your bank tomorrow, first thing in the AM. Talk to the branch manager, and tell him your account security has been compromised. Ask him to put a hard hold (also called an ACH block) on your account, or place the account in 'deposit only' ststus. Do not accept 'no' for an answer, and don't leave the bank without something in writing from them, noting that the change has been made.
According to Veridian Credit Union they don't do hard hold or fr
According to Veridian Credit Union they don't do hard hold or freezes on the account so I'm not really sure if they do it or not. I'm going to have to go back to talk to someone else because the little chippie said they didn't have a branch manager and that all employees were in charge since it's a credit union and owned by the employees.
A credit union isnt owned by the employees, its owned by the mem
A credit union isnt owned by the employees, its owned by the members. Definitely keep pushing on that one because there is no way that a credit union wont have policies in place to protect their members like that.
Quote:Originally Posted by AnonymousAccording to Veridian Credit
Quote:
Originally Posted by Anonymous According to Veridian Credit Union they don't do hard hold or freezes on the account so I'm not really sure if they do it or not. |
I gotta call
on them here. There is absolutely no way that they don't have some way to keep the leeches outta your account. They aren't new in this business. Now, maybe they call it by a different name, but they can still do it. Sounds like either the chippie you talked to didn't know about it / what it's called, or she couldn't be bothered to help you. One is a training problem, the other is a motivational / customer service problem.Quote:
Originally Posted by Anonymous I'm going to have to go back to talk to someone else because the little chippie said they didn't have a branch manager... |
Hmm..... From their website: Veridian has branches and ATMs across Iowa.
They have branches. At each branch, one person is in charge. Therefore, they have branch managers. Again, maybe they call them something different. But they have them.
Quote:
Originally Posted by Anonymous ...and that all employees were in charge since it's a credit union and owned by the employees. |
Again, quoting from their website: A credit union is a not-for-profit financial cooperative that is owned by its members.
You have an account there, correct? That means that one of those members is you. Might be entertaining to explain that to the chippie in question. And her manager.
Their website is at: veridiancu.org
This sounds like Deja'Vu for me. I went through the same thing a
This sounds like Deja'Vu for me. I went through the same thing a couple of years back and I was a member of NIHFCU. I eventually had to close that account and open another because the faxes and letters didn't help. However, I did find through contacting my state's attorney's office that payday loans were illegal in my state. Once I notified them of that it seemed they were off my back though I really needed tehir help and thanked them graciously I paid well over 30% in interest fees. I paid them double the amount of the loan, just by renewing and not paying off the loan. An attorney's office by Grubb & Ellis or similar from Clearwater, FL contacted me stating they would arrest me for the money I owed to one payday loan lender but couldn't pursue anything further because theyw eren't allowed to collect a debt here in my state.
I would definitely, close my account and open another. It may appear painful but it saves you from receiving any future negative balances while you research whether the loan company are legal in your state.
Thank you all for the advice and helpful information. I have fo
Thank you all for the advice and helpful information. I have found out that internet payday loan companies are illegal in the state of Iowa so therefore I need to take the appropriate actions regarding that.
After I leave work today at noon, I'm heading over to the bank to take care of that portion of the business.
As far as the two companies I have had payday loans with, each of them have taken out the loan amount with just a little extra, for instance on one loan for $300 I've already paid $340 and the other loan was for $200 and I've paid $260. I figure that I'll have those taken care of today as well and won't have to deal with them anymore because it's all paid in full.
The forum's been a little cranky of late. Seems that the accusto
The forum's been a little cranky of late. Seems that the accustomed thread sort (most recent posts on top) has temporarily gone awry
didn't you go awry and just recently showed up like a pop-tart again? Just wonderin or were you still here under different i.d.'s???
The details of my personal and professional life are my own. I h
The details of my personal and professional life are my own. I help out in this community as time permits.
[QUOTE=Anonymous;501163]The forum's been a little cranky of late
[QUOTE=Anonymous;501163]The forum's been a little cranky of late. Seems that the accustomed thread sort (most recent posts on top) has temporarily gone awry
didn't you go awry and just recently showed up like a pop-tart again? Just wonderin or were you still here under different i.d.'s???[/QUOTE]
it seems that either sunil has posted under an anonymous id,or the president of my fan club has decided to direct their ire at unclewulf.either way scram!!!!!!!!!!!!!!!!!!!!
