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Will my pdl's let me go until income tax time?

Date: Mon, 12/28/2009 - 11:20

Submitted by kelly20303
on Mon, 12/28/2009 - 11:20

Posts: 19 Credits: [Donate]

Total Replies: 17


Hi all,

I would love to thank all the contributor's here for the wealth of great info!

My situation is this: I currently have 3 pdl's and would like to get them to stop debiting my account and pay them back in February when I get my refund from the IRS. Wish I could spend that $ on something more FUN...but hey I got myself in this mess right?
Anyway, I live in PA and I am SO behind on all my bills becuase of pdl's. I am going to close my bank account, but can't until my 1/15 payday because I promised my car loan company and one of my credit cards payment on 12/31 - and they made me give my bank account info over the phone to debit ACH. Those NEED paid ASAP, so no choice there. Also, I just notified my payroll today so my direct deposit will not redirect til 1/15.

My pdl's are:

Thinkcash - borrowed $700 have paid $521.10 - still owe $540

CashDirectExpress - borrowed $800 have made one interest only payment of $154, still owe $954

PayDayMax - borrowed $690, making first $196.00 interest payment on 12/31.
(yes these are pretty new cuz normally I just get one to pay off another, etc...) but this has to STOP!

I know I need to pay back all of the principal and some if not all of the interest....but will they give me an "extension" until Feb? I'd love to close my bank account 2day, but like I said that has to wait til 1/15. If I call and tell them it is closed - will they try and debit on 12/15 anyway? Anyone ever dealt with these companies and made a payment arrangement in advance like this?

Any and all advice is welcome, and thank you in advance :)

Kelly


If you call them, they most likely will try to debit your account for the full amount. They will NOT negotiate with you. Oh, they might wait for payment BUT the fees will grow in the meantime, increasing what they say you will owe. They don't give a rat's butt about your problems.


lrhall41

Submitted by aubrey on Mon, 12/28/2009 - 12:22

( Posts: 1203 | Credits: )


OK so I definitely won't call them until I close my account next week. But from what you are saying, they will keep tacking on the fees in the meantime? If I call and let them know my account is closed, and I'll be paying them off in February, do I have any rights to say I will only be paying the principal plus a certain amount of interest?

Thanks again...


lrhall41

Submitted by kelly20303 on Mon, 12/28/2009 - 12:49

( Posts: 19 | Credits: )


If they are illegal in PA, all you owe is the amount you borrowed. You can fax & e-mail them a letter stating you've closed your account (after you've done it) and that you will be mailing them payment for principal only in February (or whenever). Ask them for a physical mailing address. Do NOT provide them with your new account information no matter what they say.


lrhall41

Submitted by aubrey on Mon, 12/28/2009 - 13:21

( Posts: 1203 | Credits: )


there is a sticky here that goes into state laws.. i am not sure if PA's current laws are on it, though. i will look into it but might take awhile (I am out the door in a few) so if someone else has this information feel free to post :) (sorry! i had a horrible morning, locked myself out of my house, had to break myself in lol)


lrhall41

Submitted by bea2ls on Tue, 12/29/2009 - 06:16

( Posts: 3840 | Credits: )


[SIZE=3]Just wanted to bump this again to see if bea2ls or anyone knows about the current PA laws :)[/SIZE]
[SIZE=3]I'd appreciate as much info as possible. I'm closing my bank account on Friday, and will be writing to Paydaymax and Cash Direct Express on Monday letting them know the account is closed. I just need to know if, per PA law, I need to pay back only the principal or some interest as well in Feb. when I get my IRS refund. I'm sure they will try and say I'll owe even MORE but I know better (I think anyway!) I need to be sure of the state laws so my letters look good.[/SIZE]
[SIZE=3][FONT=Times New Roman][/FONT][/SIZE]
[SIZE=3]I'm just going to continue paying ThinkCash (once I get my new account info) as it is an installment loan through the bank of Delaware and they actually pulled my credit to approve it, so I'm not messing with that one... [/SIZE]
Thanks again!


lrhall41

Submitted by kelly20303 on Mon, 01/04/2010 - 11:10

( Posts: 19 | Credits: )


after making other arrangents with the legal one, i would close your account asap. there is a sticky here regarding closed accounts. i am pretty sure they are not legal loans for you but hopefully us bumping this thread will gain more attention. (i just do not want to steer you the wrong way). hang tight and thank you for your patience :)


lrhall41

Submitted by bea2ls on Mon, 01/04/2010 - 12:57

( Posts: 3840 | Credits: )


After reading through various posts on this site, it seems pdl's are still legal in PA as long as they are licensed in another state?? (then they can go by that state's law). So I'm still not sure how to go about letting the pdl's know I will be paying them off in Feb and they will NOT be collecting my bi-weekly interest payments in the meantime. I'm closing my account as soon as all my pending transactions go through, and THEN I will notify the pdl's the account is closed and they are no longer authorized to debit. Also my bank is PNC and from what I've read on here they may give me trouble if the pdl's try and take the $ out anyway. Just WONDERFUL.
If anyone knows about PA's current law and can tell me the minimum I am responsible for paying back I'd appreciate it! (I'm sure the pdl's will try and say I owe the interest for every 2 weeks between now and when I pay them off!) I just sent an email on the PA Dept. of Banking website asking the same question and am waitng for a response...if I hear back I'll be sure and post their response.
Thanks!
Kelly


lrhall41

Submitted by kelly20303 on Tue, 01/05/2010 - 11:11

( Posts: 19 | Credits: )


oh no bea2ls! That is awful. I've been wanting to close my account there anyway. I had National City for 6 years and never a problem, but PNC has been terrible IMO. I guess when I close my account I'll need to talk to a branch manager and tell her my situation then...as embarrassing as it is...but they'll probably still manage to screw me since that is all they've done since taking over my old account!

Thanks again for your help, I appreciate it. Maybe the title of my thread isn't very interesting or it's scaring everyone off! ;)


lrhall41

Submitted by kelly20303 on Tue, 01/05/2010 - 11:26

( Posts: 19 | Credits: )


lol honestly kelly maybe a lot of people do not how to answer it or just skip it without meaning to.. this board is great :)
do not worry about PNC.. i was only giving you a heads up. I could have handled it better but that was before I came to this board and learned so much. talk to someone as high up as you can get - even corporate if necessary. they can help you.
hang tight, the more we bump this thread the more attention it will recieve.


lrhall41

Submitted by bea2ls on Tue, 01/05/2010 - 11:54

( Posts: 3840 | Credits: )


I agree, this board is GREAT. I have learned so much, and I no longer feel like I'm "by myself" knowing that so many others have fallen victim to the pdl trap as well. I just really hope someone can answer my ?'s soon...I only have until 1/15 when they are gonna try and get their $ so I need to have my account closed and my letters drafted before then. I'm getting really nervous about this!


lrhall41

Submitted by kelly20303 on Tue, 01/05/2010 - 12:34

( Posts: 19 | Credits: )