Closing my bank account & contacting PDL's TOMORROW!
Date: Tue, 01/12/2010 - 13:12
I am going to verify that my bank (PNC) will not reopen my account after tomorrow no matter what - I hope they agree. I'm opening a new account at a new bank on Friday.
However, my biggest concern is writing my letters to Cashdirectexpress and Paydaymax. I spoke to the PA Dept. of Banking yesterday, and although she was very nice, she basically told me there is nothing they can do. PA law allows PDL's to loan according to the laws of the state they are in. She did say they are in the midst of an ongoing lawsuit, but it may be years until it's resolved.
My question is - has anyone ever gotten a PDL to accept a one time payoff? I don't want them to come back and say I have to pay the principal plus the fee for every 2 weeks between now and when I pay them off (In Feb. when I get my tax refund). Since I have already rolled over the loans a few times and paid the fees - does anyone think they'll let me just payback the principal + maybe one more finance fee in Feb? I've seen some of the letter templates ppl on this site have used and they are great! However, with PA's law being the way it is I'm not sure I have much of a leg to stand on here...I did sign their crappy contracts.
Thank you!
Internet payday lenders are prohibited in your state.
Internet payday lenders are prohibited in your state.
Hang in there it will be okay. I closed my account in December
Hang in there it will be okay. I closed my account in December and sent all my letters. I had 9 PDLs at the time. So far I've received 2 PIF, one which I am settling for the principal amount this month. It took a few days for the emails and calls to start. One company calls me everyday on my cell and at work. I just hang up. Each time they send me the same form emails I respond by resending my original letter. Most of mine owed me refunds, but the others I am sending payments only if they provide a mailing address.
It is scary, I come to this site everyday and read other posts. Try to help where I can. But, I can tell you it was the right thing for me to do. I now have control over my money again. Make sure you file the complaints. Stay strong there are alot of good people here to help you out and answer your questions.
GOOD LUCK!
Shazzers, so you are saying I can use the template for illegal l
Shazzers, so you are saying I can use the template for illegal lenders then? I'm confused because the Dept of Banking said there wasn't much they can do for consumers until the lawsuit is over. If I can use one of those templates I would be sooo happy!
Sue, thanks for the encouragement. I have been coming on here for a few weeks looking for a way out and I happened to have read a lot of your posts. You've been through so much, but the important thing is you have made a LOT of progress! I hope to be there soon.
I need to get my letters out today - since my loans are due Friday.
Oh, and I called PNC to close my account and they told me the account CAN be repoened within 30 days if any debits came through. I asked them what they do for fraud cases, stolen debit cards, etc...she said a hard hold cannot be done on a closed account. I really need to make sure my letters to my pdl's work - I do NOT need them to reopen my account that now has 75 cents in it!
I am so scared...
Go to your bank and speak to a manager or official and ask them
Go to your bank and speak to a manager or official and ask them to make sure that no debits can reopen your account. Explain your PDL situation. I know it won't be easy, but trust me, from experience I know that regardless of your letters to the PDLs, they will still try to debit your account.
Well tonight is the true test. I closed my bank account and ope
Well tonight is the true test. I closed my bank account and opened a new one. The bank manager told me that the two accounts are not linked and no ACH or checks will be processed on the old account. If all goes well, this will be the first time in over a year that my paycheck will be mine and I can start to pay off the store front lenders. I've already sent letters to the illegal on-line PDL revoking their ACH authorization. I probably won't get much sleep tonight...worrying that it all goes well. I have my fingers crossed.
Donna: you will be fine. And you know what. I went months of no
Donna: you will be fine. And you know what. I went months of not sleeping. The day i decided to do this was the best day of my life. I get stronger everyday. You will find you to are a strong person. They are just a bunch of bullies and when they relize you wont be bullied they will move on. Keep us posted and best of luck to you. You will do great.
keep us posted, everything really will work out. we have been th
keep us posted, everything really will work out. we have been there and this can be done.