I asked for an itemized statement from Payday Connection

Send them a certified letter with return receipt requesting asking for an itemized statement of your account, basically what you asked for over the phone. Also, see if you can block their id code with your bank so they can stop the withdrawals from your checking account. Keep your bank statements as a record of all transactions. Also, check your state's consumer protection office to find out the state laws regarding payday lenders. Also, check with the division of financial institutions to see if they are licensed in your state to loan money.

KimS

Follow the suggestion given by msmishele30. You can also handle this situation by taking the help of your bank. Request them to dispute each of the debits made by Payday Connection in your bank account. If they are not providing the itemized statement as you requested, you can get the account details by following this process also.

The company has to either give the necessary details to your bank or credit back the excess amount.

Do you have the agreement copy signed with this company while you took the loan? You can review the interest rates mentioned in the agreement contract and file your claim if required.

With payday loans they just keep renewing the loan until you pay it off.If the orignial loan was for $500 and the interest was $150,then you are only paying the interest every two weeks and they are renewing it.When the loan is renewed they charge the original interest again.To lower you balance,you need to pay more than the interest.That is the way people get in to payday loan hell.By just paying interest,you will never have this loan paid off,it will just keep going back to the original amount every two weeks,until you start paying some of the principal.

You need to prepare a very realistic budget and figure out your monthly and daily expenses. It will be helpful if you can avoid the unnecessary expenses at the present situation. Try to concentrate towards building a saving so that you can meet up the emergencies and other unexpected expenses for the later.

If the amount that you pay as interests on payday loan can be put in a savings account for six months, you will be surprised to see the money you can make to meet the emergencies.

You can also consult your bank and see if they can offer you some overdraft protection and handle your credit problems. Know the terms properly before using it.

You know, it is amazing how the Universe works! The same day the Michael in collections hung up on me, I faxed the company a debt validation letter. When I called the next morning to confirm they had recieved it, the female that answered the phone said that Michael wanted to speak with me again. I was pretty hesitant, but figured I have really nothing to lose at this point. Michael then proceeded to tell me that they have wiped out ALL of the debt and when I asked for it in writing, he had me dictate what I wanted him to say!!! I recieved a confirmation email, as well as the promise to send it by the post office. Yeah!!!! One down and it seems like a thousand to go!

That's great Kim, just make sure you do receive it by mail. It's good to cover your basis that way but I'm sure you feel relieve right now.