question on account closing
Date: Tue, 05/18/2010 - 08:55
pdls are coming in, but at the same time the advice seems to be to talk to the bank.
if i talked to the bank and they don't agree with what i'm doing wouldn't that
stop me from doing anything. if the bank agrees with what i'm doing then i shouldn't have to close the account just freeze those pdls? my paycheck is directly deposited as well as some other items that are deducted by ach. i guess i would rather close my account and start another account somewhere else,but i'm leary of what might happen if i do that.
Go and open another account first, if your are dealing with unli
Go and open another account first, if your are dealing with unlicensed lenders, the only safe thing to do is close that account, because now that they have your account information they will change their names and make future debits when you think everything is said and done. That account will never be safe again, it's like giving your SS# to a criminal.
The bank doesn't have to agree to what you're doing. You are th
The bank doesn't have to agree to what you're doing. You are the customer, and it is your money. That said, I never recommend that someone stop paying on their debts without good legal cause, if that's what you're planning on doing. If you do close your account simply to stop payments, it's a civil offense called breach of contract and increases your chances of ending up in court. In addition, if the judge looks at your financial statements (and the creditors can get a hold of them) and decides there's enough evidence, you could end up being liable for the creditor's attorney fees and court costs in addition to your debt.
Quote:Originally Posted by OVLG AttorneyThe bank doesn't have to
Quote:
Originally Posted by OVLG Attorney The bank doesn't have to agree to what you're doing. You are the customer, and it is your money. That said, I never recommend that someone stop paying on their debts without good legal cause, if that's what you're planning on doing. If you do close your account simply to stop payments, it's a civil offense called breach of contract and increases your chances of ending up in court. In addition, if the judge looks at your financial statements (and the creditors can get a hold of them) and decides there's enough evidence, you could end up being liable for the creditor's attorney fees and court costs in addition to your debt. |
well in the case of internet pdl's none can do what you state as 95 to 99% are illegal,and can't do squat.please don't give people info when it doesn't pertain to the topic.
OVLG, I believe the OP is talking about ACH debits to her accoun
OVLG, I believe the OP is talking about ACH debits to her account generated by ILLEGAL PDLs. This is NOT a civil offense, it's fraud on the part of the "lender."
unlicensed
Quote:
Originally Posted by Shazzers Go and open another account first, if your are dealing with unlicensed lenders, the only safe thing to do is close that account, because now that they have your account information they will change their names and make future debits when you think everything is said and done. That account will never be safe again, it's like giving your SS# to a criminal. |
i didn't see any of my 5 pdls on a list of registered lenders in minnesota.
couldn't they be under a different name then what i borrowed from?
Quote:Originally Posted by Anonymousi didn't see any of my 5 pdl
Quote:
Originally Posted by Anonymous i didn't see any of my 5 pdls on a list of registered lenders in minnesota. couldn't they be under a different name then what i borrowed from? |
It's possible, list them here, we can tell you if they are licensed or not.
licensed or unlicensed
Quote:
Originally Posted by Shazzers It's possible, list them here, we can tell you if they are licensed or not. |
cmg group llc
sagamore bb
cardinal management llc
signmyloan.net also grenterprises
little loan shoppe
Quote:Originally Posted by Anonymouscmg group llc sagamore bb ca
Quote:
Originally Posted by Anonymous cmg group llc sagamore bb cardinal management llc signmyloan.net also grenterprises little loan shoppe |
okay cool.all illegal,now if you can recall.
1)how much was borrowed from each
2)how much was debited by each prior to default.
you might be suprised at how little if anything you actually owe these illegal lenders.
pdl payments
Quote:
Originally Posted by paulmergel okay cool.all illegal,now if you can recall. 1)how much was borrowed from each 2)how much was debited by each prior to default. you might be suprised at how little if anything you actually owe these illegal lenders. |
cmg borrowed $2501st $75 payment friday
cardinal borrowed 4200 paid $180 so far
sagamore borrowed $250 paid $75 so far
signmy loan.net borrowed $250 paid $225 so far
little loan shoppe borrowed $300 paid 420 so far
You overpaid on little loan shoppe but $120, and the rest you ow
You overpaid on little loan shoppe but $120, and the rest you owe until the principal is paid.
I would go to the corporate to permantely close the account so any ACH will not push it back open. You can revoke ACH at anytime but these companies will simply come in under different names. Keep asking until someone helps you at the bank.
next step
Quote:
Originally Posted by bea2ls You overpaid on little loan shoppe but $120, and the rest you owe until the principal is paid. I would go to the corporate to permantely close the account so any ACH will not push it back open. You can revoke ACH at anytime but these companies will simply come in under different names. Keep asking until someone helps you at the bank. |
ok ive closed my bank account..i send pdls a letter stating they're illegal. then what...they will call and harass, at least for a while.
do i try and work out a settlement..ignore them,don't pay at all.
i willl still have five pdls out there totaling $1600.
Quote:Originally Posted by Anonymousok ive closed my bank acco
Quote:
Originally Posted by Anonymous ok ive closed my bank account..i send pdls a letter stating they're illegal. then what...they will call and harass, at least for a while. do i try and work out a settlement..ignore them,don't pay at all. i willl still have five pdls out there totaling $1600. |
all right here is what you owe each one.
cmg 250.00.
cardinal.i'm assuming you meant 420.00 so you owe 240.00
sagamore 175.00
signmyloan 25.00
you can try to work out payment arrangements,but being all are illegal they will fight you on their legality as well as the amount owed.if that ends up the case.file AG complaints,and pay them at your leisure.do not put other expenses off to pay these places.you are now in control despite what they think.