Payday Nightmare
Date: Wed, 10/06/2010 - 10:26
Quote:Originally Posted by Kim ArtiagaI'm in California and I ha
Quote:
Originally Posted by Kim Artiaga I'm in California and I have 3 payday loans. Eastside Lenders, Arrowhead and 1 Click Cash. I bank with B of A, can I stop them from debiting my account if I contact my bank? I want to settle my account either thru money orders or pre-paid visa. I'm so stressed trying to pay these off and I find myself getting deeper into this mess that I put myself in. Any suggestions would be greatly appreciated. Thank you. |
Someone will be along soon to answer your question. I just wanted to tell you that this forum is great in helping people. I had 7 internet loans and am now down to 3. I am making affordable payments on all 3 and will soon be out of this nightmare cycle. Just follow the advice you receive on this forum and ask questions if you don't understand.
I can tell you Bank of America will tell you the best they can d
I can tell you Bank of America will tell you the best they can do is close the account. They will put ACH holds against your lenders, but they charge you $30 a pop and you have to have the exact amount right or the hold won't work. If the lender changes the amount by even a penny, the draft will go through and you will have to dispute it after the fact - assuming you have previously revoked the lenders ACH authorization. I did not try the deposit only route with them, but that may also be an option. Your first step is to determine if your lenders are legally operating in CA, which from other posters it would appear at first glance that they are not, and then approach your bank on how to protect your account. Then you will need to contact your lenders as advised on this forum, i.e. revoking ACH authorization and wage assignment, and figure out if you still owe on the principal of your loans or if the interst and fees paid have satisfied your obligation. I can tell you I had 5 loans when I found this forum and they are now all PIF so if you stick with it it works. I did not close my bank account due to personal issues, and have so far been lucky that none of my lenders have pulled any funny business - but if you can it would be best to open a new account and close the old one. Good luck - you will be OK.
All the 3 are illegal PDL lenders in your state. Talk to your ba
All the 3 are illegal PDL lenders in your state. Talk to your bank manager and close your account as well as open a new one. You need to do this to protect your money from these illegal PDL lenders.
You also need to send letters/fax/emails to each of the PDL lenders that you have all all ACH authorizations and state that since they are illegal in your state, you will only pay the principal amount.
Click on the following link to know how to deal with these illegal lenders: http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
Quote:Originally Posted by Lizzie1014Someone will be along soon
Quote:
Originally Posted by Lizzie1014 Someone will be along soon to answer your question. I just wanted to tell you that this forum is great in helping people. I had 7 internet loans and am now down to 3. I am making affordable payments on all 3 and will soon be out of this nightmare cycle. Just follow the advice you receive on this forum and ask questions if you don't understand. |
Thank you Lizzie:)
Quote:Originally Posted by paulcahill80All the 3 are illegal PDL
Quote:
Originally Posted by paulcahill80 All the 3 are illegal PDL lenders in your state. Talk to your bank manager and close your account as well as open a new one. You need to do this to protect your money from these illegal PDL lenders. You also need to send letters/fax/emails to each of the PDL lenders that you have all all ACH authorizations and state that since they are illegal in your state, you will only pay the principal amount. Click on the following link to know how to deal with these illegal lenders: http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html |
Thank you so much! I will contact my bank and will write and fax to each of the PDL lenders to inform them. The link that's attached to your message will they have a standard form letter that I can use to write to each of the PDL lenders?
Quote:Originally Posted by screwedinazI can tell you Bank of Ame
Quote:
Originally Posted by screwedinaz I can tell you Bank of America will tell you the best they can do is close the account. They will put ACH holds against your lenders, but they charge you $30 a pop and you have to have the exact amount right or the hold won't work. If the lender changes the amount by even a penny, the draft will go through and you will have to dispute it after the fact - assuming you have previously revoked the lenders ACH authorization. I did not try the deposit only route with them, but that may also be an option. Your first step is to determine if your lenders are legally operating in CA, which from other posters it would appear at first glance that they are not, and then approach your bank on how to protect your account. Then you will need to contact your lenders as advised on this forum, i.e. revoking ACH authorization and wage assignment, and figure out if you still owe on the principal of your loans or if the interst and fees paid have satisfied your obligation. I can tell you I had 5 loans when I found this forum and they are now all PIF so if you stick with it it works. I did not close my bank account due to personal issues, and have so far been lucky that none of my lenders have pulled any funny business - but if you can it would be best to open a new account and close the old one. Good luck - you will be OK. |
Thank you, thank you for your understanding and help. I'm so fortunate and grateful that I found this forum. :)
There is an example letter within the thread linked. You can us
There is an example letter within the thread linked. You can use it as a template and tweak it to fit your situation.