Getting out from under PDLs
Date: Wed, 10/20/2010 - 13:04
Submitted by Peter J. Flansburg
on
Wed, 10/20/2010 - 13:04
Total Replies: 5
Bank of Delaware
National payday loan
My cash now
I cannot afford to pay these folks at this time. However, they keep trying to debit my account. Everytime they do, my bank (BofA) charges me $35 and the PDL charges me $30. This is quickly becoming a very ugly cycle. Can anyone give me a little advice?
There's some good info on this on the FTC website (Federal Trade
There's some good info on this on the FTC website (Federal Trade Commission) and it ought to be reliable and something good to go by.
Quote:Originally Posted by Peter J. FlansburgI currently have 3
Quote:
Originally Posted by Peter J. Flansburg I currently have 3 PDLs with: Bank of Delaware National payday loan My cash now I cannot afford to pay these folks at this time. However, they keep trying to debit my account. Everytime they do, my bank (BofA) charges me $35 and the PDL charges me $30. This is quickly becoming a very ugly cycle. Can anyone give me a little advice? |
First of all, you should close your checking account so they can't continue to debit it. After your account is closed, then send revocation of ACH authorization and state that you would like to have a repayment plan. Remember, if they are illegal pdls in your state, you are only liable for the amount you borrowed.
Getting out from under PDLs
Quote:
Originally Posted by SOAPLADY What state do you live in? |
I currently reside in Arizona
First Bank of Delaware is an installment loan and is legal. You
First Bank of Delaware is an installment loan and is legal. You will need to call them and set up an alternate method of payment once you close your checking account.Payday loans are illegal in the state of AZ as of June 30, 2010. National and MyCashNow are not licensed in the state of AZ. They are both illegal loans. Follow the advice in this thread to deal with your illegal lenders. http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
You are only required to repay the 2 illegal lenders the amount actually borrowed. Anything you've paid to them thus far can be subtracted from your original loan amount. If you've overpaid them, demand a refund when you send your email/letter.