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Payday Hell

Date: Thu, 12/16/2010 - 00:49

Submitted by anonymous
on Thu, 12/16/2010 - 00:49

Posts: 202330 Credits: [Donate]

Total Replies: 4


I'm in so much trouble. I have 4 payday loans. Paying these loans made it impossible for me to pay my regular bills and as of last payday I bounced some checks to my bank. So that also meant the payday loans didn't go through and with all the check fees I now am in the hole for more than I get paid. The same thing will happen this payday since all of my check will go to covering what was in the hole so once again the loans will not go through. I won't even be able to pay my rent. So I am in a desperate cycle. I can't close my bank account when it's in the red. Can I put a stop payment on the ACH withdrawals? But of course I can't afford to pay the fee for the stop payments either.

I'm in Maryland.


As far as I know, stop payments will not work in this case. Most of the PDL companies have so many different names that if you stop one, they will try taking out money from your account using another name. The best way is to close your account. However, as you cannot close it, you should ask your bank to put a hard debit block on the account.

Check out the following forum discussion to know more in this regard:
http://www.debtconsolidationcare.com/paydayloan/stop-ach-withdrawals.html


lrhall41

Submitted by Anna Sweeting on Thu, 12/16/2010 - 02:51

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I thought Maryland payday loan laws were that payday loans are prohibited in the State of Maryland. If that is the case, then the payday lenders that you have loans with are illegal and you therefore only owe the principal balance. What are the names of your payday lenders? You should file complaints on each of them at Maryland Commissioner of Financial Regulation, 500 North Calvert Street Suite 402 Baltimore MD 21202, Phone - (410) 230-6100, Fax - (410) 333-3866, Regulatory Contact - Michael Jackson Director, Regulatory Policy


lrhall41

Submitted by Lizzie1014 on Thu, 12/16/2010 - 05:20

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Payday loans are illegal in the state of MD. You need to go to your bank and have them put a hard debit block on the account. You have to talk to the branch manager, no one else will have the same level of authority. Also follow Lizzie's advice. Who are these 4 lenders? How much did you borrow originally? How much have you paid so far? You may have already paid these things off, since they're illegal. Give us a little more info.


lrhall41

Submitted by OhioGal1 on Thu, 12/16/2010 - 06:45

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