PDL's in Michigan
Date: Mon, 05/23/2011 - 18:00
I'm currently working with a wonderful credit counselor, who has advised me to talk to my bank about blocking ACH's from these lenders. I haven't gone in yet, but I intend to before Friday. Hopefully, I can start my debt management plan then.
These are my lenders:
American Webloan $500
Plain Green Loans $700
Cash Cure $700 (I'm on a payment plan with them)
Eastside Lenders $300
Gateway Lending $300 (on a payment plan with them)
Cash Direct Express $600
Thanks!
In the state of Michigan, the lending of payday loan is legal. H
In the state of Michigan, the lending of payday loan is legal. However, as far as I know, most of the payday lenders that you've listed here are illegal. As most of them are illegal, they won't be able to take any legal actions against you. You have done the right thing by contacting a debt management company who will deal with these payday lenders on your behalf. As your credit counselor has suggested, you should immediately block your bank account so that they cannot debit any further money from your account.
The time you notify your bank that you don't want the debt autho
The time you notify your bank that you don't want the debt authorization to stay valid anymore, the bank will block the following withdrawal by your lender. In addition, it will also block all future payments that are to claimed by the lender in future.
In order to prevent future withdrawals, you'll need to inform your lender in writing that you no longer authorize any debit on the account. Get a copy of this letter and send it to the bank.
