payday loan

You haven't mentioned the state you live in or the names of your payday lenders. Unless you mention this, it's a bit difficult to assist you. Nevertheless, you should check out your state laws regarding payday loans from the given page: http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html . If you find that your payday lenders are illegal as per your state laws, then after closing down your bank account, you should contact them individually and pay them only the principal amount in order to get rid of the debts. As they are illegal, they won't be able to claim any interest charges or other fees from you.

However, if you find that they are legal in your state, then you will be liable for paying off the debt in full. In such a situation, you will have to contact the local debt relief companies and check out the option of debt consolidation or debt settlement (whichever suits your purpose better). The debt relief company will negotiate with your payday lenders and help you get an affordable payment plan in order to pay off the debts.

If you close your bank account and default on the legal pdls, then the lenders may assign the accounts to collection agencies mate. The collectors will haunt you until the loans are paid off. You'll have to deal with the collectors mate. Lenders may not be interested to work with you.

You can explain your problem to the collectors and settle the debts with them. You can also approach a payday loan debt settlement company in this regard. They will help you settle the debts.

Actually, payday lending has been declared illegal in most of the states. So, it would be much better for you to first know if payday lending is legal in your state. Other than that, it would be much better if you could have given us more details on the payday loans that you have ??? the names of the companies, the state you are in, the amount you have taken.

Hello:

I was recently in your situation, and got myself completely out of all the loans legally - including principle and it didn't cost me a thing. All of these companies are off shore, so you need not worry about their threats of coming to your house - they will not risk it (they threatened me that way). That said - I found NH statute 399-A governing Payday and small loan lending, and found that if a payday lender is not licensed, then the entire debt - principle and interest becomes un-collectable. If they charge more than 36% and are licensed - then the collection fees and interest are void - but they can get only the principle. That said - out of four loans, only one was licensed. Do yourself a favor, and look at your local laws. In my case - all I had to do was file four complaints that took about 30 mins each to prepare, and the Banking commission and states attorney are doing the rest - including seeking restitution. It is also illegal for them to threaten you with harm, to come to your house, or business to harrass you, and also to use any foul language on you. You can just hang up.

One other thing you can do - ALL wage "Assignments" are considered "voluntary" by the federal fair debt collection act (FTC). That said - just send them a letter and revoke the Wage Assignment you signed, as well as their right to contact your employer. In my case - I did all be email, and they where stupid enough to acknowledge receipt saving me the postage. Inform your employer you are doing so, and give them copies of the revocation - then they can't touch your wages without a court order.

Again - a lot depends on your state laws regarding collection after the above.

Good luck.

Hope this helps.

All of my previous posters are right. If you find that lenders are not licensed to operate in your state, then you can get rid of the debts by paying them only the principal amount. Otherwise, you will be accountable for both the principal and interest. If it seems difficult for you to repay your debts in full, then you may enroll in a payday loan debt consolidation program which will help you to replace your multiple bills into a single monthly payment. The following link may help you in this regard:
http://www.debtconsolidationcare.com/paydayloan-consolidation.html

Hey,
I really don't think closing down your bank accounts is a good idea. Collectors can be quite menacing in their attempt to collect the debt amounts from you. If your payday loans are legal and the lenders report you to the collection agencies, they will haunt you till you give them back the money you owe. It is far better if you consult a local debt relief agency and either consolidate your payday loan or settle them for a certain amount.
In case you are lucky and payday loans are illegal in your state you can just pay the principal amount and be done with it.

Take Care :p

Why do people keep reviving threads that have been asked and answered? And then simply repeating what has already been said? This is a waste of time. Please STOP!!