logo

Debtconsolidationcare.com - the USA consumer forum

Keep bank account with reputable consolidation?

Date: Thu, 09/15/2011 - 09:01

Submitted by luvdsny
on Thu, 09/15/2011 - 09:01

Posts: 4 Credits: [Donate]

Total Replies: 9


I'm hoping you can help. I have 2 payday loans totaling $1000 which cost me $600 a month in interest alone. I have yet to make a payment on the principal and I am now drowning. My next paycheck the payments will go up adding another $100 minimum a month. Is there a reputable company that I can work with that will consolidate my payments without having to close my bank accounts? Is it possible to contact these companies (Cash Jar and Bottom Dollar) as ask if they'll work with me? I have almost every bill I have including my mortgage auto-deducted from my bank account, and at this point I'm unsure I can even open another bank account. I have 3 days to cure a default on my car loan because of this rediculous mistake or I'll lose that too. Anyone??:confused: Any help or direction is much appreciated.


[FONT=Times New Roman]First you need to close your checking account and get a new one.

Neither of your lenders are licensed to lend in your state. You should only repay the principal amount of the loan (e.g. you borrowed $300 and have paid a $90 rollover fee 3X so you only owe them the remaining $30), no fees or interest are payable. It sounds to me like you've already WAY overpaid both of these loans.

Follow the advice [URL="http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html"][COLOR=blue]in this thread[/COLOR] [/URL]for how to deal with illegal lenders. Be sure to ask for a refund of your overpayments in your email (no need to send a certified letter, email works just as well and is free). You can also contact the regulatory agency below for further assistance:
[/FONT]
[FONT=Times New Roman][URL="http://www.nh.gov/banking/complaint.html"]State of New Hampshire
Banking Department
[/URL]53 Regional Drive, Suite 200
Concord NH 03301

Telephone: (603) 271-3561
Fax: (603) 271-1090
Email: [EMAIL="Legal@banking.state.nh.us"]Legal@banking.state.nh.us[/EMAIL] [/FONT]


lrhall41

Submitted by OhioGal1 on Thu, 09/15/2011 - 12:40

( Posts: 5253 | Credits: )


Sally, please stop advising people to put a "hard debit block" on their accounts. They do not work permanently! Many of these PDLs have figured out how to work around them by actually sending paper checks. Sometimes "deposit only" will work, but sometimes things fall through the cracks there as well.

Closing the account is the ONLY way to ensure your money will be safe!

And yes, you can open a new account at the same bank. Just make sure that they do NOT link the 2 accounts in any way.


lrhall41

Submitted by OhioGal1 on Mon, 09/26/2011 - 06:22

( Posts: 5253 | Credits: )


you got me SOAPLADY,but (deposits only)should only be used when the account is negative.some members keep posting the same questionable advice,and it does get old.


lrhall41

Submitted by paulmergel on Mon, 09/26/2011 - 06:49

( Posts: 15514 | Credits: )


Thank you! I have closed my account just to be on the safe side, and opened a new one. I am in the process of writing letters to these people to go out today via email (and certified if I can find the actual addresses). More debits are due to to be withdrawn this Friday. Let's see what happens. Thank you all for such priceless info. Here goes!


lrhall41

Submitted by luvdsny on Mon, 09/26/2011 - 07:27

( Posts: 4 | Credits: )