Close account or not??

When are your payments due? If your next payday isn't until next Friday the 26th here is my suggested plan of action:(This assumes the lenders are ILLEGAL)1) Talk to your bank's branch manager. Shoot, make an appointment with them so they have an idea of what the conversation will be about. Bring them any information you have on their illegality. 2) Determine with the branch manager if one of these companies could do an ACH pull and reopen your account. If that's the case, you may want to just place the account in deposit only status. They will tell you what is best and ultimately get a new account opened in your name. Make sure you have money in the bank to fund the new account and have cash for yourself while you work with these illegal loans.3) Notify your employer about the situation - go through HR and you don't even have to say its payday loan specific and that it's potential identity theft. What you want to stress to them is that you do not have a valid ACH agreement with any company and you have no active wage assignments open. If they request it, provide them a copy of the notices you will send to the lenders. * For our purposes here you are doing the prep work first before you send anything to the lenders. Not putting the cart before the horse, you just need to really have your ducks in a row *4) If you have direct deposit, cancel it and go with a papercheck until you can get your new bank account information loaded. 5) Draft a letter for each lender - there are plenty of templates here on DCC for you to use. Be very deliberate with your position that the lender is not legal in your state and that you will only communicate with them via postal mail and email. The ACH and wage assignments you agreed to are canceled from this point and they should no longer contact you by phone (home, cell or work) and none of your references should be reached. This letter needs to be emailed, faxed (if possible) and physically mailed to the lenders. Get proof of delivery on the letters - just a few bucks to make sure they have it. 6) You would have a moral responsiblity here to repay the principle borrowed from these companies. Some people decide not to pay and in a sense took free money or only paid a portion of it back through fees and interest charged in excess by these companies. Shouldn't tell you not to pay, but legally you don't owe them a dime. 7) Walk away. You should be done with them now. They won't be done with you but there is very little they can actually do if the loan was, in fact, illegal. Just keep your documentation handy in the event some collection agency takes on the turd of a debt knowing what it entails and tries to collect on it. Be prepared to toss it right back in their face.

I'd close my bank account and open a new one. These lenders have a way of getting your money otherwise. I had no problem doing this with Well's Fargo and they were very helpful. The only way for you to be safe is to close the account.

Follow the link in my signature line for information on how to deal with your illegal lenders.

Close it.

It seems that the best answer is to close account and then send out emails to these 2 places. I wonder if anyone has ever had them to try and enforce a wage assignment? I guess I need to go back and read the fine print in the contract about that. It seems to me if they are illegal then how could they attach my wages? United is tribal and Seaside if offshore.

I have PDL's out with 500fastcash and unitedcashloans. From Missouri. I was reading this forum about the illegal activity of these companies so decided to send email to their customer service asking for a copy of their license # for Missouri. Within an hour, I was unable to access my account with them from their websites, and actually got a settlement offer from 500fastcash. (no we're not illegal!!!!!)

When looking at those contracts (I printed when I signed), I see nothing about wage assignment? Only arbitration. I hope I am not missing anything. It is embarrassing enough that I had to go to a PDL, I sure do not want my work finding out about it.

Also, YourFastPayday has agreed on a setllement but it is for more than what I have already paid. Any advice?:confused:

Did you hear from United Cash Loans? Aren't they actually under the same ownership as 500fastcash, tribal owned?

You are not settling your debt. You are repaying what was deposited into your account. There is no debt here; these are illegal loans. Tell them to take the principal or drop dead.