Payday Loan Consolidation and dealing with the lenders

It's nice to hear that you are trying to come out of this payday loan mess. Before closing the account, have you called your creditors and let them know about your financial problems. Request them to lower your monthly payments and offer some extensions. You will pay the complete debt but for the time being, you can't pay the fixed amount. It will be good if they can accept your proposal otherwise, you will have no options but to close your checking account.

Assure them that you will be regular in your payments and will like to pay through consolidation company. Chances are that the company will not like working with the consolidators and they may not even accept payments from you in the beginning for a couple of months. But after they have received a couple of payments from you regularly, all the phone calls will end at your place. Everything will work out smoothly and there won't be any problems later. Stick to the plan and don't miss your payments after the agreement.

I was told by T & C to close my checking account and open a new one, which I did. My creditors said they would hit my account anyway so I couldn't afford the additional charges. They still might try to continue and hit your account while your in debt consolidation. I've had a few who have tried to hit my old account after they knew it was closed. It's also cheaper than putting stop payments on these loans as well.

Question....what if you have outstanding checks on your checking account? For example, I have checks out probably until the 1st, so I'm gonna wait until those clear before I close my account.

I haven't talked to the bank yet, but if you close an account with outstanding checks (say, I wanna do it Monday) will the bank honor them if you give them amounts and check #s?

Eric, if you do not pay the checks before closing the checking account, those defaults will be reported to the Chexsystem negatively and will stay there for 5 years. This will hurt your situation when you will be trying to open a new checking account. Most of the banks view the consumers profile in the chexsystem before opening a new account for them.

Even though you have paid the overdrafts to your bank, the chexsystem won't remove the entries before five years. So, your best move will be to pay the charges to your bank before they hit the Chexsystem.

Ok. I talked to the bank today, they rejected (stopped) all of the payday loan draws from Friday...so now all I need to do is wait for three checks to clear before the 10th (they will) and I close the account.

I must say the bank has been excellent in working with me on this. I'll be signing up with T&C tomorrow...I hope what people here say about these folks is true :-)

From my own experience, all of the wonderful comments on here about T&C are very true. They are wonderful to work with and will take care of things for you. Good luck to you Eric, there is light at the end of the tunnel, just be patient and persistent and don't let anyone intimidate you or push you around.

I have had great luck with T & C. They are agressive when dealing with payday lenders. I'm glad everything worked out with your bank. My bank was very good about things when I closed my account.

How can I get in touch with T and C compsny

Please register and then we can send you that information.

i would also like to know how to get in touch with T & C

fka22, check your PM. I have sent you the information. You can view your private messages clicking the button under the company logo at the top left hand side.