Wkast about PDL that ARE licensed?

I do not recommend just letting them continue to debit and not contacting them.

You need to revoke ACH authorization to all your PDL lenders, legal or not. You need to call or E-Mail your legal ones and inform them you have encountered financial problems and need to enroll in an Extended Payment Plan (EPP). Most will be happy to oblige and will set you up on a recurring payment plan- which stops interest and renewal fees. I would obtain a pre-paid debit card to provide them to make payment on this- don't forget to fund it!

With your illegal ones, there's an ACH revocation letter on one of the stickys. You'll need to modify it to suit your circumstances with those individual lenders, be sure to E-Mail it to each lender. Some will respond immediately, and in other cases you'll find yourself locked out of online access from their web-portals before they respond. This is generally a good sign that ACH debits won't happen, and you should expect a response from them proposing some sort of settlement. Again with these, you'll want to pay with a pre-paid debit card as well. You don't want them having any access to your new (and old) checking account any longer.

Good Luck!

OK - I know this is all overwhelming -to make it easier you can contact your legal lenders and ask them for what is called an Extended Payment Plan - hence the EPP... That will freeze the balance on your account and not let it incur more fees.. usually these are over 3-5 equal payments on your paydays. 

Thanks, but now I am confused...DO I revoke all ACH's (and deal with the licensed leneders by phone), or is there a problem doing this, per DitchDebt's comment????

HELP!!!I need to resolve this this week..Thanks!!!

I do not understand the "EPP and splitting and freezing the balance" for the legal PDL's??? Can someone explain??? Do I just selectively try to cancel ACH for the illegals? Thanks!!!!

THat's right^ - you cannot get an EPP without having the legal loans totally current.

It depends on the stage you are at in the process - revoke ACH and close bank account if dealing with illegals. However for a legal lender, if you are not behind on the loan, you can allow them to retain ACH and do an EPP - splitting & freezing the balance over 3-5 equal payments. If you are behind or cannot afford that, revoke ACH entirely and this will force the legal loans to internal collections, who can work out a settlement with you.

Hi All, Been reading this board non stop for about a week. I have 10 PDL's, 7 illegal and 3 legal in my state (Alaska). I have closed my account and sent the letters to the illegals and call the legals to wortk out an EPP. Cash Call sent what they call 'a letter of validation right away'. I owe $750 on the principal, and of course, their payoff number is over $2800. TWO QUESTIONS: 1) Is the Validation letter the same as a collection letter, and thus must be challenged within 30 days? 2) Should I actually call them in hopes they will settle on the principal only? I don't think they will settle for principal, and I don't know if I should even call them before formally (in writing)challenging their bogus assertions in their 'validation letter'.

Thank you all for your help through this stressful and crazy time.

Thank you so much for the clarification(s). I am scared and nervous as heck as I ready myself to take this plunge. I just hope the rocks at the bottom aren't too jagged!! The only thing keeping me going is the hope that going through with this will stem the bleeding and quell that sucking sound coming from my checking account every 2 weeks....

I revoked all ACH authorization - legal or not - they don't need access to you  bank account.. The legal ones had no problem with.. and I used the same letters for the ones that needed something in writing... I still shut down my account on hard block due to being compromised and opened a new one - too hard to only allow some ach and not others.. all worked fine.. sent the letter out to the illegals via their website emails and talked to the legal ones via the phone and asked them also for payment plans - sometimes the fees can actually be frozen... you will have to talk to the legal lenders and see what they can do - you may have to default on and send them into collections to get suitable payment arrangement. 

OK..I am not behind on my loan (but soon will be ), so I allow only the licensed
PDL access to  my account? I have read for hours on this site, but I am unsure what the "EPP- splitting and freezing that balance over 3-5 equal payments" is all about? Can you explain or point me where this process is explained? THANKYOU!!!!!!!

You should allow the legal lenders to debit money from your checking account. Don't send the same letters to legal lenders. You need to pay the principal amount minus the interest rates and fees to the illegal lenders. In case of legal payday loan lenders, you've to pay back both the principal amount and the interest rates plus financial fees.

So, I cannot close my account to keep the several unlicensed lender from taking funds out? If not, how do I proceed with my bank?

Thanks. I want to do this right!!!

I would get a pre-paid debit card soley to pay off the legal loans and take care of the illegal ones after the legal ones are PIF. With an EPP check and see if your loan needs to be current before you can enroll.

Thank you so much!!! I am scared and nervous and greatly appreciate everyone's help. It sucks to be painted in a corner with no way out. If this works, I will feel hope for the first time in a VERY long time.