Payday Loans/Checking Account

From my experience with the payday loan industry, it would be very wise to close your checking account and open a new one. Once they are paid off, many of them tend to hit your account because they claim they are owed more than what the payoff was.

Definately, get a new account. And sometimes that's the only way to get ahold of these monsters if you can't get them on the phone to find out your payoff and make arrangements. When they don't get their renewal fee, they'll call you REAL quick. :)

mwallace29

Just remember to also change your direct deposit information with your employer. Your financial institution will deposit the last one your employer deposits just in case it takes them some time.

Regards-
Mike

mwallace29
I think it's a good idea to close out your account.

Afer paying a payday loan I left my account open and I just realized that they have continued to deduct money from my account.

I originally took a loan for $200.00 and so far to date I they have collected a total of 809.00. I even called them to confirm this amount and they blunty repeated "the amount so far that we have applied to your account is 809.00" Now I don't know but it sure as hell sounds crazy to me. I never realized it cause I get direct deposit and they deduct at the same time I get paid (sneaky, huh?) It also dosen't look to obvious cause they only deduct 35.00-79.00 every two weeks or so sometimes they wait 4 weeks to deduct.

But don't worry I am in the process of getting them back really bad. I have alot of crucial evidence that this company has done alot of illegal stuff but so far they don't know. I have left my account open but I opened up a new one so that if the try to take out money there's no money in there.

And also watch your calls at work. I wiped out my account on Sunday and sure enough today they called me at work. But they also don't identify themselves they say things like "...calling from CLS" and ...calling from CTL". So if you don't expect any calls from anyone make sure you tell them or someone that you no longer work there.

I knew this ahead of time cause I did alot of research on this company and I knew exactly what they were going to do. So I was waiting for that call and I finally got it today but lucky for me I answer the phone. Here's the dialog
them:"...May I speak with...
me: "May I ask who's calling?...
them"...calling from CTL".
me:"I'm sorry she no longer works here"
them: "oh, ok when was her last day of employment?"
me: "Wednesday"

And they hung up. So just keep your eyes and ears open. You gotta stay one step ahead of them. :wink: :wink:

I closed my account from the advice of my consolidation counselor. I'm glad I did because I had payday lenders still trying to hit my closed account. They were aware of this fact and had already been paid through debt consolidation. They will try anything if you don't keep your eyes open.

Well, time to get back to work :cry:

Close your account. We have been with T&C since mid-November and just a couple of weeks ago we had someone try to hit our closed account. It might seem like a hassle at first but it's worth it in the long run.

close your account...I made the mistake of keeping it open, and now becuase of these theives, my account 2300 OVERDRAWN, and I cant close it - the bank won't let me close it, but they are about to clsoe it for me. this means I get telecheck on my already damaged credit for the next seven years.

close it and open a new one quick!

Sonic is still trying to hit our closed account. Our bank contacted them last week and stated that the account was terminated. Sonic is unbelieveable. They stated that they have every right to hit the account as many times as they want. Keep in mind that they are receiving payments through T&C. This just goes to show how crooked they are.

Payday debt[how to get out]
We first got into the loan because we needed car repairs and didn't have enough money then someone told us we could get a payday loan. We went to the payday store and it was so easy just needed to provide a bank statement, pay stub and post dated check for two weeks, my next payday, $575.00 they handed over $500.00 cash. We really thought we would be able to pay it back and that would be that. Then when payday came along $575.00 out of it would be hard as we were already living payday to payday. We went back to the payday store and were told we could just pay the $575.00 cash then re-borrow again that sounded good we just didn't think of the very high interest rate. So if you borrow every two weeks at $75.00 interest for 26 weeks that equals $1,950.00 in a year. So when we would re-borrow that would not cover all of the bills because we would be short the $150.00 from the interest so we went to the next payday store to cover the monthly bills then we found we needed more money for some other need. Then when we needed to pay off that loan we were short so we had to go to another to cover that loan then another and another before we knew it we were into four paydays per month. Here is the calculation $75.00 x 4 loans =$300.00 per two weeks x 26 weeks per year $7,800.00 x 3 years $23.400.00. Paydays are suppose to be a happy time but when you are into them like we were it is a nightmare and very stressful, robbing Peter to pay Paul, running from one store to another. What was amazing is as I was going from one to another I would see the same people at each store, sad but true.
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Link deleted as per forum rules-Vikas

Have you tried asking the bank for a new account number and explaining the problem? Some banks will let you change account numbers.

Sonic is still hitting your account? I can't believe that after the complaints that you filed against them. They aren't trying to add additional charges now?

I have closed my bank account and stop payment on all payday loans and put deposit only on my bank account. My payments are due tomorrow so I guess I will be hearing from these payday loans next week - but will be going to TC to consolidate and let them take care of the calls. DO the payday lenders adhere to TC letters?

Well, I opened my new account. I cannot close my current one until the 17th.

I actually have some valid payments coming out of that account that will be a pain to move over.

Thanks so much for the advice - it has been taken to heart!

The payday lenders say they won't work with T&C but I just talked to my counselor and they all seem to be. Some of them do forward them on to other "companies" (which seem to be just another division of themselves) but most of ours seem to be okay. Hang in there if you're just starting, be patient and DO NOT let them threaten or intimidate you. Read up on your rights and be prepared when they call you because they will.