bank fraud

i've been told no its not and they wont report you for fraud. just contact each pdl with a proposal payment plan there are some letters to help you in the books section of the site. when the sites say they will report you for fraud its just to scare you.

hey,
I am new to this site. I have gotten myself into the payday loan "situation" I have read that closing the bank account will help get you out. Any more advice on this?
Kevin

In order to pursue fraud they would have to prove that was your original intention to defraud when you obtained the loan, not a result of circumstance which occurred after the transaction was executed. Don't worry about, just threats to make you panic.

kevntn
Closing your account is only a first step, which is done to stop the automatic debits (though could result in additional fees being added to the balance depending on governing law). Once you close your account you should contact your lenders with a payment plan or to request a payment plan from them. Also make sure you study up on how PDL's are affected by your states Usury laws or Uniform Commercial Code. Many state limit how much interest and fees can be assessed. In some cases after educating lenders on the governing laws, you may be able to have loans marked paid ( if you have paid as much as or more than legally allowed) , get refunds , or settle for payment of principal and legally allowed interest and fees. many members of this community have done a tremendous amount of research and are willing to help those who are trying to help themselves. All ya gotta do is ask.

kevintn---closing my bank account wasn't how I got out of my pdl situation. It was a process I went through when I put my ccs and pdls into consolidation. I am still having to pay the pdls off, just at an easier to handle amount.

thanks. I am a little nervous about doing this. I have store front and internet loans out. I was to a point were i had to keep writing more and more checks to play catchup. I was looking at the chart and read a post on the laws. If they overcharge what is legal in my state I would only have to pay what would be legal in my state is that correct?

I think so, but am not positive. Have you read all of the different posts on this subject?

trying to but it seems everytime i read it in one area i find it in another. :)

I have started today. I closed out my ch. account today and sent my payment into t&c along with the documenets. I am ready for this to be over with. Thanks guys for all the helpful information on here.

Dear kevtn, Check the usuary laws in your state. If you have paid more than you borrowed you can get these accounts marked paid in full. Sometimes you can even force them into refunds. I live in WV and these type of loans are illegal here. Check with your attorney general they are a Godsend. They can get these people off your back in a hurry. Good Luck KYSIDE38

I have sent letters via fax this week to the online lenders. thanx again

Hey kevtn, Just checking in. Have you heartd anything from your letters? I sure wish you luck. I got two refunds so far so keep trying. Keep in touch. KYSIDE38 :D

i got one email today stating i needed to talk to the manager. I got another stating i had the wrong fax number which the company gave me a totally different number. I emailed a few letters out today. I am waiting to do the certified letter thing. Kinda expensive to send out a lot of those. We will see how it goes. I tried emailing a few out today as well.