my bank did not honor 3 payday loan places

Hi chmartinbaby06
Welcome to the forums

You should immediately communicate with your bank and ask them that at the time of entering into the agreement they should have mentioned to you about their difficulty. As you have already made the arrangement and conveyed this to the payday loan companies, the loan companies will encash the checks provided by you to them for the repayment of the loan.


If the payment is not made by the bank authorities then the payday loan companies will charge interest and charges for not paying the loan. This will further increase your interest payment as payday loan always carry high rate of interest.

So convey this information to the payday loan company also as any sort of miscommunication may create problem in the future. If the bank authorities are non-cooperative in nature then you can take legal action against the bank for violation of the agreement which is as good as contract.

Hope to hear from you soon

Regards
Peter

peter thank you for the information that you recently submitted to me and i hope that it works and if not like you said ill get a lawyer to help me with this information thanks peter for replying

The information you provided to get these payday loans, were these done online?

However they we given (verbally and then verified), or line...you could be in default. You provided the information of your financial institution, and said the funds for repayment would be there. You could probably pay off the payday loan at their request by WesternUnion, but you are probably going to be repsonsible for NSF's by the loan company.

If the information you provided was correct, you need to contact your fincial institution and find out the reasoning behind rejecting the ACH. Perhaps do a 3way phone call.

Something similiar to this happened to me on my first payday loan. The payday loan company did the reqest at 4am. The money was there, but because they did it at 4:00:03am and 4:00:03am, both at the same second, the bank thought it was an error and rejected the second one. After going round and round with the payday people, and after getting a 3way phone call, the payday & bank both realized that they were at default.

Make sure you do have the correct information on your loan agreement before pointing fingers.

chmartinbaby06,

Have you contacted the payday loan company and questioned them why? Also the arrangements that you made with the payday loan company, was it to have a certain amount deducted from your account or were you to send them a money order or western union? I would definitely contact the bank and let them know that you hav an arrangement with the payday loan company. I am sure that once you talk with the bank, they will be understanding.

No the payment arrangements were suppose to be for me to send money orders in. But they can forget it now!