should I pay for payday loan company's mistake?

RevClyburn

Welcome aboard!

Hmm.. Your problem seems to be a serious one. There could have been a possible recourse if your account was not in a negative shape and the money would not have been absorbed. Even though the company might not have tried to take the money back as being said, but you would have still got positive results with the help of your bank.

Also, I see that you should have placed the dispute immediately when the money was deposited in your account. At that point of time, if you had got in touch with the lenders, it might have done some help to you. But now, after the fees being added, I doubt if there is any possible way of looking to it except to pay it.

The only thing that I can think about is that you have to either arrange for money in your account so that the lender can take back the whole amount. Thus, you might save the fees attached with the loan. Basically, it was your account that was having shortage of funds at that point of time. So, you will have to think that you are making arrangements for your own account.

Or, the other option is to consider the fact that you have this loan being taken and now you will have to pay it along with the interests. I know, it's a bit sad here but consider the fact that the dispute should have been placed immediately when the loan amount got deposited. Also, your account should have been in a better financial condition to return back the fund immediately.

Talk to the lender and explain the whole thing highlighting their mistake in the first place. I guess they should not attach any additional charges to it and should give you some grace time.

If you feel that you are not able to get results from your negotiation, take some professional help. The consultant might return positive results to you.

Regards
Roxette

So that you and others will know, I placed a dispute with the compnay a day after they put the money in my account, as I knew is wasn't mine and I had no knowledge of what my wife had done. I didn't sign anything or fax anybody anything that would warrant them even knowing about my account. Question: If you mistakenly put something in my account, that's on you, sorry that's my prespective. If any of you want to deposit something in my account, go ahead, I don't know anything about it. You are a loan company, you are suppose to have you act together,. You don't just add to a person's account anytime you want, because they applied for a loan a month ago, and because the last names and addresses are the same, what the heck, just add it ther My wife and I may not be together, and our accounts are different, so what gives you the right to add to my account, just because you see the same name and oh well, I'll just add some money here and if it's right ok? No, I didn't ask for your money, and I refuse to give you something back that you have already taken out in finance charges at my BANKS. A she made a mistake, which I was told, doesn't suffice me, sorry. Your mistake should cost you, not me. and the only person coming out on the wrong side is me, Even when I don't want your money. So, iF I placed 2 million in you account by mistake. Would you give it back? You know it was a mistake, and you want me to pay for your mistake? The absorbtion of the funds is not on my, I never asked for the funds, nieither did my wife ask to deposit them in my account. Why should I pay for your mistakes?

RevClyburn

Quote:

The response of the loan company was to offer a apology, and then continue to hit my accounts for the money back. And being that the account was already negative, it just adds to the negative balance. I used to put my check from work in the accounts, but have stopped, and have closed all but one account. I am working on closing that too. I have tried talking to them, explaining over and over again that it was your mistake, I shouldn't have to pay for it. They turn around and say, ok, we'll fix it, but the next day, they hit the account for money again. This is after they are told, that there is no money in the account, that they need to address this issue with the bank. I haven't spent the money, it was absorbed in the negative fees, they keep adding too. I don't know whatelse I can do to stop them. I and my wife are now seeking legal consultation on this matter.

Any suggestions?

RevClyburn

Right, you definitely need a legal consultation here. Especially, when the company knows that the account is in a negative state and attempting to debit money from the account is of no use, perhaps unfair and causing willful injury. It's further adding to your other expenses.

Since the loan company has admitted their mistake, do you have this statement in writing? It will definitely be of great legal help to you. It will prove that the company is aware about their mistake and after that, whatever has been done adding to your expenses, they are entirely responsible for it.

If you have any correspondences in writing from them, it will make your case stronger.

I don't think that you will be forced to pay the additional fees added in this account. Talk to your bank and I am sure they will verify it with the loan company. Most probably, the bank will waive off these fees.