Hi,I am very thankful to have found this site. Advice Please
Date: Tue, 10/31/2006 - 12:27
Submitted by Creditor Schmedator
on
Tue, 10/31/2006 - 12:27
Total Replies: 4
I am from Maryland. I recently got rather sick and was out of work for a little while. (bad cold) Well those couple of weeks really put me in the hole, so I applied for a few pay day loans, rent and my daughters school tuition were due, grocery etc etc.
So anyway I got loans with (Route 66- I know the horror) USA Cash, Arrowhead, and a couple more. I got small amounts (less than $200 from each company.) I think USA gave me 300.
Anyway, I kep getting random charges $80 here, $30 there on my checking account, so I did some searching and found you guys. Well to be frank I am scared to pieces. I don't want my account debited to death, I can NOT afford to have my checks eaten up that way.
I opened another checking account with my bank and will be closing the current accout Friday...my issue is that my paycheck might not have been caught in time so if it goes to the old account I am scared I will be hit with a bunch of charges (I paid over $300 in payments last pay). I fully intend to pay these companies back, and I actually can, but not if it is all unorganized and they are taking money when they are not supposed to (like the $19 and $16 random debits today) I know that is not alot of money but I pay attention and if it keeps happening it WILL add up to much more.
So anyway, I am trying to get phone numbers and addresses to the companies and I am also interested in Maryland laws, because I will pay them in certified check, Western Union or Money order- all forms of gauranteed funds, but I am terrified that they will wipe my account out, I don't want a bunch of NSF's nor do I want to pay more than I owe them...
I am not breaking the law by closing the account am I? I will pay them, I am just leery about paying them from my checking account. I still have the account open, I just left $1 in it and moved all my other $$ to the new account. I am trying to wait to see what happens with my check but what I am leaning towards is closing it tomorrow morning. And letting my check bounce back to my company and them just mailing me a paper check that I would get by Tuesday (Pay day this Friday) I rather wait a few days to get my check than have it taken by PDL debits that are coming out seemingly randomly.
Any advice? Thanks alot.
First of all, welcome to the site. I expect that you will have a
First of all, welcome to the site. I expect that you will have a wonderful stay here. :)
Different people will have different opinions regarding your situation. I will start putting my thoughts. Maybe someone can think in a different way also. You need to know which one suits the best in your case.
I don't think that the account should be closed now. The reason is that you still owe to these companies and they are taking their money from your account until the account is paid in full. I also know that these loan companies cannot be fully relied because they have done many wrong things on others. You should be victimized of their illegal actions. When a debit is done, keep a track of the payment in an excel file so that you know the latest balance. Once you have paid off the full amount and after that, they try to debit further, it will be the right time for you to close the account. Not at this stage, because you don't have any proof that they did something illegal on you.
I checked the laws in MD and it says that payday loans are prohibited in your state. So, that means the company did the wrong thing by giving loan in your state. In that case, you are supposed to pay them the principal amount only. Your state doesn't specify any interest caps by internet lenders.
You can call each of the companies and explain that using other mode of payment. If they accept it, you won't need to close your account. If they still debit, they will do something illegal and you will have proof of it.
Is the company doing any kind of unauthorized debits before the due date? They are supposed to withdraw money only on the specified date mentioned in the contract, not before that. Now, it's your turn to say..
My advice is different than the previous thread, if you close y
My advice is different than the previous thread, if you close your account and are paying the pdl's by money order directly you are better off in my opinion. From everything I have learned by the pdl taking the ACH's from your account they are only taking the bare minimum and your principal does not get paid down, therefore you are better off closing the account and preventing your entire check from disappearing like so many of us have had done, but you have to deal with paying back the companies you owe otherwise things will not get better.
my story
I have to agree with both posts. They both are full of good information. Payday lending is prohibited in MD. And Once again here is my advice file a complaint with you Attorney General. In states were payday lending is prohibited they can and will do something. These companies are also known to do the old paper check routine if you block there ACH . I have had them do it to me before. Contact your AG and they will help. Good Luck Keep us posted. KYSIDE38
I would strongly suggest closing your account first. They will d
I would strongly suggest closing your account first. They will debit your account at different times of the month trying to get what they can from your account. Second, I would write all of them a letter revoking authorization to debit your account and spelling out the amount of interest that you have paid them. You might have already paid the principal back!