A Payday Loan Nightmare
Date: Fri, 12/22/2006 - 12:00
stressed out.
Well here comes time to move out my apartment and a down payment was needed for my new home and with the payday loans out I could not come close to getting the money together they cousumed my whole pay check, and the banks would not give me a loan not even with a co-signer.
So I closed my checking account and preceeded to get the addresses to mail payments in full one at a time. But, my bank re-opened my account for them to charge me anyway because they say thats what they do when charges comes in(boy was I pissed) .
I currently owe the bank $1060.00 and it's still currently going up. Some of the loan companies says they cannot stop the transaction of debting my account and will not give the information to mail my payment. I don't know what to do at this time I'm falling into a nasty debt hole.
But my kids and I needed a place to live. So I had to close my account I tried all other ways, I have full intentions on paying them in full but they choose to charge a account with no money.
I Need Help!! :cry:
Thank-you
Keshia Gibson
Hi Keshia I am sorry, your bank sounds to be of no help Y
Hi Keshia
I am sorry, your bank sounds to be of no help
You have to take care of this problem now otherwise it will keep getting worse. If possible, ask for help from anyone in your family or friends.
Who are the loan companies? Do you have a written contract? And are they following the laws in your state with a valid license? You need to build up some strong points for your defense. Would you mind discussing about your loans and the payments done so far?
Most of these ipdls are not licensed to lend in any state. If th
Most of these ipdls are not licensed to lend in any state. If these are storefronts, they are licensed.
What state are you in? Each state's laws varies with rules for ipdls, but one thing they have in common is that they must be licensed and there are a few states where pdls are prohibited. So it is important to know what state you are in.
Also, which companies are you dealing with? It is possible that you have already paid these loans back in full with repeated, illegal "roll overs", repeated "refinancing", most states do not allow this.
If you have already paid back the principal and LEGAL interest for your state then demand they mark you paid in full. It is also important that if these are internet payday loans you file complaints against each one with your state's attorney general's office.
Keshia, I've been in the payday trap, so I know exactly what
Keshia,
I've been in the payday trap, so I know exactly what you're going through. It's a nightmare. My bank was the same way. If someone tried to debit something, it opened the account back up again. I put stop payments on three of them, but I still had to watch my account closely because they went under different names or changed the amount they were taking out. Finally, after a month, the bank put a freeze on my account.
Are these internet pay day loans or storefront? You can go here to check the laws for your state:
www.paydayloaninfo.org/states.cfm
To check to see if the companies are licensed or not, go to Pollyandsay's blog and find your state.
