Bank forcing to pay an overdraft loan account

I am in the same situation. I have put stop payments on these payday loans and the same thing is happening with me at my bank. I have already opened up another account at another bank, however, my original bank will not let me close my account until I am no longer overdrawn. Help..........

Hi Scooter and help03

Explain this situation to your consultant working in the program. He will talk to your lenders and lay out the suitable payment mode. Once the lender receives money from your consolidation company, they should not attempt to debit money from your account. Otherwise, the consolidation agreement won't be effective.

Since the payday loan company has already attempted to debit money from your account, you need to talk to your bank. There are chances that the bank will waive off the additional fees. If you see that the bank is not offering you any help, you need to pay off the amount at the earliest. This might be the only way of handling it.

Went to the bank this morning with a letter stating these companies had no authorization to debit my account. Their response was I had to pay cash (since account was overdrawn) to put stop payments on the debits (approximately $120). Otherwise, they would continue to force pay or return debits "at their discretion." I asked if they would pay a $700 debit and neg my account even further. Again, I was told "at their discretion." The only thing I can do is to make payments to my overdraft loan which will in turn go back to the bank account toward the negative. One by one will put stop payments on the debits. Unfortunately I'm not dealing with a major national bank, just a podunk backward county bank and, as I've learned, can be very nasty. My thought is if they are getting money from my bank account, why work with the consolidation company to settle? That's what I'm worried about.

Unfortunately I'm not dealing with a major national bank, just a podunk backward county bank and, as I've learned, can be very nasty.

Scooter

I am sorry to hear about your problem. The bank is asking you to pay towards the overdraft loan account. They are not insisting you to pay the fees. So, if you take care of the loan account, I hope you will save a lot of additional fees that might be added in the future. It seems that you might have to spend some in order to save a lot.

I just signed up with Town & Country today. I am closing my bank account before Friday so these payday loans don't hit. Hopefully, they will be able to work with the lenders so I won't have this problem. I already have another bank account. I can't afford to do all of those stop payments right now.

msmishele30

Usually, the bank will let you close your checking account after you have cleared all their dues if there are any. So, have you revised your account with your bank?