Payday loans... Too Late!!
Date: Tue, 12/02/2008 - 08:21
A very brief summary: I live in Texas. I have 4 outstanding payday loans- CashAmerica (aka PayDay Advance), First Cash Advance, PayDay1, and ameriloan. I know I have paid Ameriloan much more than the original amount... but I would have to track down the exact figures. The first two listed are storefronts and the last two online. I know from past information gathered on Debt Consolidation Care that Ameriloan isnt legal... I dont think its legal period. Not just not legal in Texas.
Well I talked to my bank- Chase- about possibly freezing my account. As helpful as they have always been, the branch manager told me it wasnt possible... I havent gone over her head but at this point I dont know if it would help. I was already in overdraft at the end of the month- a result of the loans. To close the account that had to be cleared. My paycheck just went thru this morning- the transaction no longer shows pending. But Ameriloan shows pending now... In short I had planned closing the account yesterday or today. But I will not be able to now. I no longer have money in the account and have transferred all my billing as well to a separate account- all in preparation for closing but it looks like the paydays will stack up as far as Chase will let that go.
If they honored transactions for all the loans- having not paid on any this month- I would probably be in overdraft to the tune of- well probably somewhere between $500 & $1000.
This site really has been a godsend. At least it gave me a plan of action. The only good thing right now is that I have managed to protect most of my income- it is now in another account and direct deposit has been disconnected from my Chase account. But I will have to deal with the overdrafts etc... I dont think Chase will honor transactions when the overdrafts go beyond $400.
I was still hoping to be able to close the account- cant close with pending transactions- and as the 'hit' from Ameriloan is still pending chances are a couple of the other loans will hit before I can do anything. So Im too late.
Any advice you have would be helpful. Ive never been in this situation before. Thanks!!
Well I talked to my bank- Chase- about possibly freezing my account. As helpful as they have always been, the branch manager told me it wasnt possible... I havent gone over her head but at this point I dont know if it would help. I was already in overdraft at the end of the month- a result of the loans. To close the account that had to be cleared. My paycheck just went thru this morning- the transaction no longer shows pending. But Ameriloan shows pending now... In short I had planned closing the account yesterday or today. But I will not be able to now. I no longer have money in the account and have transferred all my billing as well to a separate account- all in preparation for closing but it looks like the paydays will stack up as far as Chase will let that go.
If they honored transactions for all the loans- having not paid on any this month- I would probably be in overdraft to the tune of- well probably somewhere between $500 & $1000.
This site really has been a godsend. At least it gave me a plan of action. The only good thing right now is that I have managed to protect most of my income- it is now in another account and direct deposit has been disconnected from my Chase account. But I will have to deal with the overdrafts etc... I dont think Chase will honor transactions when the overdrafts go beyond $400.
I was still hoping to be able to close the account- cant close with pending transactions- and as the 'hit' from Ameriloan is still pending chances are a couple of the other loans will hit before I can do anything. So Im too late.
Any advice you have would be helpful. Ive never been in this situation before. Thanks!!
My bank was able to freeze mine. First make sure you research yo
My bank was able to freeze mine. First make sure you research your state laws on closing/freezing accounts to make sure everything stays legal on your end. You can go over her head to get good advice and to get help, i had to do that with my bank and it was the only way i got anything done.
But first please make sure it's legal for you to do so.
