payday loan help

You will find the Payday loan laws for Massachusetts here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
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read in your other post that you are from ma.

these loans are illegal in your state. Please tell us how much the loans were for and how much in total you have paid to each lender. You are onlu morally responsible to pay back the principle amount borrowed

Iam paying $75-$105 for each loan biweekly. If these loans are illegal in my state - why do they give them out??

please let us know how much you borrowed from each lender and the TOTAL repaid to each.
The companies that lend these monies are not licensed in your state. They loan illegally . If you give us the requested info we can help you

Here are the amounts and what I have paid, what a mess trying to figure this out!
1) paycech today $400 paid $380
2) cashadvance network $300 paid $360
3)500 fash cash $400 paid $290
4) AM cash funding $300 paid $150
5) Your cash daddy $300 paid $270
6) andmark express $300 paid $90
7) total lending $300 paid $105
8) arrouhead investment paid $75
9) ESIDELEND $300 pad $90
10) Impactcash $300 paid $90

I made an error with loan #8 its arrowhead investments for $250 paid $75

As I mentioned , these loans are illegal in your state. All you are morally obligated to pay back is the principle borrowed. Example:Paycheck today you borrowed 400 paid 380 onkt owe 20.00.
first thing you need to do is to close your checking account so that these people can not take any more money from you. After your account is closed I can send you a letter you can use to inform these people that these loans are illegal and you are only going to pay what was borrowed. they will fight you, but the law is on your side

I am going to change checking accounts before end of business day today, and actually closing account on Monday.
Thank you.

close as soon as you can. Be sure that your bank will nit open your closed account if ach debits come thru.

Are you kidding me one more thing to worry about!! How do assure that my closed account will not reopen?

be sure to ask your branch manager when you close your account. These things will haunt us until the day we die

SOMETIMES ASKING FOR A HARD BLOCK OR DEPOSIYS ONLY WILL WORK.DEPENDS ON YOUR BANK.MOST WILL WORK WITH YOU ON THAT.KEEP US POSTED. :D 8)

If you open a new checking account go to another bank...I have heard of horror stories of people getting money taken out of their new accounts if they remain at the same bank..also read the thread about closing you account before you actually do it so you are well informed on what is going to take place. Good luck to you there are alot of knowledgable people on here that will help you.

In otherwords if I closed my account close to the time the ach deposits are scheduled to go through, I might miss that deadline because it is an automatic withdrawal?

WHEN ARE THEY SCHEDULED TO DRAW AGAIN?

That also, but it is imperative that your account gets closed and stays closed. Open a new account at an unrelated bank. Be sure when you closed your account that it will not be "forced open" due to ach debits. You need to protect yourself

I will be sure to ask if my account could be reopened.
The next scheduled ach withdrawals are expected on Feb 22nd.

you are closing on monday correct?

correct on Monday.

the 22nd,sounds like more than enough time.it seems like you got that base covered.keep us posted though. 8)

Be sure to read this. It might help you understand a little better. If your account has pending pdl debits, your account could be "forced open", the debits will go through, and you'll have an overdraft amount out of this world. You need to go to the bank you opened your account at, speak only with the branch manager (no tellers), close the account, be assured (get it in writing if possible) that the account will NOT be forced back open. Go to a different bank and open a new account.

Before you close your bank account due to payday loans eating away at your paycheck, please read this.

Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.

If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.

It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.

Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!


Last edited by goudah2424 on Tue Jul 17, 2007 8:25 am

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