closing current checking account

Hello and welcome! :)
First of all, please list the following information so we can help you.
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.
I'm sorry to tell you this, but there is only one sure way to stop the withdrawals, and that is to close your account. If that isn't an option, then tell the bank to put a hard debit block on your account. Before you close your account, read this information at the link below. http://www.debtconsolidationcare.com/paydayloan/close-account.html

Please do not let any of these pdl's know you are going to close your account, until AFTER you have done it!

I am moving this topic to the payday loan section so it will receive more attention.

I'm posting the Payday loan laws for Texas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thanks for your help. As you can see, I'm new to this forum, so I'm sorry if I'm responding in the wrong place.

I have the following loans:

PayDay One - Loan amt: $650.00 and paid $510.81; I then refinanced and took out a loan in the amt of $800.00 and I have paid $265.25 on it.

B.I.G. - $300.00. I have paid $225.00 to date.

Cash Transfer - I have taken 4 loans. One for $800.00 and paid back $1016.00 in March; $650.00 in April and paid back $825.50; $800.00 in May and paid back $1016.00; and $800.00 in May and paid back $1016. i know it sounds sill, but I pay the loan and re-loan once it's paid to make ends meet!

These were done on the Internet.

Hello again, actually no, it doesn't sound silly at all, it is a vicious cycle that these pdl companies want us to get into. I understand exactly what you are going through, I have been there and it is not a nice place to be. I'm going to place these in order here so I can look them over and try to figure out a plan of action for you. :)

Quote:

Here is some helpful information about closing your account. You REALLY need to protect your bank account asap so you can plan a course of action to pay these pdl's back. I am going to check and see if you are dealing with any unlicensed pdl's, meanwhile please read below about closing your account:

B.I.G is not licensed/illegal
Payday One is legal. That one you will have to work out payment arrangements with and pay off.
Cash Transfer is not licensed/illegal.

On the illegal/unlicensed pdl's you are only obligated to pay back the principal amount, and nothing more. From my calculations they actually owe YOU money. I would not give them another dime. You do need to get your account closed asap though, as they will continue to debit your account if you don't. You also need to file complaints against the illegal ones to your Attorney General and the Federal Trade Commission. Please follow through with the complaints, you can do this online. Once you have made arrangements with Paydayone, pay them with money orders only, do not give them your new account information.

Ok,I forgot to mention another loan I have with ameriloan - I had scheduled to have it paid off yesterday and of course, they only withdrew the fees. I think based on my calculations (according to Texas rules you gave me) they owe me $$:

03/07/08 -- Loan $500.00. I have made the following payments: $150.00 3/31); $200.00 (4/15); $135.00 (4/30); $135.00 (5/15); and $185.00 (5/30). I was wanting to pay them off to get rid of it, but now I'm having second thoughts and i think that i have overpaid them.

Please, please advise me as to how I should handle Ameriloan.

I am planning on calling my bank and closing my account -- the good thing is that I have until 6/12 to switch all of my accounts (mortgage, car note, etc). with the new banking information.

I will just have to deal with B.I.G. and Ameriloan; Cash Transfer i paid off. Do you know if PayDay One will work out a pymnt plan if you have not been in default with them?

Also, do they (Ameriloan & B.I.G.) contact your employer and contacts even if you speak with them each time they call? I can see them bugging the entire world if you ignore their calls.

Another favor, as soon as I close my account, can I immediately send them a letter (right on 6/13 when they are scheduled to withdraw)? if so, do you have a good sample that I can go by.

You have no idea how appreciative I am to have found this website, I was starting to have panic attacks, but i think I see a light at the end of the tunnel, especially since i only have 2 PDL to deal with.

Please keep in touch.

Hello again, you are quite welcome. OK, I researched and found that ameriloan is illegal/not licensed to lend anywhere, which means, they OWE you.

Read about Ameriloan HERE and HERE which will give you some ideas of how others handled them.
File a complaint HERE and HERE.

As far as Payday One, I have dealt with them before, they are fairly easy to deal with as far as making payment arrangements. You will need to ask them for a physical address to send payments to, and please, only send them money orders, don't send them any of your personal checks as that will again give them access to your bank account information, and we definitely don't want that! :shock:

I am afraid they will most likely contact your employer, your best defense against that is NOT to argue with them, in fact, if it is at all possible, get someone to tell them you are no longer employed there. I was lucky, I answer all the incoming calls at my place of employment so I told them I was no longer employed there, which stopped the calls. You probably should send them ALL a cease and desist letter, email, fax, USPS (certified return receipt), in that letter include that you are revoking all their rights to wage assignments and ACH transactions on any and all of your accounts. :)
Oh and, make sure you give a copy of each of these letters for each company, to your payroll person. I found it quite embarrassing so I told my employer that I may have been a victim of identity theft and was advised to protect myself with these letters, just in case. I can give you a copy of a letter if needed. :)

I thought I had everything in order, but now I'm a bit confused.

I have opened a new bank account with another insitution and have closed my old checking acct. My PDL will be in default when they hit my bank on 6/13. I have drafted up the cease and desist ltrs and plan on mailing them on 6/12 (via CM/RRR). These two PDL are illegal in Texas (ameriloan & B.I.G.) and the other I have PayDay One is legal, so I'm praying that they will settle with me and come up with some type of arrangement. But, I noticed a section in the form about ACH processors? Have I skipped a step in all of this??? Please help before I jump to it!

Shazzers,

What documents do you attach when sending complaints to Attorney General's office?

I live in the state of illinois and have 7 current pay day loans and I am basically working to pay their fees.

1. Pay day loans yes - borrowed $700 have paid $480
2. Triple Services - borrowed $250 have paid $75
3. Integrity - borrowed $400 have paid $120
4. Shamrock - borrowed $300 have paid nothing
5. Plain Gree - borrowed $800 have paid $250
6.Gov.Emp.Credit - borrowed $500 have paid $ 662.50

I would appreciate any help so I can know what to do