Need help in MO
Date: Mon, 08/15/2011 - 13:59
I currently have 6 payday loans as well as 1 loan from Check n GO that is considered an installment loan and is eating me alive. I have set up EPP's with 4 of the payday loans to begin this Friday, Aug 19. But, I don't have the money to pay them. Should I stop payment on the ACH's that are set up (it would be cheaper than paying the loan payments)? Then I can deal with them later. I am seriously considering bankruptcy. I am just at my wit's end.
Some people have advised me to close my bank account and just quit paying them. But, at one time I had talked to my bank and they said that since I had a previous relationship with these companies...I couldn't stop the ACH transactions and they would still draft my account. Anybody with any ideas about what to do? Thanks!
As far as I know, you can put a stop payment on the ACH. This wi
As far as I know, you can put a stop payment on the ACH. This will help you in stopping those payday lenders from debiting any further money from your account. Then, as you've decided to file bankruptcy, you should contact a bankruptcy lawyer for the same. You will be able to get your payday loans and installment loans discharged through your bankruptcy filing.
Have you talked to a branch manager? You sure can revoke ACH au
Have you talked to a branch manager? You sure can revoke ACH authorization and then close your account.
Yes, I did talk to someone at the bank in either late 2010 or ea
Yes, I did talk to someone at the bank in either late 2010 or early 2011. At that time, I could already see myself in trouble. They told me that since I already had previous relationships with these companies, I couldn't stop the ACH's from going through. Whether that is true or not, I don't know. Maybe, I need to talk to someone else.
Ball is rolling
Well, let's see...I have retained a bankruptcy firm. So, that ball is rolling. I opened a new bank account. I was then dreading going to my bank because of my last experience. But, this time I went in and told them the situation...they closed my account and said they'd put nothing else through and cancelled my debit card. I have on loan that they put through a check and then if it doesn't go through, they try to debit your account. So, that should put a stop to all of that.
Now, I wondering if anyone has any sort of letter template that I could use to notify these payday loan places that I am no longer allowing them access to my bank account and have closed it. Plus, letting them know that I am filing bankruptcy. Any help?
You no longer have to contact these companies. Your lawyer is to
You no longer have to contact these companies. Your lawyer is to contact them. If you would like you can call the companies and let them know what you are doing and any further contact with you should be done through the lawyers office and give them the info. Otherwise contact your lawyer and them him/her know that you are worried about these places and he/she will draft a letter to them on your behalf. If one of these companies do end up calling you, don't say anything but to contact my lawyer and give them the info and hang up. They will try and try to get you to set up payments, but dont give in to their threats or promises. Because in the end the BK will wipe them out anyway. So give the money to the lawyer instead of the PLS. Good luck!!!
