PDL Question in Texas
Date: Tue, 07/01/2008 - 06:30
I'm of course in PDL hell and have been trying to escape for a couple of years... my sister in law went through something similar a few years ago and she told me that she just stopped paying the PDLs and they offered her pay-off settlements in the end. I'm going to try for something like that because I do want to pay them off, but they want too much $$$ in too little time.
I had just 1 payday loan, until my husband was out of work for a couple of months and then I had to get the other two...I kick myself for getting PDLs. :evil:
I have 3 PDLs- all store front. All I have paid on all 3 is the interest every month.
ChecknGo-loan amount $1000, interest is approx.$200
ACE Cash Express-loan amount $1000, interest is approx. $200
EZ Money-loan amount $1000, interest is approx $400
The issue I have is this- ChecknGo requires that when I go every month to pay the interest that I leave them with 4 checks filled out with the total amount of the loan plus interest. If I do not pay at least the interest, they will try to cash the checks. The checks they have are from a closed checking account-when I changed checking account numbers a couple of months ago, I didn't bother giving them the new account number.
My (very stupid) question is this-if they try to cash these checks, are they going to be considered hot checks?
As for my current checking account, I'm going to withdraw my money today and close the account tomorrow. Bank of America is very screwy with their overdraft fees and I want out of even having a checking account anymore.
I'm really scared about how to go about all of this. Thanks in advance!
Yes, you could be arrested for fraud for not giving them your ne
Yes, you could be arrested for fraud for not giving them your new bank account info.
The second you continued to write checks on a closed account you commited a crime. If you had written the checks before you closed the account, you'd be fine. But after, well, that shows intent to defraud.
I'd suggest you do the following - Next time it's time to pay th
I'd suggest you do the following - Next time it's time to pay the interest, give them your new checking account info. On an open account. Then you can go ahead and default and set up payments.
That's what I thought...I'll pay the interest tomorrow with the
That's what I thought...I'll pay the interest tomorrow with the current checking account info.
My brother in law advised me not to close the checking account because that would look like I'm delibrately not wanting to pay, whereas if I let the bank go into overdraft I can show that I was having financial difficulty. I'm still going to take out the majority of my money though.
On the EZ Money, I paid $400 a couple of weeks ago from my stimulus check...that can be used as this month's interest instead of going toward the principal so that next month I can let it go.
I feel like a complete idiot and don't know how to proceed.
But thanks for your help.
Don't beat yourself up. I'm sure you didn't do it intentionally
Don't beat yourself up. I'm sure you didn't do it intentionally.
But since you are dealing with legal establishments, you will need to keep up communication with them.
Also, you can close the account. But just make sure you aren't renewing any loans once the account is closed.
Also, some of these places may be CFSA members. This will allow you to break the loan into 4 equal payments and pay it off without any more interest. It's called an Extended Payment Plan.