First of all, thank you for all the information provided in this forum!
I live in Washington state and last month, due to a medical emergency I have taken out 5 pay day loans over the internet (all of them are not licensed in WA state):
Plain Green – $1600, which I have paid $140
Great Plains – $1000, which I have paid $138
Mobiloans – $600, no payments made, yet
Blue Thread Lending - $400, no payments made, yet
RiverBendCash - $500, no payments made, yet
I am willing to pay the principle amount of all these loans, however, I’m trying to see if it’s possible to set reasonable terms for the repayment (monthly instead bi-weekly).
I’m planning to close my bank account next week, revoke the ACH authorizations and send letters to all these lenders.
I have a few questions and any help would be really appreciated.
1. Can my bank (Bank of America) deny my request to close the account?
2. What do I need to tell them to make sure the account will not be automatically re-open?
3. When should I close my account (my payments are going to be taken out on June 14th)?
4. What should I tell to my employer?
PS: I tried to register to the forum but I haven't got the activation email.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
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The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.