What happens next?
Date: Thu, 05/26/2011 - 17:22
Hello. I posted as bapoinde earlier, about payday loans in MI. I have been working with a credit counselor, who advised me to contact my bank about blocking ACH transactions. My bank representative told me to call the lenders and request (over the phone and in writing) that they stop debiting my account. When I did this, two lenders set up payment plans with me. All but one agreed to stop the debits, after a little persistence on my part.
Since they are online lenders, the bank can not block the ACH's. Closing my account and opening another is my only option. However, my check is deposited on Friday, and it was too late to change that. So, I canceled my savings-to-checking overdraft coverage, and I will stay up tonight and transfer the funds as soon as they are deposited. I'll have a few bank fees, probably, but nothing too bad. I will go in on my lunch break and close the account. My payment to the credit counselor will go through on Wednesday (the soonest I could schedule it), and the lenders will get my debt management plan shortly after.
So, my question is, what happens next? Will they start calling my references? When do they start calling? Is there anything I should do before they get my plan?
Since they are online lenders, the bank can not block the ACH's. Closing my account and opening another is my only option. However, my check is deposited on Friday, and it was too late to change that. So, I canceled my savings-to-checking overdraft coverage, and I will stay up tonight and transfer the funds as soon as they are deposited. I'll have a few bank fees, probably, but nothing too bad. I will go in on my lunch break and close the account. My payment to the credit counselor will go through on Wednesday (the soonest I could schedule it), and the lenders will get my debt management plan shortly after.
So, my question is, what happens next? Will they start calling my references? When do they start calling? Is there anything I should do before they get my plan?
I was told when I started to close the accounts and get new ones
I was told when I started to close the accounts and get new ones. I was told they will call and some of them call me everyday. If you sent the revocation letters then they may not call your references they key word is may not if they are illegal they will do whatever it takes to get to you and annoy the crap outta you. I was told to stay strong and not allow them to make me give in. If anything pay the principal and that alone unless they are legal. Have all your ducks in a row because they will gun for you and if they are illegal make sure you file your complaints!
