Question about closing bank account to prevent PDL's
Date: Wed, 03/09/2011 - 16:53
]Hello, I have been browsing through your forums and come across a lot of very helpful advice. There was one particular detail that I could not find an answer to. To start, I will describe my situation. I currently am being debited by three PDL's for a combined $360 a month; I have overpaid all three by outrageously higher amounts than what I initially borrowed, and yet all three claim it was "interest" and that I have not paid any of the principle that I owe.
The most frequest suggestion I see on your forums is to close my bank account that they are debiting and open a new one. I am fortunate in that I have two bank accounts, and all the PDL's have only been hitting one. I would love to close the one they are hitting, but I owe $875 in a cash reserve loan to that particular bank.
Ultimately, I have $900 "overdraft protection". I lost my job, and allowed my bills to rack up on this overdraft protection amount. My bank considers this to be a loan, and they automatically take out $37 a month, and apply $25 back into the reserve amount, counting $12 as interest. That is to say, if my loan is at a limit of $900 (maxxed out), they would charge me $37 one month and apply $25 to the reserve, now making my available reserve $875, with $25 paid.
I currently owe them $875 on this cash reserve, which is listed as a loan. Will I still be able to close my bank account and make the $37 / month payments from my other bank account? (Obviously to close out the loan, not keep the reserve alive as the account will be closed) If so, would this method work to keep the PDL's from debiting me any further?
I have no problem paying back loan amounts that I owe, but my loan amounts were as follows:
STAR CASH PROCESSING- $250 borrwed, $900 paid, they claim I still owe $225 and continue to debit
DJR Group LLC- $150 borrowed, $1200 paid, they claim I still owe $150
One Click Cash- $200 borrwed, $420 paid, claim I still owe $200
I've sent cease and desist letters and gotten ZERO response. Closing out bank accounts makes sense to me. Is my idea legally feasible?
Thanks for helpful responses!
The most frequest suggestion I see on your forums is to close my bank account that they are debiting and open a new one. I am fortunate in that I have two bank accounts, and all the PDL's have only been hitting one. I would love to close the one they are hitting, but I owe $875 in a cash reserve loan to that particular bank.
Ultimately, I have $900 "overdraft protection". I lost my job, and allowed my bills to rack up on this overdraft protection amount. My bank considers this to be a loan, and they automatically take out $37 a month, and apply $25 back into the reserve amount, counting $12 as interest. That is to say, if my loan is at a limit of $900 (maxxed out), they would charge me $37 one month and apply $25 to the reserve, now making my available reserve $875, with $25 paid.
I currently owe them $875 on this cash reserve, which is listed as a loan. Will I still be able to close my bank account and make the $37 / month payments from my other bank account? (Obviously to close out the loan, not keep the reserve alive as the account will be closed) If so, would this method work to keep the PDL's from debiting me any further?
I have no problem paying back loan amounts that I owe, but my loan amounts were as follows:
STAR CASH PROCESSING- $250 borrwed, $900 paid, they claim I still owe $225 and continue to debit
DJR Group LLC- $150 borrowed, $1200 paid, they claim I still owe $150
One Click Cash- $200 borrwed, $420 paid, claim I still owe $200
I've sent cease and desist letters and gotten ZERO response. Closing out bank accounts makes sense to me. Is my idea legally feasible?
Thanks for helpful responses!
I live in New York state; also, if I were to attempt to switch b
I live in New York state; also, if I were to attempt to switch bank accounts, would that affect my credit?
Definitely close your bank account, none of these loans are enfo
Definitely close your bank account, none of these loans are enforceable in a court of law. If they would happen to report on your credit report, dispute it, but I doubt they will.