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Someone please help! i don't know what to do

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hello everybody, Just when i thought that i was getting a handle on this payday loan thing, something else happens. I originally had three. Amscot, who are working with me, very nice people. Then there is cashnetusa and BIG. last week i sent them both cease and desist letters. I have paid BIG approx. 700.oo on an initial loan of 200.00, they want be getting anymore. I tried to work something out with cashnet sending them a payment plan in my letters. Anyway i put a stop payment on cashnet. today i look at my account and it is 700.00 overdrawn. cashnet broke the payment up into two payments. I do not know how long i can take this. All i could do was break down and cry, i am so overwhelmed. I was wondering if i call bank of america and dispute the payment tommorow will they immediately reverse the charge. I get paid tuesday and i am scared that my entire check will be gone, last week i did not have a dime of my check because of all the fee's and charges and i have to pay my rent this week. Someone please help! thankyou




They most likely won't return your money right away, but what you will actually need to do is go into the bank, speak directly with the Branch Manager, and fill out a formal dispute on the amounts taken from your account. Explain to them that BIG is an illegal company and has stolen money from you. Then if I were you, I would have a hard debit block on my account, you will need to have the Branch Manager do this also, other employee's usually aren't authorized to take this action. I am sorry to tell you this but blocking payments will NOT work with these illegal companies, if you really want your money to be safe you will need to close that account and open a new one at a different bank, these lenders have a habit of changing their names in order to get at peoples money, and it could happen again a year from now, as long as you are carrying the same account. Good luck!!

Sub: #1 posted on Sun, 08/24/2008 - 17:36

Shazzers Shazzers
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(Posts: 17342 | Credits: 1581.98)

I am sorry that this has happened to you. This is a perfect example of why stop payments or blocks do not work!

I, too, bank at BOA and they were able to help me. I would dispute the debits from Cashnet. Since the account is overdrawn, the bank should return the items and not pay them. I wouldn't pay the O/D fees either. Explain to the bank that you had put a stop payment on Cashnet b/c you had set up other payment arrangements, but they broke up the debit amounts to get around the stop payment. I would think, IMO, that you should be able to get those debits reversed.

Ask the bank to put your account on deposit only. This will prevent ANY charges, checks, debits or ACH from coming out of your account, BUT will allow your paycheck to be direct deposited and post. On your payday, go to the bank and tell them that you want to make a withdrawal and they will lift the block so that you can take out money and then tell them to put the block back on. Note - if on payday, you look at your online banking or call for a bank balance, it will say -0- or whatever the balance was. Don't worry, your check is there.

When you are at the bank tomorrow, open another account and have your direct deposit pointed to the new account. (It may take a few weeks for the direct deposit to change accounts, but in the meantime, your paycheck can still go into the old account until your payroll makes the change.) You can also ask your payroll to give you a paper check until the direct deposit goes to the new account.

Once your direct deposit starts going into the new account, close the other one. Of course, the bank will only close any account when it is at a zero or positive balance.

Hope this helps!

Sub: #2 posted on Sun, 08/24/2008 - 17:54

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.52)

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