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I live in Texas and need to know what to do about stopping the ach payments on my bank account. I have two payday loans out. One with PayDay One and one with Cashnet USA. They are both CSOs. I talked to PDL Eliminators and they said to put a revoke transaction ont the company and my bank said that we can not put that on the companies. The bank siad that we had to put a stop payment on the amounts and that we caould only do that if the amonuts we reoccuring, not if the amounts were different each time. PayDay One is different each time and CashNet USA is the same every time. Help me what do I do to stop this? What are the laws or where can I find them?




Anaka,

1) Who do you bank with?

2) Both of these companies operate as CSO's in Texas so the payday laws don't apply to them.

This is what I did with Cashnet USA. I put a stop payment on their normal amount and they came back the next day with two different amounts (all were returned). After that I was able to block them from my bank account as unauthorized. Your bank should be able to block a company as unauthorized to debit your account. But beware, they are legal and will collect. You need to work out a payment plan with them. They tried to tell me today that I had to have a bank account, but I refused telling them that my account was frozen and I wasn't getting another one. Hold your ground, they will accept payments via moneygram or western union.

You also need to send an ACH revocation letter and take a copy to your bank. My bank told me they have to honor an ACH revocation and that gives you grounds for blocking a company from debiting your account. I have Capital One and they have been awesome, so I haven't had to "close" my account.

Sub: #1 posted on Mon, 09/08/2008 - 19:57

julie_1972 julie_1972

(Posts: 42 | Credits: )

I bank with First Bank. The revoke letter is that something that I write myself or is there a form I need to get from my bank. If they are CSOs will PDL Eliminators help me? Do you know anything about PayDay One? Sorry for so many questions, it is just that they are draining me and I have small children to worry about.

Sub: #2 posted on Mon, 09/08/2008 - 20:09

anaka_ledbetter anaka_ledbetter

(Posts: 3 | Credits: )

Payday One is a legally operating company, I have dealt with them before, they were fair with me.

Sub: #3 posted on Mon, 09/08/2008 - 20:56

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

Anaka,

I am not sure about First Bank. The ACH Revocation letter is on this forum somewhere, I will see if I can find a link for you. Send it to them via email and certified mail and keep a copy for your bank.

As far as PDL Eliminators, I am not sure if they work with CSO's.

If First Bank won't work with you then close your account if you can, let the loans go into collection then work out a payment plan. CashNetUSA let me split it up into three payments and pay by moneygram.

Sub: #4 posted on Tue, 09/09/2008 - 06:55

julie_1972 julie_1972

(Posts: 42 | Credits: )

Ok how about PayDay One, do I do the samething with them?

Sub: #5 posted on Tue, 09/09/2008 - 07:07

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Do I need to do the same with PayDay One?

Sub: #6 posted on Tue, 09/09/2008 - 07:25

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I haven't worked with Payday One, but I would assume they will work with you the same.

Shazzers can maybe offer advice on that one.

Sub: #7 posted on Tue, 09/09/2008 - 10:11

julie_1972 julie_1972

(Posts: 42 | Credits: )

I wrote the letter today and I will keep you all postes on what happens. Thanks for every thing.

Sub: #8 posted on Tue, 09/09/2008 - 12:03

anaka_ledbetter anaka_ledbetter

(Posts: 3 | Credits: )

my son has incurred about 5,000 in debt, he working 2 jobs but not enough $$ to pay all the bills he has, my suggestion would be debt consolidation, especially since one credit card has an outrageous interest rate.

thanks for your advice.

Sub: #9 posted on Tue, 09/09/2008 - 13:07

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consequences of nsf at citicorp bank

Sub: #10 posted on Wed, 09/10/2008 - 08:44

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