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Closing account on PDL

Date: Thu, 03/25/2010 - 08:35

Submitted by anonymous
on Thu, 03/25/2010 - 08:35

Posts: 202330 Credits: [Donate]

Total Replies: 13


I posted my situaton on here last week and can't find it, had a great guy named Paul give me some hope and guidance, so figured I better take it.I took a couple of days to do some research and face the fact this has to stop, the cycle will not stop on it's own I looked at a lot of scenarios but none would work. I went to the bank and talked to branch manager, there is some law about stopping an ACH but after discussing the upcoming disaster of fees upon fees we agreed to bring the account to a zero balance and close the account, no stop payment, no ACH revocation just closed.This needed to be done before the account was hit with NSF's that couldn't be paid and the result would have been turned over to check systems and could never get a checking account.She agreed to open another checking account and set-up new direct deposit. I called family and friends and explained if you get calls this is the reason, went to my employer and did the same.In the process of filing a complaint with AG's office, also talked to a friend who is setting up a system to capture all incoming calls and a way to locate IP address for incoming e-mail,in order to locate a physical address and have some ammo to fight back.Will keep you updated and thanks again Paul if you are out there!


Hey! Thank you, another question, if I took out the loan at $200.00 original and paid the fees and they approved a higher amount $680.00 and indicated I was getting a 30% discount and this has been going for almost two years, how do you know what amount is right as far as overpayment and do you include the fees the bank charged, not sure what amount to disclose on this complaint? Hope I asked that right!


lrhall41

Submitted by on Thu, 03/25/2010 - 13:01

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Quote:

Originally Posted by Anonymous
Hey! Thank you, another question, if I took out the loan at $200.00 original and paid the fees and they approved a higher amount $680.00 and indicated I was getting a 30% discount and this has been going for almost two years, how do you know what amount is right as far as overpayment and do you include the fees the bank charged, not sure what amount to disclose on this complaint? Hope I asked that right!


as far as overpayment goes on either loan if you paid more than the principle you overpaid.some people include NSF fees they incure.it's your option how you want to proceed,but i think you over paid on both.however since the 200.00 loan was paid(after how much in fees).then pursuing that refund might be tricky,but the 680.00 loan you should pursue.


lrhall41

Submitted by paulmergel on Thu, 03/25/2010 - 15:01

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Still kind of confused, sorry.It was a revolving door every two weeks money came out of checking and the money from them went in, they sent two ACH's one for the principal and one for fees, depending on how much was in the account at the time one transaction may come back or both @ $25.00 per or now $29.00 per NSF. I was always flip flopping money, of course it ran out. I took two part-time jobs but couldn't get enough at one time to pay everything, thus the trap. I called but you can't make payments, can't leave the account NSF with the bank, can't close or stop the ACH or you go to jail etc. that's how I ended here and found out it was illegal, if I searched earlier I would not had to pay well around $5,900.00 fees to PDL and close to $1,500.00 in NSF charges how much was I over charged if any? Thanks again! AG"s office can't grasp it, maybe because I was able to make it this far, if I knew it was illegal I would have been able to close account with the bank and send them payment, however they would take it, they said can't take checks has to be ACH.


lrhall41

Submitted by on Thu, 03/25/2010 - 19:51

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Quote:

Originally Posted by Anonymous
Still kind of confused, sorry.It was a revolving door every two weeks money came out of checking and the money from them went in, they sent two ACH's one for the principal and one for fees, depending on how much was in the account at the time one transaction may come back or both @ $25.00 per or now $29.00 per NSF. I was always flip flopping money, of course it ran out. I took two part-time jobs but couldn't get enough at one time to pay everything, thus the trap. I called but you can't make payments, can't leave the account NSF with the bank, can't close or stop the ACH or you go to jail etc. that's how I ended here and found out it was illegal, if I searched earlier I would not had to pay well around $5,900.00 fees to PDL and close to $1,500.00 in NSF charges how much was I over charged if any? Thanks again! AG"s office can't grasp it, maybe because I was able to make it this far, if I knew it was illegal I would have been able to close account with the bank and send them payment, however they would take it, they said can't take checks has to be ACH.


If you are dealing with illegal lenders they are going to tell you anything to get your account information, I wouldn't send them checks as a form of payment because you are only divulging your account information to them again, send money orders, like I said-if they are illegal lenders tell them it's money orders or nothing, their choice.


lrhall41

Submitted by Shazzers on Thu, 03/25/2010 - 20:05

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No, not going to give them any information at all, I was illustrating how I was stuck not getting out sooner, just trying to figure out how much damage to put on a complaint file, so if the highest amount that was ever rolled over was $680.00 and the fees were $112.00 for two weeks that totals $792.00, well it would have never escalated to $792.00 every two weeks if the two ACH transaction didn't continue to put checking account in the negative, can't close negative checking account, can't stop ACH, because it's illegal, so you reload to keep things from causing legal problems or so you think.I don't have a problem with paying a high price to keep a roof over our heads but I was not given the correct information or say a chance to stop the bleeding, "Hey Mr. PDL can't pay $792.00 next week can I pay you half now and half next week?" yes you can, cool we are done.not pay it all now or go to jail.Just a little angry at this point, sorry for the rant.


lrhall41

Submitted by on Fri, 03/26/2010 - 08:30

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Oh! about the ACH piece of it. My understanding is if you have "legal" debt owed and you authorize payment via ACH and you close your bank account to avoid paying it, then it is like knowingly writing a bad check, which is illegal. I think it's called "Uttering" that's why the banks kind of (without knowing) confirm what the PDL companies are telling us.Banks will not close your account if you have a negative balance or pending debit transactions or outstanding checks.So if you have checks that haven't cleared and have money to cover them and the "Bogus" ACH comes in before they do or other ACH like phone or cable, you have to pay those bills with a money order or other medthod revoke the ACH in writing follow to make sure that is done, pay the PDL loan balance try to revoke that ACH but most are "ghost" and will not give you the correct address or fax to do that, you have your account at zero balance to close the account they run the ACH another NSF fee, so now you can't close the account again, in the meantime you are trying to juggle these funds have a credit card payment of $15.00 on a $500.00 balance can't do a check by phone to beat the due date, too late to mail a money order so $29.00 in late fee which puts you over the limit so $29.00 for overlimit fee and all of it is our fault because we took out a small loan until payday didn't mind the APR because if you look at all the other fees it really didn't look that bad when you get charged $29.00 dollars because you were short $4.00 in checking and $60.00 on a $15.00 credit card payment that was 2 days late.I am not crying like a child just a cruel cycle and the whole time you think you are the criminal. I can't changed the fact I had to work 72 hours a week and no christmas gifts, I was thaught to be honest and do the right thing.It's the weekend Paul another break? Thanks again you guys are great!


lrhall41

Submitted by on Fri, 03/26/2010 - 12:48

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Quote:

Originally Posted by Anonymous
Oh! about the ACH piece of it. My understanding is if you have "legal" debt owed and you authorize payment via ACH and you close your bank account to avoid paying it, then it is like knowingly writing a bad check, which is illegal. I think it's called "Uttering" that's why the banks kind of (without knowing) confirm what the PDL companies are telling us.Banks will not close your account if you have a negative balance or pending debit transactions or outstanding checks.So if you have checks that haven't cleared and have money to cover them and the "Bogus" ACH comes in before they do or other ACH like phone or cable, you have to pay those bills with a money order or other medthod revoke the ACH in writing follow to make sure that is done, pay the PDL loan balance try to revoke that ACH but most are "ghost" and will not give you the correct address or fax to do that, you have your account at zero balance to close the account they run the ACH another NSF fee, so now you can't close the account again, in the meantime you are trying to juggle these funds have a credit card payment of $15.00 on a $500.00 balance can't do a check by phone to beat the due date, too late to mail a money order so $29.00 in late fee which puts you over the limit so $29.00 for overlimit fee and all of it is our fault because we took out a small loan until payday didn't mind the APR because if you look at all the other fees it really didn't look that bad when you get charged $29.00 dollars because you were short $4.00 in checking and $60.00 on a $15.00 credit card payment that was 2 days late.I am not crying like a child just a cruel cycle and the whole time you think you are the criminal. I can't changed the fact I had to work 72 hours a week and no christmas gifts, I was thaught to be honest and do the right thing.It's the weekend Paul another break? Thanks again you guys are great!


sorry but the EFT(electronic funds transfer act)is a federal law,and states an ACH debit can be revoked at anytime.yes duckman another break,and have a great weekend.:D


lrhall41

Submitted by paulmergel on Fri, 03/26/2010 - 14:24

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