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Payday loan Settlement Question

Date: Sat, 03/27/2010 - 05:15

Submitted by anonymous
on Sat, 03/27/2010 - 05:15

Posts: 202330 Credits: [Donate]

Total Replies: 5


I have 5 payday loans and a company called your payday loan help says they can settle with these companies, is that true or should I just handle it myself. I am afraid they will sue me or call my work or firends etc. and I really don't know what to do. Any advice? by the way I live in NY state


Payday lending is considered illegal or prohibited in New York, so you don't owe them anything extra other than the principal amounts of the loans. You may handle the repayments on your own if you know how to do it.

You can check how to do deal with them on your own:
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html


lrhall41

Submitted by Chris Samuels on Sat, 03/27/2010 - 05:34

( Posts: 174 | Credits: )


Quote:

Originally Posted by Anonymous
I have tried closing my account and HSBC won't do anything because I am in the negative and I don't have the money to clear it right now. I asked for deposit only and they said they cannot do that - now what ?

Did you speak directly to the branch manager? You really need to emphasize how very important it is to have your account frozen for the sake of your financial future. You could tell the branch manager that you want to put ACH blocks on all future debits, THEY MUST honor that request because it's a federal law, see below:
Quote:
Regarding the EFTA and Universal Debit Agreements..

?? 907. Preauthorized transfers

(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.

Regulation E
Section 205.10 Preauthorized transfers
Requires financial institutions to provide the consumer with some form of notice that electronic transfers that recur at substantially regular intervals, such as the direct deposit of salaries or benefits and the preauthorized payment of bills, occurred as scheduled.


lrhall41

Submitted by Shazzers on Mon, 03/29/2010 - 10:28

( Posts: 17344 | Credits: )