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Payday Loan HELL!!!

Date: Tue, 02/01/2011 - 23:49

Submitted by anonymous
on Tue, 02/01/2011 - 23:49

Posts: 202330 Credits: [Donate]

Total Replies: 5


I need answers from someone as soon as possible. My dilemma is that I took out 2 payday loans last year in August. Payments were coming out of my bank account every week for one of them, and bi-weekly for the other. After 2 months of that happening I was expecting that it would cease. But, much to my surprise it continued, so I called them and asked. The gentlemen said "maam, didn't you read your contract?" The payment that was coming out wasn't being applied to what I borrowed but a "FEE". He said that I had to pay it back in one lumpsum amount. I was so upset.

For the second one, I was told the same, but they offered that I pay an additional amount to the fee that would pay the loan down.

My question is can they do that? It's been since August and they are still continuing to deduct from my account. Please help me. I have no where else to turn to.


Normally,a lot of payday loan lenders do these kinds of these things to make money. It is a very common thing. You can put a hard debit check on your account. You can also close your account, but this is not always wise to do it. Alternatively, work out a payment plan with the companies


lrhall41

Submitted by on Wed, 02/02/2011 - 02:49

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I;ve paid over $700 on the one that comes out weekly. They are both online and I live in California.The original loan amount was only $200.00. The lender is pdyservices.com. I've sent them a letter in the past about my ?contract? with them. They said that the fee that they charge is an intkerest rate. If I want to end it all I need to pay them $255. Damn bank robbers. They also stated that they dont do any setup of payoffs, payment arrangements, partial payments, etc...


lrhall41

Submitted by on Wed, 02/02/2011 - 12:39

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Close your checking account now. Do whatever you can to get this done. Let any outstanding debts clear and let thier payments bounce. They will contact you for payments when it is all of the sudden on your terms. What are the names of the loan companies. If they are illegal in your state, you dont owe them more than the principal and if you over paid, are due a refund! Stick to whatever you hear on here.


lrhall41

Submitted by rvl_73 on Wed, 02/02/2011 - 12:43

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