What my bank said...sleepless nights
Date: Tue, 08/29/2006 - 16:37
I have got caught in the Payday Loan cycle. I have 3 loans still pending after having paid a ton of money. I accept full responsibilty for this. But I feel that I have paid a lot of money to these companies already. I called my bank today, because the three of these companies are now debiting my checking account daily. I have spoke to only one of them, the other two are on automated dailers and have not returned my messages. The bank suggested that I close my account after I pay the banks debit charges and open a new account. That way they won't be able to make anymore charges against my debit. He told me I could then open a new account that they wouldn't have access to. This like fraud to me and I don't want to get into anymore trouble. I've been stressing out about this and losing sleep. Could someone let me know what I should do?
You definately should open a new account--just to start the clea
You definately should open a new account--just to start the cleanup process, speaking as one who has been there.
This is our only chance to negotiate fair payment arrangements with them and get out of debt!
Good luck to you and let us know how things are going!
I would definitely close the account, and only open another acco
I would definitely close the account, and only open another account at the same bank as long as the bank can reassure you that future drafts will not be able to debit from your new acct. I have heard of it happening, with the old acct being linked to the new acct.
It will stop the daily debits, put you in a position where you can set up payment arrangements with the pdl companies more in your favor. Good luck.