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stiles_laura



Joined: 27 Oct 2008
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Posts: 1



122 Magic Points

Subject: pdl loans
 
Posted on Mon Oct 27, 2008 3:34 am  

I have 8 pdl loans that I need to stop from being taken out of my checking account. After they deduct the interest only payments, I do not have enough to pay my other bills. Just the interest payments are more than what I owe total. I want to pay them, but I need to close my account and pay them by money orders only. What is the best way to do this. I am in TN and they are all legal
carol

carol

Joined: 27 Jun 2006
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Location: Los Angeles, California


30039 Magic Points

 
Posted on Mon Oct 27, 2008 5:59 am  

Hi stiles_laura
I think that there is a judgment against you to garnish your bank account and so the creditors can take money directly out of your account. I think that you should immediately contact your creditor and negotiate with them for a lumpsum payment to pay off your existing debt. For paying off your payday loans, you can go for debt consolidation loans which will consolidate all your Payday loans into a single loan account and you need to pay a rate of interest much lower than payday loans.
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Carol
Justin

Justin

Joined: 17 Jul 2006
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28944 Magic Points

 
Posted on Mon Oct 27, 2008 6:16 am  

Yes, Carol is right. But for availing the debt consolidation loan, you need to have a good credit score. However, if you do not have a good credit score to avail a debt consolidation loan at low rates of interest. If you cannot get a debt consolidation loan, you can take advance from your employer to payback the payday loan. But you should immediately pay it off since you are already in debt trap and will will fall into it further since you are only making interest payment and not even a part of the actual principle amount.
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goodnatured



Joined: 03 Nov 2007
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390 Magic Points

 
Posted on Mon Oct 27, 2008 1:58 pm  

Not a lot of consolidation companies will take these payday loans, I started out with ten of them and could not get any help with a consolidation company because these loan companies refuse to deal with the consolidation folks.

You are better off contacting each of them and letting them know your situation, you can let them know that you have eight of them out and that it is your desire to take care of them, however you will need lots of cooperation on their part.

Be ready for some nasty responses. Some of them just do not care. Ask them to make a payment arrangement that is going to bring the balances down. The most important thing will be to get this all in writing since they are legal in your state. Are they following your state law as far as what they can charge you with the intrest and everything. You will want to check all that out also. If they are charging over the amount, then you could possibly get some relief there. You can check out those laws at https://www.credit.com/credit_information/credit_law/PaydayLoanLaws.js p
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laura stiles
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Subject: pdl loans
 
Posted on Mon Oct 27, 2008 2:25 pm  

so if I close my account and contact all of them and pay the balances will this be a good idea? Each are charging me $180.00 a month and nothing goes to the actual amount borrowed. I just want to pay each one what I legally owe and be done with them. Carol, you said there was a judgement on my account. What does that mean? I am a little confused as to whether or not they are following TN payday loan laws. I need some help on that
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: pdl
 
Posted on Mon Oct 27, 2008 3:22 pm  

Maybe I'm reading the thread wrong, but, it doesn't seem like a judgemnt at all. Just seems like they are taking a fee out of your account, every so often ( usually every 2 weeks..) for JUST fees. Depending on how much the 'loan' was ( ie..if it was $100.00 the fee would be $30.00..or..if the loan was $20.00 the fee would be $60.00). You CAN close your account and open another one. I know ALOT of people who have done this, just to 'start over'. They really had to. Did you talk to your bank? Will they help in any way?
laura stiles
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Subject: pdl loans
 
Posted on Mon Oct 27, 2008 3:35 pm  

I have talked to my bank and they said that I could close my account. They have already opened a new one for me. The only problem I have is my old account has a negative balance which I do not have the money to clear before I get paid. I am going to see if they will stop all ACH withdrawls and then when I get paid I can pay off the negative balance and then close the account. This is a big mess that I will never be a part of again.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: debt
 
Posted on Mon Oct 27, 2008 4:31 pm  

Well.....good. Seems like they are working with you, already. Do you have Direct Deposits, for your employment? Can you change the Direct Deposit to your other account? I'm sure if you explain the issue, they should stop ALL of ACH's. One step at a time.
laura stiles
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Subject: pdl loans
 
Posted on Mon Oct 27, 2008 5:02 pm  

I do have direct deposit and I am changing that with my employer. It takes a couple of weeks to get it set up. The bank said they would put a note on my account to direct my deposit to my new account. Hopefully this will all work and I can get them paid and go on with my life. Should i send any cease & desist letters to them so they do not contact my work and friends?
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: debt
 
Posted on Mon Oct 27, 2008 7:41 pm  

To be on the 'safe side', i would send letters. If they had contact with YOU, they shouldn't be trying to contacting friends and family. Besides...ALOT of the PDL's don't call your references, when you get a 'loan' from them. Even when I defaulted on the PDL's I had, they never contacted anyone. Keep me 'updated' please..thanks. Also..LAURA, I want to tell you, if you go to the HomePage of this forum, you can 'register' on it, to make a little extra money for yourself. I've noticed you are a 'Guest' in the forums. When you 'register', everytime you make a post, you will have accumulated so-many points. The points will go under your ID ( when you sign up for one..) and as you post you can see the ID and how many points you've made. Becareful, though....the HomePage will say " do you want to sign up for Credit Counseling" or " sign up to post on forums"? Cash is as is: 1 point=1 cent. So...if you make 5 points ( for a post..) you actually make 5 cents. There is no limit on how many posts you can have per day. I'll tell ya>>>>>>>the people, on this forum, have given me wonderful 'direction' and advice on issues. And...I get alittle extra money for it, too. You can 'cash out' your points when you reach $10.00 (1000 points..). It explains this in the 'Miss' forum..under " make money by posting" ( not exactly those words. Hope I helped alittle. Good luck.
Guest







 
Posted on Tue Oct 28, 2008 10:49 am  

The payday loan company cannot take out money directly from your checking account until and unless you authorize them to do so. Another way they can take out money from your account is to sue you to the court and bring judgment against you as Carol said and then garnish your checking account so that the moment there is any credit in your account, they can take away the money so long as the debt along with the interest is paid in full.
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



390 Magic Points

 
Posted on Tue Oct 28, 2008 10:57 am  

You can revoke the drafting of your checking account by writing them a letter and telling them that you no longer permit them to ACH your checking account, now weather they do it or not is a different story.
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laura stiles
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Subject: pdl loans
 
Posted on Tue Oct 28, 2008 4:02 pm  

I talked to my bank and they opened another account for me and trasferred my negative balance to it and closed my other account. I am then going to contact each payday lender and send a money order for the balance that I owe. My bank has been great on helping me get out from under this. Thanks for all of the help. It was greatly appreciated.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: pdl
 
Posted on Tue Oct 28, 2008 4:03 pm  

I understand more about PDL's now. However....I'm still a bit confused on how they LEGALLY can sue..if they are ILLEGAL ( alot of them, anyway).
arog
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Subject: pdloans
 
Posted on Wed Nov 12, 2008 11:55 am  

i have seven pdloans out, im in mo. and if i close my account and open a new one, im afraid i will face criminal charges

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