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ipdls in new york

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TomF

Joined: 18 May 2008
TomF's page
Posts: 1

48 Magic Points

Subject: ipdls in new york

Mon May 19, 2008 12:33 am

I am from New York and have pdls all online. I am confused whether or not they are legal or not. And how to get them taken care of. I have changed my bank but have not closed yet.Still have a few checks to clear. I have 2 weeks until the next ach hits

CMBV22

CMBV22

Joined: 08 May 2008
CMBV22's page
Posts: 271

1751 Magic Points

Mon May 19, 2008 2:25 am

Okay, So you took out some payday loans online and you want to know if that was legal or not? Also, you got a new bank account but, you havent closed the account you authorized them to withdraw payment from in two weeks time.

While I haven't taken a payday loan I do know you can sign up for credit cards and home loans online so, I doubt thats illegal for them to do. I AM sure that if you dont pay them they will take steps to get their money back.

Also, If you do just empty out that account and leave it open your going to have a bunch of NSF to worry about. Which will land you on chexsystems if you dont pay them.

Really, the only thing to do is call the companys you took these loans out with and try to make a fair and reasonable payment plan. I would keep the 2 accounts and only put slightly more into the account then you authorized them to widthdraw. That way they dont just empty your account. Also, if they do agree to a payment plan GET IT IN WRITING. They already have your initial loan agreement on file and you can bet your bum that they will use it if you should ever wind up in court with them.
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carol

Joined: 27 Jun 2006
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Posts: 252

7421 Magic Points

Mon May 19, 2008 7:21 am

Hi TomF
Online pay day loan agreements are legal, but it gives the lender permission to take payments out of your account in multiple break ups each of which will attract NSF fees. Some loan agreements also need the borrower to keep the bank account open until all fees have been collected. So in the next two weeks time they will again withdraw payment from your bank account. I agree with CMBV22 on the point that you can go for a repayment plan with your pay day loan companies.
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Carol

fireyone

Joined: 26 Feb 2008
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Posts: 642

3017 Magic Points

Mon May 19, 2008 11:32 am

Hi Tom. I just wanted to add a little advise here. Please if you can stayt awahy from payday lenders. They are a quick fix at the time but really do lead to even bigger headaches later. I don't understand how they are even allowed to operate. Pay them off and say farewell to people like these.

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 149

4739 Magic Points

Tue May 20, 2008 9:16 am

I too agree with fieryone on this point. This is because, firstly pay day loans are available at high interest rates and secondly not repaying the pay day loan in full will give negative rating on your credit report making it difficult to apply for new loans.
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Justin


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