Payday loans are killing me - how is this legal             Click here to Print

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#LStellar - Says,

payday loans are killing me. I have easily paid these things off and am getting enormous amounts debited from my accounts that collection agencies are getting now for these things now. My bank just keeps reversing them - what should I do?
#John Vanderslice - Says,

The thing they are doing is illegal and you should file complaint with the FTC, BBB and state attorney general about it. With the complaint submit all the documents proving your payment program and the actual payments you have made till now.
#James J - Says,

I had something similar happen to me. The payday loan company tried to take money from my checking account on the days they were not supposed to, ran up hundreds in overdrawn fees. I closed my account, I would suggest you do the same. Close it an open another account.
#Melissa - Says,

I have a lot of payday loans, me and my husband included. They say that these loans are for emegencies only, but they know that the people that use them are already in trouble financialy, and they know that these people with be back and re borrow, becasue they cant afford to hand over their enitre pay check. I am in collections with many of them. I closed my checking account and re opened one at a different bank. I am going to file banrupsy as soon as i get the money for that saved up.
These places need to be shut down. Sure they are nice to have in an emergency, but people use them and become trapped. I actually had one of the managers COME TO MY HOUSE. LOAN SHARKS IS WHAT THEY ARE!

#debtstinker - Says,

Melissa, I think you brought up a good point to the original post and that is you closed your checking account. I agree to report it to the three agencies listed above. I think that if your bank is not working with you, maybe close the account that you have an switch to another bank if possible. unfortunately it sounds like you got hit two ways, with the pdl companies and your bank with its reversals
#Laura - Says,

Welcome to the Forum Debtstinker Smile

Melissa,

Please clarify one point. You had to close the account because money was getting debited right?

#goodnatured - Says,

You need to close your account and open another very quickly, have your direct deposit directed to your new account. Talk to the bank manager of the account that this is affecting, tell them about the situation you are in and try to work out a payment plan with them on this account when closing it. This may be embarrassing, but you only have to do it once. Getting a new account will then allow you to pay your bills.

Then deal with the payday loan companies, are they internet or storefront loans? If they are storefront they are more than likely legal, if they are internet then it may be questionable. What state are you from? what payday loan companies are you dealing with? how much did borrow and how much have you paid back? If you are dealing with internet companies, you may have a chance of stopping them, it is a process and requires alot of work on your part. please post the information if you can and see what others have to say also.

#Melissa - Says,

Yes I closed my account. I have several online ones as well as storefront ones. I kinda ignore the payday loans, because non of them really work with you. The store front ones wont take payments they want it all. I put them on those payment arrangements but they want so much a paycheck and I couldnt pay all of them. If I did I would not have money for food and other bills. I will be filling banrupsy in december. I have to wait until like Dec 12. My hubby will be getting the Settlement that took forever, and then I can file. his settlemnet is not enough to pay them off. That is why I am doing bankrupsy. I have filed Bankrupsy in the past But it was in like 2001 or 2002. i wonder if i can still file with this new Law. Someone told me that since i did that bankrupsy before the law that I can file now and then I cant for another 8 years, but after this time I WONT get into this situation agian I hope.
#Melissa - Says,

Yes I closed my account. I have several online ones as well as storefront ones. I kinda ignore the payday loans, because non of them really work with you. The store front ones wont take payments they want it all. I put them on those payment arrangements but they want so much a paycheck and I couldnt pay all of them. If I did I would not have money for food and other bills. I will be filling banrupsy in december. I have to wait until like Dec 12. My hubby will be getting the Settlement that took forever, and then I can file. his settlemnet is not enough to pay them off. That is why I am doing bankrupsy. I have filed Bankrupsy in the past But it was in like 2001 or 2002. i wonder if i can still file with this new Law. Someone told me that since i did that bankrupsy before the law that I can file now and then I cant for another 8 years, but after this time I WONT get into this situation agian I hope.
#Laura - Says,

Hi Melissa.

Yes Melissa you are right. As per the new bankruptcy law the span has been changed from a 6 years period to 8 years.

The commencement date of the bankruptcy case (bankruptcy filing date) is the date used for calculation purposes of the 8 year rule. Under the new bankruptcy law, there must be 8 years between filing dates for a debtor to receive a subsequent chapter 7 discharge.

Are you contemplating a Chapter 7 or a Chapter 13?

#Melissa - Says,

Well do you know if i can do the bankrupsy now if I filed in 2001?? or will the new law affectr thst? Or does that count after I file this time??
I really want to do the chapter 7 agian becasue I dont know if I can pay on chapter 13. or does it have to be 7 years for both chapter 13 and 7. I also have other loans. I had mu wage garnished for one of them already, and I work for a school and I am afraid that I will loose my job if I keep getting my wage garnished? But anyway i filed before they changed the law so i just wonder if I can even get the bankprusy.

#Melissa - Says,

Sorry bout the typos Shocked Shocked
#Melissa - Says,

I found the old bankrupsy papers and I filed on 9/21/00, and it was discharged on 01/24/01. i really hope that I can file still.
#Laura - Says,

As per the date I think you can file a bankruptcy now. It is past 6 years that you have filed. You can always file a Chapter7. Take the opinion of you lawyer as well.
#goodnatured - Says,

great information Laura, I am sure this will put her mind at ease, hopefully.
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