Alright, so since my
first freak out post this morning, a lot has happened:
1. I contacted a credit counseling service (reputable, local and
recommended by my county's Department of Children and Family Services!). My husband and I have an appointment there tomorrow. I also explained
my internet payday loan predicament. She advised me to call into my
2. Called into bank's customer service. The rep advised me of the 'no
ach debit' codes that need to be put on the account, and referred me to
a branch in my area that is not the same one I've been dealing with (I
live in a small rural community, and come from the city originally.. and
the branch manager treats transplants like sh...crap).
3. The branch manager at the secondary location listened patiently while
I explained what was going on, and opened up a new account over the
phone. The old one is still open, but only with enough fundage to cover
what is still pending, and the new and old accounts have been prevented
from accepting ACH debits.
I haven't even been here a full day yet, and the things I've learned on
this site have been beyond lifesaving.
THANK YOU ALL!
Also, in reference to the payday loan companies:
I called all of them to make alternative arrangements. None of them
will. I even offered to pay in full one of them immediately and they
won't allow it to be paid without the loan reaching term (the smaller
one for 265.00). So, the credit counseling agency stated that they
*should* be able to work with said companies to recoup their losses,
less the finance charges. All of these lenders are in violation of
Indiana state laws (one open loan ONLY), so we shall see.
Once again, you guys are awesome! I'll be posting progress updates as
they occur, and I know for sure I'll be back for more advice. This
place is great!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.