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B of A Nightmare - Payday Loans - Please Help

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June 23rd - Called B of A customer service line and told them that I wanted to put a debit hold on my account for all transactions as I had given my account information on line. They told me that because my account was negative that they could not do that, which makes no sense and obviously put in place to continue to have accounts generate more overdrafts. The girl I spoke to told me the best that she could do is put stop payments on them. I accepted as I had no better option being offered.

June 27th - everything that she said above that had a stop payment on, all posted to my account anyway on this Friday, I am now negative - $1,600 after my paycheck hit and I will again be unable to get them to stop the payday places from hitting my account. I don't know what to do, I have no money to live on after this debacle and the same thing will continue to happen next paycheck.

To add insult to injury, I had paid off United Cash Loans Entirely the pay period right before this, but United Cash Loans put through $150 charge to add on.




Hello JJ, You need to go into the bank directly and speak with a Branch MAnager! The customer service reps sometimes have no clue of what is going on and their word is not golden. Also the branck manager can make those decisions on the spot, be careful because they can be overiden by headquarters, but that is rare. I would go into my branch immediately and speak with the BM and plead my case. This can not continue to happen, they must work with you!

Sub: #1 posted on Sun, 06/29/2008 - 18:53

Cool_Abyss Cool_Abyss
Moderators
(Posts: 2936 | Credits: 173.61)

Could you post what state you are in, whether they or internet or storefront, who you have loans out with, how much you have paid on each, and what is still owing? The only way to get them to stop is to default on the loans. Even though you are in the negative, does you bank still honor the debits? Have you sent a C and D letter to the PDLs? Honestly, the only way to stop the insanity is to default on the loans. Once you have sent a C and D letter you can contact their processors and inform them that they are being asked to debit on a revoked account, if they are internet. If they are storefront you should be able to make payment arrangements, but someone who can interpret your state laws will be along to advise you and confirm what I have stated. There are many factors which enter into the route you can take, so please think about listing the information I requested. I don't quite understand the theory behind not closing a negative account, other than the bank will continue to make a buck off of your unfortunate situation, which is pretty, sad if you ask me. Hang tight. Help is on the way.

Sub: #2 posted on Sun, 06/29/2008 - 18:54

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

By the way, I would open a new account at a different bank and move your direct deposit to that one untill this whole thing is cleared up.

Sub: #3 posted on Sun, 06/29/2008 - 18:56

Cool_Abyss Cool_Abyss
Moderators
(Posts: 2936 | Credits: 173.61)

Often it will take a payday or two to get your direct deposit transferred to a different account. If that is the case, can you just cancel your direct deposit and get a check, which you could then deposit into a new account at a different bank?

Also, when you go in and talk to your branch manager, be sure to discuss the stop payments that were still allowed to go through your account, and try to get them reversed.

Sub: #4 posted on Sun, 06/29/2008 - 22:52

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

I will go to the bank on Monday morning to talk to the Branch Manger.

I am in the state of Texas, all of my loans are internet loans.


I have loans with:

CASHNET USA - Principal is $1,500 I have rolled this loan 3 times for a total of $787.50 in fees through the 3 rolls and this Friday was the 4th time. If the bank does not honor my stop payment this is one of the ones that they took out the entire amount this paycheck. If they don't return it it is paid off. The total that they took out of my paycheck was $1,650.00. In total I have paid CASHNET over $5000.

CHECK N GO - Principal was $1,400, this is the same situation as with CASHNETUSA. This was the 4th time I rolled this loan. I paid them up through the 3rd roll ~$1,025 in fees. On Friday they hit my bank account with the total amount which was $1,770.

PAY DAY ONE - Principal was $900, This one is in collection I paid them $750 in fees, I owe them $615, I worked out with them that I would pay the remiaing $615 in 2 payments 1/2 of this on Friday, their debits always come in late, so I should see this on Friday for $300. It am guessing that this is going to get returned.

ONE CLICK CASH - Principal $450 I have paid them I believe $400 off of the most recent loans. This is one that I had sceduled to pay off in total on Friday, My bank got hit for $585 on Friday.

THE CASH SPOT - Princiapal $300- I have paid them either $150 or $225 in Fees


NATIONWIDE CASH - Princial - $300 - Paid them ~$150 in Fees.

My bank generally will allow me to go ~$300 negative, so on Monday they will be returning some of the payments, I don't know which ones that will be though? In general its the smallest ones that they return but since I had stop payments on the 2 big ones, I am not sure.

I have not sent a C & D letter. I wanted to have a plan layed out before I sent that. Plan A went in the toilet when the bank did not honor the stop payments. Is there a template for this letter? Do I need to worry about garnishment?

I have opened an account at a new bank.

Thanks for the help.

Sub: #5 posted on Sun, 06/29/2008 - 23:11

Unregistered


Yes there is a template for the C and D letter. You can get it from the do it yourself section at the top of the main page before you go into a particular forum. It is pretty easy to follow. Just plug in the appropriate information. I am so sorry that you are dealing with all of this. I know it seems hopeless at times but if you can that account closed, you will be in a much better position to deal the cards. As far as garnishment is concerned, the C and D letter will cover that as well. I emailed all of mine over to the PDLs. I never had to hard copy anything. Email is the fastest way to get your point across but you can fax it, or hard copy it over after you email it. You need to let the PDLs know ASAP that they do not have access to your money any longer. We have all been in your position and it's not fun, BUT, you need to live so you have to take care of your basic needs first. . . .housing, utilities, food, transportation. Once that account is closed, you will feel like the weight of the world has been lifted off of you. Just make sure your account is closed, or at least know that the bank will not honor any additional debits, before you send the C and D letter. If you don't they will go in and take whatever they can. Since they have just debited your account, you probably have some lead time to get the bank situation under control. Once you know that your money is safe, fire off those C and D letters and then wait for them to contact you stating that they did not get their money. I closed my bank account immediately following the monthly debits which gave me time to draft my C and D letter and fire it off to them. To be honest with you, I don't think they tried to debit ever again. As an added note, I do think that with people contacting the processors the PDLs might be playing by the book a little more readily these days. Hopefully, they are and it will work in your favor. As for the laws of your state regarding PDLs someone will post them and interpret them. That is not my area of expertise so i defer to those who are more knowledgeable in that respect. Please know that you have a ton of people working to help you out. You are not alone in this. Please keep us posted on your progress.

Sub: #6 posted on Sun, 06/29/2008 - 23:42

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Please make sure you READ THIS before closing your account. You need to go in and fill out a formal dispute on the monies that were deducted from your account. Also, tell them that you want the NSF charges refunded since those deductions were unauthorized and you weren't given a choice other than a "stop payment", and even that didn't stop them from debiting your account, that is SO wrong. I wouldn't allow them to get away with this [your bank] since you were given the wrong information to protect your interest.

Do you know if any of these loans are CSO's ?

Sub: #7 posted on Sun, 06/29/2008 - 23:51

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Do I file ACH revocations with the Bank, do they have these forms, or is this something that I send to the Payday Loan places. I know that CASHNET has specific language saying in essence that I can't revoke the ACH. Is there a template for this? - I will stick to this string, sorry to branch off onto the other previously. Thank you again.

Sub: #8 posted on Mon, 06/30/2008 - 00:29

Unregistered


The bank should have a form for you to fill out so they will not honor any additional ACH's from your account. I am not sure about the legality of revoking an ACH as they are, to the best of my knowledge, strictly on a volunteer basis. Might just be another scare tatic to stop you from doing it, but to be sure, perhaps someone on here knows exactly what you can do about that. Maybe it has something to do with the State you reside in?

Sub: #9 posted on Mon, 06/30/2008 - 00:37

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Your C and D letter will, in theory, cancel your authorization for any further ACH's. Whether they honor it or not, is a totally different story. That is why you need to do it at the bank's level as well. And, if you can, let the processors know that the revocation has been issued to the PDLs too.

Sub: #10 posted on Mon, 06/30/2008 - 00:39

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

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