My wife and I reside in the state of Texas and recently (both in July of 2013) took out two separate $1500 loans with Mobiloans.
Have made payments (ACH) totaling $660 on account #1.
Also, have made payments (ACH) totaling $435 on account #2.
Another payment on account #2 was originally due this past Friday (9/6) but after calling the automated customer support line, I was able to "push" this due date to 9/20/13. I have also "pushed" the due date for the next payment on account #1 from 9/13 to 9/27/13....hoping that with the additional time, I could find some way to deal with this mess. Scary thing now is that it appears I will have to double up on those payments for those dates.....with pending ACH payments now totaling over $400 on each of the accounts. I fear I may have no other option than to default on the loans. Fortunately, I found this forum over the weekend and have already found quite a bit of encouraging information.
I would very much like to avoid the headaches associated with having to close out my checking account and opening another as I've had the same account for decades. Same goes for my wife.
I have read some posts here about the National ACH Clearinghouse has cut off these "illegal lenders" ability to continue to debit funds from borrowers bank accounts.
Is the information that I read accurate? If so, is this a permanent thing and could there be a possibility of the switch being flipped again and things go back to the way they were?
Also, is Mobiloans indeed an illegal lender in the state of Texas and/or elsewhere?
I do also plan to follow the steps outlined in one of the "sticky" messages in this forum and have the ACH access of the lender to be revoked...though again, I am hesitant to close the bank account. I am thinking that if the ACH access is actually blocked by the national clearinghouse and both Mobiloans and my bank (Wells Fargo) are both made aware of the revocation process and any and all potential blocks are put in place, I should be able to keep the same checking account. Am I wrong in thinking this way? Or would this simply be another gamble?
I am reading more and more recent posts about Mobiloans being cooperative in revoking such access and also in accepting payoff installment plans--on the borrower's terms and also for the principal amount that was originally borrowed. If I am to understand correctly, my wife's account (#1) would still be morally obligated to re-pay $840 based on the $640 (which was supposedly for principal, interest and fees) already paid in....while my account (#2) would "morally" still be owing $1065. If I am able to enter into such a repayment plan (and all indications from the forums here lead me to believe that I should have little problem in doing so), I would do so on a monthly basis using money orders.
Do I have all my facts and figures straight?
One last thing.....I am also concerned about another post I read concerning these type of lenders possibly being able to bypass the ACH network by doing some sort of "remotely created check authorization." Would the ACH clearinghouse shut down of bank account access for Mobiloans (and I believe it was about three dozen other similar lenders) alleviate this worry as well?
Sorry for the wordiness of the post......have taken in a lot of information on the subject in the past 24 hours or so and want to get a handle on the situation as thoroughly and quickly as possible.
Any input would be greatly appreciated!!!