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How to get started getting out of paydayloan problems

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Have so many loans - don't even know how and am embarrassed but need help. Its taking so much of pay can't barely pay other bills.

I don't want to close my bank account unless it is a complete last resort - my spouse doesnt know about these loans and it would be a huge marital problem if found out.

I Live in NJ and am confused about whether or not PDLs are legal and how to approach each company to find out how to get them marked paid? Have rolled over multiple loans many many times with these companies- don't have the amounts paid in total yet but will start to look up - I didn't want to wait another minute - payday is next thurs was hoping to start some fast:

Fee Principal
mycashnow 57 230 new - no rollover
greenlight 100 250 new - no rollover
money & more 45 255 new - no rollover
discount 105 260 rolled over many times
onestep cash 90 300 rolled over many times
star 35 350 rolled over many times
ameriloan 105 350 rolled over many times
paycheck today 120 400 rolled over many times
geneva roth (new one) 120 400 rolled over many times
oneclick 120 400 rolled over many times
loan shop 120 400 rolled over many times
fast and rel 100 500 rolled over many times
delaware fast funds 165 550 rolled over many times
paydaymax 240 700 rolled over many times
magnumcashadvance 1500 rolled over many times

Have been reading through the threads and just don't know how to start to figure out what these letters are you are sending and where to start to get this moving along without risking more coming out of the account (and really trying not to close it)




Boy needhelpfast, that was quick! First off, let me say Welcome! Secondly, I can well understand the predicament you are in with your spouse. However, closing your account is really the only way to stop the debits. You could speak with your bank about placing a hard block on the account or put it as a deposit only, but please do not try and put stop payments on as the PDLs will change names for the ACH's or put through a paper check. Since Thursday is fast approaching I would speak with your bank immediately. I am not sure but if it is a joint account will you be able to do anything with the account without your spouse being involved? Just a thought but perhaps someone else on the board will know if that could be possible. Also, I guess it would depend on the bank itself. I think that PDLs are illegal/prohibited in NJ but someone will be along who can post and interpret those laws for you. If you could breakdown those PDLs as to amount borrowed and how much you have paid on each one that would be helpful and whether they are internet or storefront. I can see from my own experience that several are illegal but others will be able to help you with that as well. You will need to send out C and D letters and they will cover all the aspects of the contracts that you signed as far as debits, telephone calls, etc. You will need to send out complaints to the State AG's Office, the BBB, the FTC and possibly your State's Banking Department. Sounds overwhelming but honestly, the good people on this board will help sort it out for you and provide templates for letters that you can adapt to your situation. Also, once you get on a roll things will go along smoothly. I know that it seems easy for me to say, but believe me, when I came here in February I felt the same way and now look at me. . . .giving advice! So, if you can get that info to us, we can start you on your way to get free from this situation.

Sub: #1 posted on Wed, 07/30/2008 - 06:55

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

All of them are internet loans. I will go to the bank tomorrow and find out if I have any other options such as the hard block or what they recommend for protecting myself without closing or if I should open a new account and then just close this one. I will put together what I've paid on each in the morning and post - I am fairly certain I've paid more than double the principal on most of them except the top few that are pretty recent.

If the account is closed - what happens to all of the legitimate things that are set up to be paid through it? I read the thread about what happens if an account gets closed and they force payments so I am concerned about that as well. I definitely don't want to change banks.

Sub: #2 posted on Wed, 07/30/2008 - 07:01

Unregistered


One more question (for now) - what do I say to the bank person and am I better off going into a branch or calling the 800 customer service number to find this info out?

I am obviously embarrased about this and am sure I am not alone but don't know how to approach it or what the C and D letters are?

Clearly I just found this thread and am overwhelmed and happy at the same time that I may have an out.

Sub: #3 posted on Wed, 07/30/2008 - 07:03

Unregistered


Once you close the account, your legitimate ACH debits will need to be directed to a new account. You will have to notify them that the account has been closed. I reread your post and I may have misunderstood. I thought your paid day was this Thursday, the 31st. If it is next Thursday the 7th you have some lead time, but you will have to make some calls pretty quickly to your legitimate debts. You will have to speak with your bank about closing the account, opening another and making sure it will not be forced open if any debits hit the account. If you have a direct deposit you will need to have that changed as well. the banking thing was the hardest for me as I really hated going through all the nonsense and coming clean with the bank. You will need to go to the bank in person and speak with someone in charge, not just a teller. I bank with a small town bank so I was beside myself trying to deal with it. I just told them that I had some unauthorized activity on my accounts and I needed them closed to protect my funds. Most will advise opening an account at a different bank, but I felt that opening another account with the bank I had would keep the questions down and I also felt that they would help protect my money more as well. They did. The C and D letter is simply a cease and desist document. It will revoke authorization of the ACH debits, revoke any wage assignments you may have signed, requesting that they do not call you at home, work or any of your references. Basically all the bases. We can help you with that letter but it will not be sent out until you have secured your account cuz if you do, the PDLs will go into that account and clean you out of whatever they can get their greedy little hands on. Once you have control over your money again you will feel a whole lot better about the situation. You can gather the info requested and post when you have it. Try and get some sleep. All will be well.

Sub: #4 posted on Wed, 07/30/2008 - 07:19

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Any legitimate ACH items (I assume you are referring to utilities and such) will allow you to change or to send them paper checks.

As for the bank question, it depends on your bank. For Wamu and other midsize banks, you need to not only go into the bank, but also speak to the manager. Explain the situation, and be honest. It may be a little embarrassing, but if they know what's going on and that you are taking steps to fix it, they will be more willing to help you. Wamu forgave $400+ in OD/NSF fees, reversed a payment that snuck through after I had placed the block, opened a new account, and never reported me to Chex Systems because I talked to the manager and was very upfront about it. Most local banks will be the same. If you are with a larger bank (Chase, BoA, etc), they might get snarky but it is in their best interest to retain your business without having to worry about sending to collections and such.

Last thing, tell your spouse, just sit them down and open up. I had to tdo the same with my girlfriend (at the time), and I was scared to death she would break the whole thing off. She didn't, she actually understood, and helped me to figure out how to live on what I have and get out of the cycle.

You'll be fine, just remember that everyone goes through something rough, and that everyone on this forum (excepting the spammers and slimebag trolls) have gone through a very similar situation with the PDL trap. We are all here to help you and support you

Sub: #5 posted on Wed, 07/30/2008 - 07:23

drburr drburr

(Posts: 108 | Credits: 12.52)

Thanks for the info - will go to bank tomorrow and start there. Bank is Wachovia - anyone have any experience with them on this issue? Do I just say unauthorized activity or do I fess up to it being PDLs? They can clearly see that this is some of the activity. What about debit cards? Do they issue new ones or transfer them over? What else do I need to know if I am closing the account?

Telling spouse is not an option - had issues years ago with money and such and this is not something that I can come clean on. Spouse had no handle on cost or spending to begin with but we have been working on that part of it. It just isn't an option. I have to work it out on my own somehow and get through it. I appreciate all of your help.

Sub: #6 posted on Wed, 07/30/2008 - 07:31

Unregistered


You won't be the first person to go to your bank with this problem. They'll understand, just be upfront about it :)

Sub: #7 posted on Wed, 07/30/2008 - 07:32

Unregistered


drburr. . .good advice. You are right. Coming clean with someone close to you is important but I too resisted. When I came here in February, the people on this board were the ONLY ones who knew of my situation. Actually, my grown kids still don't know but my good friend and confidant does. It was tough telling him but not having to carry around that burden alone sure did help me with my situation. All this has taught me a valuable lesson and I look at my finances in an entirely different light as a result. I guess one might say that the silver lining in an otherwise dark cloud was the dawning of a new "me". This too shall pass. Sleep well.

Sub: #8 posted on Wed, 07/30/2008 - 07:33

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Wachovia is a smaller midsize, so you will definitely need to go in and speak to a local branch (preferably the one that you opened the account at). Speak to the manager, and come clean. They can tell from the line items that this is PDL related, and I guarantee they have seen this type of issue before, at the very least in the info and alerts (general, not specifically on you) they get from corporate.

As for debit cards, banks usually issue a new one in a case like this. They just mark the old account as having an identity theft risk and remove everything that links the two. At least, they will if you request that they do, which you should (if they don't offer)

Sub: #9 posted on Wed, 07/30/2008 - 07:37

drburr drburr

(Posts: 108 | Credits: 12.52)

Well, I would talk with the bank first as that is where you will have to start. You can come clean with them if you choose to do, and as you said, they have the info so they will probably be able to figure out what has happened. If the bank account is in your name only, there shouldn't be a problem. If it isn't you'll work through it. You have to handle the situation whatever way is best for you, on a personal level. We can help with the other aspects of the situation. We'll look for the additional info in the morning.

Sub: #10 posted on Wed, 07/30/2008 - 07:42

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

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