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Hi,
I just joined this community and have about 6 payday loans and am not able to keep up with them....I read where it states that people should close their checking accounts....Does that mean that we shouldn't pay these loans at all? I live in MA and would like to know what the laws are regarding these types of loans.
I'm desperate and would love to hear back from someone who can help.
Thanks,




Payday lending is prohibited in the State of Massachusetts. In such a situation, none of your payday lenders are licensed to operate in your state. You can close down your account in order to prohibit them from debiting any monies from your account. You can simply pay them the principal amount and get rid of the debts. If you've already paid them more than the principal amount, then you can even ask for a refund.

Sub: #1 posted on Wed, 07/20/2011 - 08:44

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: 385.61)

You can also ask your bank branch manager to put a hard debit check on your account. This will stop them from withdrawing any money from your account. Check out the US payday loan laws from the following link:
http://www.debtconsolidationcare.com/paydayloan/explain-p dls-laws.html

Sub: #2 posted on Wed, 07/20/2011 - 10:52

Unregistered


I agree with what the previous posters have said. As payday lending is not legal in MA, so all the payday lenders in this state are illegal. Illegal payday lenders can???t take any legal action against you. To know more about how to deal with illegal payday lenders, glance through the following link:
http://www.debtconsolidationcare.com/paydayloan/illegal-p dl-dealings.html

Sub: #3 posted on Wed, 07/20/2011 - 12:29

sally.nachelle sally.nachelle

(Posts: 275 | Credits: 143.47)

Thank you all for your help....So, if I close my account does this mean that I won't have to pay the loans, although I have probably paid them in full with all of the finance charges I have paid to date. Can they try to collect the money from me?

Thanks,

Sub: #4 posted on Thu, 07/21/2011 - 00:47

demtol demtol

(Posts: 12 | Credits: 5.34)

You can close down your bank account so that they cannot debit any further amount from your account. You will have to pay off only the principal balance to the illegal payday lenders. If you've paid off more than the principal balance, then you may even ask for a refund from the illegal payday lenders.

Sub: #5 posted on Thu, 07/21/2011 - 09:30

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: 385.61)

Hi,
Thank you - that is what I will do....I have definitely paid them more than what was owed with all of the fees.
Mackie57

Sub: #6 posted on Thu, 07/21/2011 - 21:17

demtol demtol

(Posts: 12 | Credits: 5.34)

If you go to close your bank, please make sure it's closed before you notify the payday loan companies. Otherwise, they might try to get in and get whatever funds they can. And when you go to the bank, be sure to talk to the manager, they've probably heard similiar stories before. Please keep us posted!

Sub: #7 posted on Fri, 07/22/2011 - 00:13

Unregistered


Will the bank manager think it is strange that I have these payday loans and question why I have a few?

Sub: #8 posted on Sun, 07/24/2011 - 06:37

demtol demtol

(Posts: 12 | Credits: 5.34)

Not at all! And trust me, you aren't the only person who has come into your branch with this problem.

Sub: #9 posted on Sun, 07/24/2011 - 22:51

kscornell kscornell
Moderators
(Posts: 4409 | Credits: 473.19)

Great - thank you! So, I have to go into the branch to close the account? and should I still put a hard block on the account even though it will be closed?

Thanks,
Mackie57

Sub: #10 posted on Mon, 07/25/2011 - 21:38

demtol demtol

(Posts: 12 | Credits: 5.34)

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