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Payday Loan Nightmare in New Jersey

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Yesterday I went to my bank (TD Bank) and had ACH revocations done for 6 payday loans which were scheduled to debit my account this Friday 7/24. They were for: Eastside Lenders, US Fast Cash, National Payday Loan, Biggest Cash, Web Payday and One Click Cash. Some had already renewed.

I have a government check direct deposited and an ACH coming out for Internal Revenue Service, so I can't close the account. It takes the government 8 weeks to change banks.

What's my next step to get out of this payday nightmare?




Unregistered

Sub: #1 Well, Pay day loans are illegal in New jersey. Without closing
Mon, 07/20/2009 - 13:06

Well, Pay day loans are illegal in New jersey.
Without closing your account, I am afraid they will not stop debiting. You can change your direct deposit. I had ach debits coming out for the IRS and it took a few weeks to change banks.In the mean time I paid them with a debit card. You are only liable to repay the principle amount borrowed. All fees and interest are applied to that total. Before you secure your account, I would not tell the pdls anything




bea2ls

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Credits: 37055.9

Sub: #2 your next step would be to close the account. :( i am sorry, b
Mon, 07/20/2009 - 13:07

your next step would be to close the account. :(
i am sorry, but that is the only way to stay safe. payday loans are prohibited in NJ so these companies are acting illegally and are not to be trusted. TD can put a hard block on them until you get your deposits straigthend out but it will affect your ACH. tell the manager the situation, TD gave me a tough time and i lost a lot of money dealing with mine because they kept letting them take it out. also, TD has to close the account a certain way or the ACH will push the closed account back open.
how much did you pay each company?




aubrey


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Sub: #3 Eastside Lenders $600. The others $300 plus $90 fee, except for
Mon, 07/20/2009 - 13:18

Eastside Lenders $600. The others $300 plus $90 fee, except for One Click which is almost paid off. I guess close to $1,000. Don't have the exact figures - am at work. I wanted to wait until Friday when I got my direct deposits to close the account. With the revocations, do you think this would work until I get my money to put into another account???

You'd think the revocation would be enough




bea2ls

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Credits: 37055.9

Sub: #4 the revocation will not be enough. ask them to put your account
Mon, 07/20/2009 - 13:33

the revocation will not be enough. ask them to put your account on a hard block.
you cannot even block the companies out, they will go under different names to take your money.
all you morally owe is the principal amount you borrowed because these loans are legal. after - and only after - your bank is secured, i would demand a physical address to mail money orders to for the remaining balance. i do not know what you borrowed so i do not know what you owe. i always told them, no address? no payments. and i meant that, and they caved in and gave me addresses




Unregistered

Sub: #5 I'm in Jersey and have gone through the same thing. Please make
Mon, 07/20/2009 - 16:56

I'm in Jersey and have gone through the same thing. Please make sure and get that hard block ASAP. I guess I got lucky through the Fraud Dept. at BofA. They only allowed deposits to the account and only the checks I authorized.....even helped me open a new account.
As far as Eastside, if you have overpaid them,keep at it. I had an account with them and it took some back and forth but they eventually gave me a PIF. One Click Cash still harasses me once a week but don't give up. You can do this!




bea2ls

Posts: 3840
Credits: 37055.9

Sub: #6 please, please make sure you talk to the manager at TD bank.. th
Mon, 07/20/2009 - 17:01

please, please make sure you talk to the manager at TD bank.. they left such a bad taste in my mouth after all of this! my paycheck got eatten up to the loans i overpaid on because they let the block off without my authorization..




Unregistered

Sub: #7 I plan on calling them shortly. They charged me $25 each for 4
Tue, 07/21/2009 - 07:18

I plan on calling them shortly. They charged me $25 each for 4 blocks (I requested 6) and restored a $90 fee from USA Cash. Who incidentally just called me wanting their $390.00. They wouldn't give me an address. I explained payday loans are illegal in NJ and I would just be paying back the $300, as they already got one fee of $90. It didn't quite sink in to the rep. And I requested that they not call me at work again.

I should drop deal if I ever do a payday loan again. Plus I'm dealing with IRS right now who wants to levy my assets.

I guess I will have to open a new account and see if they can transfer my direct deposit because it takes State 6-8 weeks to change banks. HOW DID I GET MYSELF INTO THIS MESS??




Unregistered

Sub: #8 Can't you put your account on a "deposit only" status for now un
Tue, 07/21/2009 - 07:25

Can't you put your account on a "deposit only" status for now until you get the direct deposit situation straightened out? I'd talk to the manager at your bank and explain what's going on; odds are they've heard similar stories in the past. As for hard blocks, as bea2ls says, that's rather risky because so many of these PDL's go by so many different names, they might try to withdraw funds under another name.




Unregistered

Sub: #9 I am getting ready to call bank right now. Just wanted to get m
Tue, 07/21/2009 - 07:28

I am getting ready to call bank right now. Just wanted to get my info straight. Will get back and let you know.

Boy, it didn't take US Cash long to contact me! They reversed their ACH yesterday!




resqume1
Debt Samaritan
Posts: 324
Credits: 2375

Sub: #10 Be careful with the ach blocks. Like Bea2ls said if they can't g
Tue, 07/21/2009 - 07:39

Be careful with the ach blocks. Like Bea2ls said if they can't get thru they will change thier name and/or change the amount and if that does'nt work they will send it thru as a paper check.

I have never had to deal with the IRS and payments but surely you could call them and tell them you have had to close your checking account and open another due to fraud and can make payments with a prepaid card until they get your debits set back up again. With the amount of people who are on payment plans with the IRS its bound to happen a lot. At my bank they said all of the time they are having to close accounts due to purses being stole, people loosing checkbooks etc.




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