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I have got myself into a payday loan frenzy. Believe me I know how they work...I have had pdls for many years. This is the first year that I have fallen into too many. I have 4 loans out. They are taking a total of $560 out a month...I can not afford this...I do not have that big of an income. I have been late on my rent..put off paying my phone bill etc. you can see what has happened. I recently went into a debt consolidation plan (which has been very good) for my credit card debt. It is now that my credit cards are not available...I can't get cash to pay my pdl's weekly. My biggest fear is the constant harrassment when I close my bank account...any advice would be appreciated. I don't know what to do...thank-you!

First off, who are your loans with, lets see if they are even legal loans? How much borrowed originally and how much paid to date on each?

Sub: #1 posted on Sun, 03/09/2014 - 06:03

HelpinAZ HelpinAZ
(Posts: 1873 | Credits: 288.11)

Also, what state are you in?

Sub: #2 posted on Sun, 03/09/2014 - 08:40

kscornell kscornell
(Posts: 4409 | Credits: 473.19)

I live in Indiana and I have loans with Black Pines..$300 Great Plains $300 RiverBend $200 and Spotloan $300 RiverBend I have paid $225 on already. I have paid something on all of them but that's the only one I have Ipaid the principal on. I know I need to close my bank account but my problem is I have two checks that are direct deposit. One is a government at the beginning of the month and changing the account number is like pulling teeth. My bank has changed some it policies on ACH stop payments and sometimes they charge a fee and sometimes they don't so I don't know what to do there?

Sub: #3 posted on Tue, 03/11/2014 - 01:19


since ACH revocations are part of the EFTA(electronic funds transfer act)you must see a manager for this,and there should be no again see a manager with revocation letters and they should be able to help for no fees.

Sub: #4 posted on Tue, 03/11/2014 - 01:47

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15511 | Credits: 1357.03)

Your bank can place your account on Deposit only so that the check can come in - but it is still early enough in the month to get govt checks rerouted before next month I think - I think the cut off for even the VA is like the 15th.. and still open a new one not linked to the old one in any way to the old. You will need to follow the steps in my signature line below on how to deal with these.

Sub: #5 posted on Tue, 03/11/2014 - 06:02

HelpinAZ HelpinAZ
(Posts: 1873 | Credits: 288.11)

How to Get Out of Your Payday Loans
  1. Close your bank account. This is basic. You can change your government direct deposit online first. Yep, it's a PAIN but do it.

  2. Google your state department of financial institutions. Check their data base to determine if the payday loans were made to you legally. If they are internet loans, it's doubtful.

  3. Tell the lenders they are illegal if that's the case. Tell them you will report them to your state AG, CFPB, and the DOJ.

  4. If you have not paid them back their principal tell them they must offer you a payment plan or you will simply wait for them to sell your uncollectable paper for $.10 on the dollar and you will make the same offer to the debt buyer.

  5. Get rid of your phone number.

  6. Tell employer and references on your original PDL app that you've experienced ID theft.

Lot's more ideas but this will help!

Sub: #6 posted on Wed, 03/12/2014 - 12:54


If you go Deposit Only,I believe the bank calls you the day after anything comes in to see if they have your permission to pay the items or not. The best way to go is to change your account and your Direct Deposits. I know that changing a government direct deposit is a pain, but it can be done.

Sub: #7 posted on Fri, 03/28/2014 - 23:51

kscornell kscornell
(Posts: 4409 | Credits: 473.19)

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