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Revoked ACH with Ace Cash Express & EMoneyUSA

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Hello,

Well, I did it again, I fell into the payday loan trap after getting myself out. The last time, I had several illegal loans, that I sent C&D letters to, and was able to negotiate paying just the principal back on them.

Ran into several medical issues a few months ago, and took out 3 payday loans, 2 of which are installments (Ace Cash Express & EMoneyUSA). The other is Check N Go. I live in Texas, and all 3 are legal here.

Check N Go has a balace of $371 that I am paying in full this friday, so that one will be gone.

Ace Cash Express was for $2000, payments of $474 every 2 weeks for 8 payments. I've made one payment (on 10/17).

EMoneyUSA was for $1200, payments of $228 every 2 weeks for 12 payments. I've made 2 payments.

Yesterday, after reviewing my bills spreadsheet and the upcoming medical bills I have to get paid and other things that are going on, I realized I am going to get myself in a payday loan cycle again if I don't take control of these 2. That is $702 every 2 weeks going out to pay these. I know I did this to myself, but I just can't afford that much every 2 weeks.

So I called & emailed both companies yesterday to revoke my ACH agreement (since both of my loan documents say I can do that and mail payments in instead). I received confirming emails back from both companies that my ACH authorization had been cancelled. ACE automatically put me into collections, and EMoney is willing to accept money orders every 2 weeks for payment.

I don't think I can negotiate a lower payment/longer terms with EMoney. I've sent an email request to ACE, but not sure what they will do. I received a call early this morning and they wanted to know if I would be taking care of my $3253 balance today. Um, no. I told her I wanted to continue paying every 2 weeks, I just had needed to cancel by ACH authorization due to some issues with unauthorized activity at my bank. She said fine, and divided that amount over the remaining 7 payments, as it had already been.

I know the advice is to close your bank account, and I have done that before. I did it last year when I had all of the illegal ones that I emailed after I closed my account. However, I have a payment plan with the IRS that will be done in 2015. When I closed my checking account in 2013 and opened a new one, it was a ridiculous mess with the IRS to get my new banking info to them for the ACH payment, and they almost cancelled my payment plan over it. I do not want to go through that mess again (took 4 months to clear it up, and I mailed my payments in via certified mail and that's the only reason I was able to get them to not cancel my payment plan!). I feel that my account will be OK with having both legal companies tell me they have revoked my ACH authorization. I don't think they will try to take anything out.

My concern now is how to negotiate lower payments with them, so I can more easily afford to pay off my balances. Any suggestions?




ACE was willing to lower my payments to $225 per paycheck for the next 7 payments. I'll still have a balance when that's done, but I'll be in better financial shape then and should be able to pay off at that time.

Still waiting to hear back from EMoneyUSA if they will extend my payment schedule to lower the payments.

Sub: #1 posted on Thu, 10/30/2014 - 02:42

aggiemom68 aggiemom68

(Posts: 5 | Credits: 0.44)

Make sure you have it in writing from them on the ACH revocation - from both - - if they sent you an email - print them out and keep in a safe place. That way if they do dip into the account you can get them for unauthorized charges. You need to have them go ahead and agree to what payment plans you have for the remaining balance.. ACE should at least freeze the interest that will be accumulating - not sure about the other one.. Always best if you have a plan you can present to them on what will work for you and then just stick to it...

Sub: #2 posted on Mon, 11/03/2014 - 02:20

HelpinAZ HelpinAZ
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