Comments on: I had a payday loan I defaulted on, I made arrangements for payment?

By: Angela E

Angela E — Mon, 26 Jan 2009 12:28:25 +0000

It’s possible.. They have your checking account information. The bank can’t tell them how much is in there… But you bank CAN tell them if whether there is enough cash in the account to cover a transaction.

I’ve had good results here…

Good Luck.

By: Slimick

Slimick — Fri, 23 Jan 2009 21:13:05 +0000

I take it you gave them your bank transit + checking account number for doing auto-debits……I strongly advise against giving any creditor/debt collector (or anyone else) this info….When they have this info, there is nothing to stop them from raiding your checking account. Very often they will take out more than you authorize….causing your account to go negative and causing checks that come in to bounce….This can result in huge bounced check fees.

As of now, they can make as many attempt to take out money from your account as they like. You might want to consider canceling the checking account asap to stop this. Only make payments via USPS money orders…..

By: hypno_toad1

hypno_toad1 — Tue, 20 Jan 2009 17:09:32 +0000

I would want to know what it specifies on the agreement that you signed with them. It probably states that they have the right to directly withdraw funds from the account you registered with them.
If thats the case, then they will continue to draw funds until they are paid in full. And they would have every right to do so based on the paperwork you signed.
Again, I’d double check all the documents, but you are probably screwed.
Chalk it up to a lesson learned, and don’t use them again if you can help it.