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**HHM** · 08-07-2005, 06:08 AM

Yes, the BK will take care of the Payday loans. And no, you shouldn't have any trouble keeping your house so long as you can afford to do so.

Good luck.

**whocares** · 08-12-2005, 10:27 AM

Uh - dont payday loans mean that you have JOBS ??? You signed a wage assignment, so one way or the other they will get their money - get out of the cycle of the payday loan crap - jeez - I have used them in extreme emergencies but NEVER from one pay day to the next every payday. But they will come after wages - that is if you still work

**HHM** · 08-12-2005, 11:28 AM

Originally posted by whocares

Uh - dont payday loans mean that you have JOBS ??? You signed a wage assignment, so one way or the other they will get their money - get out of the cycle of the payday loan crap - jeez - I have used them in extreme emergencies but NEVER from one pay day to the next every payday. But they will come after wages - that is if you still work

No, if he declares bankruptcy, the debt will get discharged, but yes, people need to stay away from the payday loan trap.

**klux** · 08-12-2005, 12:20 PM

I had a payday loan and it was discharged. Yes they are not a good thing to get involved with, but many of us have. Please don't feel alone in this. Once I told them I was filing they never called again.

**Denmarie** · 08-12-2005, 08:23 PM

Another Question On The Payday Loan

After reading the answers to my question on the Payday loans, now I'm really scared.Today's my 55th Birthday, and all I can think about is what the Payday loan place is going to do next week when they find out I put a stop payment on their check. I had two of these, and last week I put a stop payment on the first one but I gave the wrong check number and wrong amount to my bank, so the loan place deposited it and my bank paid it. Now I'm $500 in the hole.I'm having a big Garage sale in the morning to try to get some money back into the bank by Monday.We plan on filing on the 29th of this month, and the other creditors that have been calling we have referred them to our lawyer and they no longer call. Your right, I know now that the Payday loans are a rip off, but when you have disconnect notices on your lights, gas, etc.. you get scared, and run to these places. You don't have to tell me how stupid it is, because I've been blamming myself enough these past weeks. When the Payday loan people call do I just give them my lawyers number, and will they take me to court or put me in jail or what? I told my husband I will never do another one of these again ever, and we don't want any credit cards again.(for us it would be like an alcoholic taking a drink)
Thanks to all of you that have supported me, because this is a very difficult time, and I know it's a hard lesson to learn, but I hope we can learn from this and get back on our feet one day.
Thnks for the Birthday wishes from the Moderator. That was special for me.

Denmarie

**ODDBALL** · 08-13-2005, 09:02 AM

It's good that you put a 'stop payment' on the check, but be prepared for them to try to collect through electroninc debit on your account. That happened to me. I placed a stop payment using the check number written and when the check didn't go through, they submitted it electronically and the bank paid it. You might want to have the bank put a stop payment on the amount should an electronic debit for the amount of the loan/check be submitted. If it goes through that way, it is somewhat difficult to get the bank to 'reverse' (make the company send it back) the transaction. The small print on these loans usually states that if the check can be sent through electronically. If it does go through electronically, you can maybe tell the bank that it was an unauthorized debit and they may be able to get the monies back. They may also have you sign a statement of penalty of perjury to do so. Good Luck!!!

**HHM** · 08-13-2005, 09:24 AM

Or, just file Bankruptcy before you default on the payday loan.

**irastus** · 08-15-2005, 08:38 AM

Hello. I've been lurking for a while and registered to add my two cents in this thread.

Most "PayDay" establishments operate by requiring the barrower to issue a post-dated check. As a negotiable instrument, the automatic stay does not prevent the "PayDay" people from depositing these checks at a later date - 362 (b)(11). If you have issued such a post-dated check, the only way to prevent this is by closing the bank account.

**HHM** · 08-15-2005, 08:43 AM

Originally posted by irastus

Hello. I've been lurking for a while and registered to add my two cents in this thread.

Most "PayDay" establishments operate by requiring the barrower to issue a post-dated check. As a negotiable instrument, the automatic stay does not prevent the "PayDay" people from depositing these checks at a later date - 362 (b)(11). If you have issued such a post-dated check, the only way to prevent this is by closing the bank account.

That is true, but if you have a good lawyer, you can sometimes get the money back, but yes, you either need to close the account or stop payment.

**Denmarie** · 08-15-2005, 09:00 PM

Follow up On The Payday Loan

My lawyer wants me to close my account to stop the payday loan in case they submit it electronicaly.THE ONLY PROBLEM IS THAT WE HAVE ONE OF THOSE CHECKING ACCOUNTS WHERE WE CAN WRITE CHECKS OVER THE AMOUNT UP TO $650, AND THE BANK WILL HONOR THE CHECKS, BUT ADD THE NSF CHARGE TO EACH ONE, AND THEN WE HAVE TO HAVE THE ACCOUNT PAID UP WITHIN 10 DAYS. Right now we're in the hole, and I don't think we can close the account when we have NSF checks out that the bank has paid for us, and our next payday isn't until Friday. We live in Oklahoma by the way. I looked at my contract and their isn't any place on there that they can go ahead and send a check electronically when we have put a stop payment on it. Also, this is not a post-dated check,it was dated on the day I took out the loan.
Thanks for all the suggestions. hope we get through this soon.

**herekitty** · 08-16-2005, 04:27 AM

Okay, hopefully I'm understanding this correctly. Your account is currently negative? What you may want to do is just write it off in the bankruptcy - yeah, having overdraft protection is nice, but doesn't it make more sense to take the $500 from the rummage sale and get a lawyer and start your process immediately?

There are a couple of threads that discuss "2nd Chance Checking" if you do not have an alternative account.

Hope that helps!

**catlovergal** · 09-19-2005, 10:11 PM

More payday loan problems

One of the online payday loans places I had a loan with tried to send their payment thru electronically on 9/9/05. I filed for bankruptcy on 9/13/05 and stopped the payment on the debit. I then notified them (payday loan co)that I had filed and gave them the case #,attorney name & phone #, and date filed. I also told them I had put a stop payment on the debit. The next Friday on 9/16/05 they tried to collect again, and split the payment into 2 unequal amounts. My paycheck was direct deposit, and the bank has tied up my paycheck pending the return of this debit. The bank was supposed to return both debits, but I noticed from my account info that only one was returned. So my account is still overdrawn, and I still cannot get any of my paycheck out of the bank. I have cancelled my direct deposit. As soon as I receive my next paycheck, I'm going to close the account. I have already opened a checking account at another bank.

**Genenco** · 09-20-2005, 02:12 AM

My thoughts..If you have a (Ahem) Wells Fargo account..They do offer direct Deposit Advance and charge only $2 per $20 borrowed...However, if your not with WF, then forget this advice.

As an aside, man I wish I had a couple of million..I'd be in that biz, but I think I'd make it more of a "Monthly" payday loan...I'd not doubt that the mafia (Of one type or another) are involved in this...

**Pinktiger** · 09-20-2005, 02:25 PM

My birthday was 9/12 and I was 55

I just noticed this post - interesting.
We are both going through the same issues with BK and born a month apart.
My 341 is set for 10/12. A lot of 12's.

Good luck and try not to worry so much.

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