Payday loans

[chewy96]

Yes. They are the devil.

I currently have FOUR pay day loans.

Magnum Cash Advance - 416.00 (every two weeks)
Check N Go - 322.00 (every two weeks)
Advance Paycheck Now (88.00) every two weeks
Think Cash (88.00) every two weeks

I can include these in my bk case, right?

Would the best thing be to close out my checking account that they debit from until the attorney mails them the notice?

And if I open a new account, does it need to be at a different bank or does that matteR?

[chewy96]

And do payday loans have to be a certain amount "old" before you can include them? Like one month old, two months old, three months old, etc.

[HHM]

YES, you can include them in your BK and they WILL be discharged
YES, if the Payday loans have auto-debit from your checking account, you will need to close the account.
YES, if you open a new account, it should be a different bank.

and

NO, payday loans do not have to be a certain "age" before you include them. Conceivably the payday loan company could object to discharge of the debt if the amount of the loan is great enough and was taken out within a short period of you filing BK. But usually the amounts are too low and keep in mind, most courts view the age of payday loans from the "first" time you take them out and not on the bogus renewals the payday loan places use.

Make no mistake, payday loans are not afforded any special status in BK, they are simply unsecured debts.

[tiredofdebt1]

Just make sure that the bank actually closes out the account and doesnt have a policywhich someone one of the company is still debiting the account....and it opens the account back up automatically which happened to me....Suntrust Bank. I included all 5 of my payday loans.....closed out my acct# on 8/27....the debits on 8/30 automatically opened it back up...then i got fees on top of the debits that they paid out...and they are still charging me fees each time they try to take money out....but that are not paying them anything now....its rediculous......the bank is included in my BK for this reason.....now i owe $1178

[magyar123]

If you close a bank account becuase you don't want anymore withheld, make sure NOT to open another account with the same bank. Open another account with a completely different bank.

[jennordhavn]

Just make sure that the bank actually closes out the account and doesnt have a policywhich someone one of the company is still debiting the account....and it opens the account back up automatically which happened to me....Suntrust Bank. I included all 5 of my payday loans.....closed out my acct# on 8/27....the debits on 8/30 automatically opened it back up...then i got fees on top of the debits that they paid out...and they are still charging me fees each time they try to take money out....but that are not paying them anything now....its rediculous......the bank is included in my BK for this reason.....now i owe $1178

Similar situation happened to me. I had a credit union account because it was the only place I could get an account at the time. When I was able to open a regular checking account, I went in and paid the small negative balance so I could close my account. They told me they had to "hold it open" for 10 days until I notified all the automatic withdrawals that I was closing the account. So my account was $0 and now the credit union says I owe them $1600+ because they never closed the account and continued to let the payday loan people try to do their withdrawals. So the entire amount I supposedly owe them is bank fees!