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Has anybody ever cancelled a payday loan automatic payment?

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    Has anybody ever cancelled a payday loan automatic payment?

    If so did it actually work? I got in the typical payday loan cycle and can't pay it off. The terms state I have to give another form of payment to cancel. Not sure this is even legal.

    #2
    I have no experience with this, but payday lenders aren't known for strict adherence to the law. I suspect that they will not easily stop taking the payments. Here is information that will help: http://www.nolo.com/legal-encycloped...yday-loan.html

    I hope you've learned your lesson and will not take a pay day loan again. It is a vicious cycle designed to keep you in debt.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      #3
      Dittos above^^^^ We tried to get a so called friend out of the payday loan spiral, by giving her 1K to pay off the loan, and get on her feet again. We also gave her my beloved car--we had gotten a newer one--with the warning that the oil light is unreliable--it flashes low periodically, and to ignore it. 'Hub had just serviced the car, and we knew it was in tip-top shape. Within a month, she destroyed the car, spent the money on frivolous things, and lost our friendship forever.

      BTW, she is supposed to be 'brilliant' and a member of MENSA. And she knows 'everything'! I don't think so.....GGGRRRRR
      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."

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        #4
        Legal or not, the only way a payday lender is going to stop taking money from your bank account is if you close the account and open a new account at a different bank, which is not affiliated with the original bank. Did you seriously think that the payday lender would stop debiting your account simply because you ask them to? A normal consumer creditor or magazine or utility company, sure, but a payday lender? No way.

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          #5
          By law, they must comply with your written request to end automatic withdrawals. I have recently revoked automatic withdrawals for my personal loans. Surprisingly, they all very quickly complied with my request. Not sure how receptive/responsive pay day lenders would be to this request but again they are required to follow the same law.

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