Tag Archives: payday loan collections

Payday Loan Help: Stop Electronic Transfers

Payday Loan Help: Electronic Debits and Transactions

How to stop my payday loan lender from taking money out of my bank account electronically.

Ask yourself:

  1. Did you give your payday loan lender authorization to take your funds?
  2. Do you want to stop one or more payday loan payments out of a series you actually did authorize?
  3. Do you want to cancel your authorization?

Unauthorized transfers

Get Payday Loan Help from the CFPB:

Your payday loan lender is taking more $$ than you authorized? Tell your bank or credit union IMMEDIATELY. Tell them you’re experiencing “unauthorized transfers.” The FED’s require banks and credit unions to put a stop to this!

How to stop payday loan lender's electronic debits from my bank account
Payday Loan Help

My book, available on Amazon now,  “18 Ways to Kiss Your Payday Loan Lender Goodbye” discusses how to properly notify your bank. And, here’s a direct link to the CFPB Payday Loan Complaint page: CFPB Payday Loans

Put a stop to multiple payday loan bank account electronic debits.

Did you sign an agreement that allows your lender to debit electronic payments at repeated intervals, such as loans that are repaid through installments, and payday loans that are automatically set up to renew a certain number of times?  You can stop these! Just tell your bank or credit union – this may have to be in writing – at least three business days before the transfer is scheduled. The bank or credit union may require written confirmation of oral notice. Be aware your bank may charge fees for a stop payment.

Cancelling payday loan bank authorizations.

You can revoke any authorization that you gave a payday lender to take money out of your account. Follow the instructions in the initial payday loan authorization that describe how to tell your payday loan lender to stop. Lacking these instructions, the authorization may be completely invalid; STILL, tell the lender to stop taking money (debiting) your account.

Here’s exactly what to tell your payday lender both by phone and in writing:  “My authorization to debit my account is revoked.”  Keep a copy to take to your bank or credit union. Tell your bank or credit union that, “All further transfers are unauthorized” and you want them treated that way – either stopped or immediately refunded.

Failing this action by your bank or credit union, contact CFPB.

Payday Loan Collections

Payday Loan Collections
Payday Loan Collections

I’m a Payday Loan Collector (5 Rules for Getting Out of Payday Loans)

I work for a payday loan company. I am trained to FOCUS on collecting money from you NO MATTER HOW BROKE YOU ARE.

If you are 14 days past due, I MUST contact you 72 times in those 14 days you’re late. This includes calls to your home, work, your alternate contact numbers, your cell phone and any other phone numbers you gave me on your original payday loan application.

This “72” does not include calls I make to the reference numbers of your friends and family that you listed on your original application.  My employer considers these “extra attempts.”

I’m trained to make your life HELL! And I will… if you let me.