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September 4, 2020

May I shut my bank account to try and stop a payday lender from using funds as a result?

May I shut my bank account to try and stop a payday lender from using funds as a result?

Yes, but the payday loan provider will most likely quickly take collection action. You either write the lender a personal check or give the lender permission to take money directly from your checking account when you take out a payday loan. In the event that you close the bank checking account to help keep the lending company from using your debts, the lending company might keep attempting to cash the check or withdraw cash from the account anyhow. Which could end up in overdraft charges owed to your bank.

The lender that is payday deliver your loan to collections

Then you will see extra charges and expenses. Should you not spend your debt although it is in collections, the collection agency might attempt to sue you to receive your debts.

To prevent collection actions, try talking to first the supervisor of this shop where you’ve got the pay day loan. See you pay what you owe in an installment plan if they will let. Reveal to the supervisor:

Why you simply cannot spend anything you owe at a time.

You’ll want to repay it over many months.

When they accept allow you to repay your balance in a installment plan, create your repayments on time for you to avoid collection actions. Read More

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