Jul
20

Payday loan company is still deducting from bank acct way over amount of loan paid. What do I do?

payday loan
sorry it happened asked:


I received a small loan 18 months ago. The amount was deducted from my account and paid off in a few short weeks. The company is STILL deducting from my account (sometimes 2 and 3 times per month). The amount they have taken is over 4 times the amount of the loan. How do I get this money back?

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4 Responses to “Payday loan company is still deducting from bank acct way over amount of loan paid. What do I do?”

  1. Ms. W
    July 23rd, 2008 at 4:08 pm

    call your bank to stop it but you should check the conditions of your loan.those payday loan is the worst loan you can get because they usually come with a really big interest and fees.next time, you should check in with your local credit union.if you establish a relationship with them and pay on time.also call the payday loan place and your bank.

  2. Purly G
    July 26th, 2008 at 1:08 pm

    First, check the fine print on your loan agreement to be sure you understand the terms. Second, talk to the loan company to see what’s going on. Ask them to stop the deductions and refund the overpayments. Third, talk to your bank. You should be able to stop the automatic withdrawals if you tell them what’s happening. Last, if you’re not able to resolve this quickly, talk to your state’s Attorney General Office, where they enforce consumer protection laws. If there’s something shady going on at the pay day loan company, the AG will be able to help you. Good luck!

  3. jackson
    July 28th, 2008 at 7:15 pm

    You paid it off right?

    Go to your bank and make it clear that they cannot deduct from your account. You need to shut this down. Get a record of what has been taken out.

    Go to the place you took the loan out from and ask for documentation. Ask for the contract.

    Then say go ahead and sue me if you like.

  4. aquaman2964
    July 29th, 2008 at 5:20 pm

    These people are scum plain and simple. Sorry you got caught up in that.

    FIRST: close that bank account and open another one. They can’t make deductions if there’s no account.

    SECOND: buy Greg Anderson’s book. It tells you how to deal with these dirtbags, and trust me, it works. It’s $15 but it’s a bargain at any price. It’s at. No, it’s not a site to take out payday loans. It’s just for his ebook, and I want everyone to know about it.

    THIRD: consult an attorney about recovering the overcharges. Don’t seek legal advice on Yahoo Answers, whatever you do.

    And above all, DON’T WORRY! It’s gonna be fine. :)