Monday, June 9, 2008

Now you see you don't

This morning I got a happy piece of news, another $120 deposited back into my account from my payday loan dispute. For a minute I thought of all the things I could have used the money for, birthday presents for Boyfriend, a new haircut or manicure before my interview on Wednesday, some new summer clothes, etc.

Alas, I still owed my student loans $127 from last month's bill which I underpaid. So off it went, just a few minutes after it came.

I'm happy about this development, though, as it frees up some flexibility in my next budget so that, eventually, I can get Boyfriend the birthday present I have decided on (more on that later).


Jim ~ said...

I'd rather be current with the student loans, they're just as bad as the IRS coming after you. Student loans cannot be bankrupt, must be paid, although expire if still have a balance and are deceased. Most of us have no choice but to just pay the stupid things off, and as long as you stay current that avoids the late fees and such that only delay paying them off.

When will your payday loan people leave your account alone? I would switch the account number so they can't just randomly draft it. If you still have a balance with them, go get a money order and pay them off with that, not giving them access to your bank account.

Sallie's Niece said...

Good question, one payday loan company had been making it extremely difficult for me to pay them back (disconnected phone number, nonworking web site, etc.) so I finally got in touch with them and threatened legal action and they agreed to stop debiting my account. The two payments I have received are from the bank because I disputed the validity of the charges. Pending confirmation this Wednesday they should be out of my life (and bank account) forever.

The other payday loan (and now only) I have out I still have a balance to pay off but will have that done by the end of the month. This company is a lot better and I have already scheduled my next payment with them.

I didn't want to close my bank account as it takes my job weeks to sort out the direct deposit but I am cautiously predicting that in a little over two weeks I will be done with all payday loan payments.

Anonymous said...

I hope you don't lose the dispute and then the bank reverses the charges on you and then you are back out the $120. Is that a possibility?

You may want to open a new/second checking account and ask your payroll department to start to deposit your check to that account. Start using that account for your daily purchases,etc and don't give out the account information to anyone. Once you are sure your paycheck hits the account, cancel/close the account that the payday loan folks have access to. That could solve the access problem.