How do I get out of the payday loan trap?

April 22, 2010 by admin
Filed under ACH Transaction

I have 3 Payday loans out with a total balance of ,000. The fees and interest are very high and can’t keep up. The loans keep hitting my bank account and I am charged 100-150 dollar in fees every two weeks. I also sent letters the the online payday loan companies to revoke ACH transactions, but they keep trying to take money that’s not in my account. I also wrote a letter to my bank and called them requesting that they stop all ACH transactions on my account, but they won’t do it, they tell me it cost to stop each transaction, which I don’t even have in my account, so that means I would be paying in fees every two weeks to stop each ACH transaction. The bank was willing to waive some fees, but it will just go up again once they debit my account again. My bank said that my account will close in 15 days and that it will be reported to chex systems. Should I just wait for my account to close and be sent to a collection agency, so the overdraft fees will come to an end and work out a payment plan. How do I get out of Payday Hell? I also have 2000 in credit card debt. I talk to an attorney to view my bankruptcy options and they said I need to be at least 00 in debt. What do you suggest I do.
I already tried to close out my bank account they won’t let me close it or freeze it.