A payday loan can be used to cover cash shortfalls. When you obtain it, your lenders require that you provide your bank and income details. Creditors do this before providing their clients the loan. Most lenders require an automatic debit from your account on payday. Now, if you no longer wish for your lenders to automatically credit your loan from your bank account, you can call your bank’s customer service support to know how to stop payday lenders from automatically withdrawing money from your account.
Your bank will require that you make a notification letter to stop payment, at least, three business days. But before you make a request, make sure that you have the receipt from your lender and jot down the date when you’ve agreed to establish an automatic debit from your bank and the amount of the debt.
You can request your bank for a stop payment by calling your bank. Tell the representative about the amount of the loan, the name of your lender and the date of the transaction. Requesting a stop-payment to your lender will cost around $30, depending on your bank. Thus, you should have sufficient fund in your account to pay for that fee. If you don’t have an available fund, you should make a deposit first and wait for it to appear on your account before calling your bank’s representative and request a stop payment.
Some banks do have some tips to help their clients on how to stop payday lenders from getting into their accounts.
After you’ve made a stop payment request, you may talk to your lenders and ask if they can extend the period to repay the loan. You should ask if you can extend the loan until you have sufficient funds to clear your debt. Some lenders would accept your request if you offer them a partial payment as it’s a sign of goodwill. This is also a sign of your commitment to getting your debt be paid off at a certain period of time.
You could also ask your lenders to only contact you through email or postal mail. This will make sure that their pushy staff won’t be making unnecessary follow-up from your office. Then, tell them that you will consider subsequent calls from them as harassment.
Sometimes, your payday lenders can be too tough to stop as they need their money back. Thus, it’s ideal that you talk to a credit counseling company who can help you further on how to stop payday lenders from contacting or harassing you. Consult a payday loan expert to help you get through these tough financial times.
