I had 2 payday loans with 2 different companies, I sent several faxes to these companies revoking my ACH authorization. They still debited my account so I contacted my bank and filed a claim on the money stating I revoked the ACH authorization between myself and the company. I received a letter from my bank stating that they are going to take the money back out since the company provided an agreement between myself and them, Its not that I have no intention to pay them back, jst at the moment things are too hard to, and also in the contract it states that I cannot be criminally prosecuted and I dont have to agree to making or receiving payments through my bank account. Im in California and did these loans online. Can I revoke my ACH auth or do you have any other advice on this matter?
Chapter 7 Bankruptcy Attorney
This is really a "contract" question. As you say, they provided an "Agreement" between you and them saying you agreed to their terms allowing them to take the funds from your account. Once a contract is made, you CANNOT, on your own change the terms.
Imagine, (for instance) that you were going to buy a bike from your neighbor, and paid him the asking price on the condition that he deliver the bike to you tomorrow. Then tomorrow he says he has decided (on his own) that he still needs the bike, and is not going to give you the bike for 30 days. This would be a "breach" of your agreement and I think you would not be happy. If you took your neighbor to court I believe you would win.
I also believe that in this situation THEY would win in a fight. That said, the best advice I can give is STAY AWAY FROM THE PAYDAY LOANS!!
Wish I had better news, but that is the way I see it.
Debt Collection Attorney
Do you have money in your bank account? Is it a direct deposit account? What is being deposited, wages or social security? I suggest that you change banks. You will still owe the payday lender, but you will be receiving your income.