Although I knew it was a stupid thing to do, I took out a payday loan from PayDay Services (paydayservices.com). The loan was for $475.00 and was deposited into my bank account on 12-10-07. They started taking out their fees and whatever the heck else they wanted to on 12-14-07. Every two weeks since the 10th of December, they withdrew money from my account. I called their phone number 1-800-420-8023 two days ago (this is now the 19th of February - two months after the loan was deposited). I was told that my balance/payoff amount was $525.00. This seemed preposterous to me since to date I had paid $600.00 on the loan. I remained nice on the phone, not arguing although I really wanted to. After I hung up, I figured I would be repaying probably thousands on a $475.00 loan. I immediately emailed them - they have a complaint link on their website - stating that I wanted copies of my documentation forwarded to me immediately showing these outrageous fees and bogus charges. I think what really helped me was that I stated that if I heard nothing from them and if my account was not credited properly as paid in full, I would be seeking legal resources to amend the situation and I told them that this sort of repayment was usery - illegal in all states.
This must have done the trick because I received a phone call from them immediately upon receipt of my email stating that there would be a final withdrawal from my account for $50.00 and my account with them would be credited as Paid In Full and closed out.
I knew it was stupid to go this course, but I was in desperate straits when I needed this money, and that is what these companies look for. So I hope that this bit of information helps someone else in getting these carpetbaggers off your back and away from your bank account.
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