Resolved Question

Payday loan and debit card?

Hi i have got in trouble with repaying a payday loan can anyone tell me if i cancelled my debit card by saying it was stolen would they be able to access my account via my new debit card thanx for youe help

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No they cant access your new debit card but it could be awkward if they send debt collectors to your door/ring you/ write etc. I think you need to find the money instead of making excuses. Sorry thats blunt but they are running a business and you have defaulted on a contract and its their job to chase you for it.

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Other Answers (5)

• If you declare your debit card as stolen, your card issuance financial institute will freeze and deactivate the debit card for further usage. At this point, you would normally opt to get a replacement of your debit card. Your account is not affected. You will be able to access to your account with your replacement debit card.

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• Changing your debit card won't relieve you of the obligation of your payday loan... read your contract. Trust me, you are not the first (or last person) to be taken in by the payday loan industry and it's a cycle of very high interest that is near impossible to get out of. Surely you knew that if you were so desperate to take out the loan in the first place that you'd have trouble repaying it at face value, let alone plus interest. The next pay shorts you by that amount so you are forced to need another loan to repay the loan and then a loan to repay that loan. Add the interests, fees, and everything else and you're in trouble. Those places are legal but they are legal loansharks and people continue to blame the economy instead of blaming their spending habits. It's time to stop the insanity. Work another job. Borrow from family, friends or employers. Sell things you have that you don't really need. Do whatever you have to in order to pay off those loans and spend only the money you have... not credit cards, loans, payday loans or anything else. Nobody wants to hear the word budget but come on. You are overextended and it's important to do whatever you have to do in order to be debt free and living on what you make... period. The last thing you want is for the payday loan company to get a judgement against you and garnish your wages because they get their money before you do and that's MORE than the amount of the original agreement... they get 25-30% of your income before you can pay rent, groceries or anything else. Think about it. It's time to settle up the loans and get on with a life that includes living within your means. You CAN do it. Playing tricks with checks, debit cards, renegotiation, or whatever isn't paying off the debt. Be honest with yourself.
• The worst thing you can do is to lie to a debit card company or to any company. when found out your credit rating will be Zero plus.
• No they won't be able to access your account once you cancel the card but they won't stop there. You need to pay them off ASAP. They will come after you and ruin your credit.
• Honestly its not that great of an idea and it can be a lot of interest payments. But sometimes its the only choice. Best of luck.