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Here is the situation. I have a friend, that took out a cash-advance from 3 different spots (In Georgia Canada), all with-in the same city. The problem is this, he can't pay them all back on the date they need to be paid back. He knows about the issue with them going into your Bank-account and pulling the funds out If It comes to that case (Since their would actually be no funds), he would get 3x the over-draft applied on his account which would be anywhere from $120-$150. Now I don't know If my advice was wise or not (But I assume It saves him a-lot of hassle), I suggested he close his bank account, thus those companies can't go into his account+he won't deal with the over-draft Issue and when he is in a better spot and/or to pay 1 of them off per month thus they still get their funds (the entire funds). This brings me to ask this question. Is this good advice does It work? I mean can they go into your new account and take funds without your consent? Would this affect his credit in a major way even If he ends up paying them back but not on time and with-in 3 months?
Once he skips a payment, penalties and interest are going to kick in. This will become the most expensive money he ever got. The faster he pays it off the better it will go for him. Payday loans have the legal issues down to a science. It is just paperwork to them, a click of the mouse & collections will be on him. Once in collections his credit will drop like a rock. He will be stuck in the payday loan trap. Tell him to get an attitude adjustment & a second job & pay this off A.S.A.P. Advise him to read the paperwork & see what this will cost him.
Don't get me wrong I wasn't advising him to commit a fraud, Issue is he can only pay 1 pay day loan back in November and I being his friend suggested this method to him and thought It was best to do so (not thinking this is fraud in any way at all), I mean he intends to pay It back fully with-in 3 months, just an issue of not being able to do so all at the same time is his issue
Very bad advice Even though he closed the account the bank will still have his details and would bill him and the loan company will still and their charges. And worse - since the account is closed they will appoint debt collectors (cos the closed account implies he is trying to get away without paying) which will add to the amount he owes Even worse closing the account when there is a bill due to be debitted from it implies an attempted fraud, and THAT is a criminal offence