I have a payday loan with mycashnow in delaware but I can not repay it on their terms. my account is severely overdrawn. i would like to pay it off but i also need to support my family week to week. I really do not want to close my account. what can i do?
Do I have to close my bank account to force a settlement with my cash now?
Closing your account might prevent them from debiting your account but it does not resolve the underlying problem, you can’t afford the payments.
Your best initial step is to call the folks at MyCashNow and see if you can come to an agreement to repay the loan on terms you can afford. If they agree to an alternative repayment plan it still might be a good idea to change your bank account number. You can do this without switching banks.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.