help with sample letter to Payday ok

I have been reading and have learned alot of helpful things here. Im in Ohio. Im am so far in debt it's ridiculous. I have an appointment with an attorney next week to possibly file bankruptcy. I have one payday loan with pay day ok. I took it out In januray 07 for $500. I keep extending and have had approx $570 depositied into my account(the original 500 and like 35 dollars or so twice) I have paid $875 and still owe the original 500!!! It sounds like Ohio law doesn't even allow rollovers to begin with. By the time I would file bankrupcy it wouldn't be for several months and I dont even have the pmt for the loan that is due this week. Would anyone be willing to email me a sample letter to send them to stop this pmt and try to get a PIF? BTW, i went on the payday OK site and theywant me to click ok to transfer this to their affiliate which is Payday1 and if I dont the loan has to be paid in full by Oct31. I dont want to click to agree because Im afraid they will say I was agreeing to the new loan terms, etc. please help amyoung4@yahoo.com

amy, you are correct. Rollovers/extensions are prohibited in your state. Plus the fact that I do believe that your pdl is unlicensed (someone correct me if I am wrong). Do NOT click the button to transfer your loan. Leave it alone. Don't do anything. Is your bank account still open to where they are still able to debit it? I'm posting your Ohio law just for you to see with your own eyes. Okay? But let us know your bank account situation. These people will not stop debiting even if you do send them a letter revoking debit authorization. They will continue to debit as long as the account is open/active.

Ohio State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. §§ 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer

Don't agree to switch. That could very well cause you problems if you do file bankruptcy. The judge could look at it like you were taking a new loan, which you weren't. All you have to do is write a letter to them stating:
I revoke your right to debit any of my accounts as of this date. And quote ohio law.

I agree with pybasj. Switching can cause you some serious problems with filing. Don't loans have to be at least 90 days old to include them in a filing?

You can include anything in a BK...as a matter of fact, it has to be and if you want to keep the particualr account, you can reaffirm.

volley knows her stuff.

Absolutely.

Well thank you... I try to add value where I can

Like Eleroo, I remember reading somewhere that you can't take a PDL out less than 90 days before bankruptcy otherwise the judge can look at it like you borrowed money knowing you were going to file bankruptcy.

You know what, pyb? When you go to a storefront for a pdl, one of the questions is "Do you plan on filing bk in the next (some time period)?" So I see what you're saying. They state it right on the loan papers at a storefront.

Good point pyb..yes, but I think El was asking if they HAD to be 90 days to be included. And they dont have to be...

But to your very good point, the judge will definitely frown upon new credit accounts right prior to a BK...some people go on shopping sprees and then try to file BK a month later before the payments are due.

We were just looking at if she agreed to switch that it might be looked at like new credit even though it is an old loan just a new company taking it over.

Gotcha...sure it would be frowned on but definitely not a show stopper for the BK.

Like you and everyone else has mentioned, I would strongly advise against it.

As a matter of fact, when she files BK, how much you wanna bet these pdl's will just send her PIF's??!!

Of course! What do they have to lose? She is filing BK there isn't anything to get.

AND since they are illegal, shit they would definitely not want to be involved in any real court of law!