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 Posted: Thu Jan 24, 2008 12:12 am Subject: Please help in ky
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I live in ky I dont know what all these payday laws mean. i Just want to know how i can get them to stop debiting my account - for example if i borrowed 200 and have paid 220 already back can i block the cash withdrawals until my checks go through and open a new account. Please help.
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cadecainan
Joined: 06 Jan 2008
Posts: 17
Debtcc Points: 558
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Posted: Thu Jan 24, 2008 3:49 am Subject:
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Hello ashley
As far as I know in Kentucky, your loan duration can range from seven to thirty days, and the loan amount can not be more than $500. The interest they can charge you will be approximately $15 per $100 borrowed. That implies if you have borrowed a $700 loan, you would pay an extra $105 in interest for that loan.
nelly
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goodnelly
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Joined: 20 Jun 2007
Posts: 634
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Posted: Thu Jan 24, 2008 7:07 am Subject:
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If it is an internet payday loan, you are only required to pay back the principal amount borrowed. Internet PDLs are illegal in KY. If you have paid back $220 on a $200, then you are paid up.
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cdollar
Joined: 08 Jan 2008
Posts: 220
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Posted: Thu Jan 24, 2008 7:22 am Subject:
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Internet payday loans are ILLEGAL in KY. I have this on authority from the KY dept of Financial institutions and the Atty General. I have had the same issues as I live in KY. The only PDLs that are legal in KY are storefront. I would never give advice on a topic I knew nothing about! Goudah posted about KY laws and correspondence with the DOFI in another forum.
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cdollar
Joined: 08 Jan 2008
Posts: 220
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Posted: Thu Jan 24, 2008 7:28 am Subject:
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You are correct.
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kashzan
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Joined: 11 Jul 2007
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Posted: Thu Jan 24, 2008 10:12 am Subject:
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 So i have a 400 dollar loan from discount advances i really owe them 460 not the 598 that they are charging me correct?
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cadecainan
Joined: 06 Jan 2008
Posts: 17
Debtcc Points: 558
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Posted: Thu Jan 24, 2008 10:30 am Subject:
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Is discount advances online? If so, you only owe them $400. KY does not license or recognize internet PDLs. So, technically, you aren't LEGALLY obligated to pay anything back. However, you should pay back what you borrow, but on your terms. According to what the office of financial institutions told me:
1. KY does not license internet PDLs
2. Internet PDLs are illegal in KY
3. A PDL cannot collect on these debts, as they are illegal
This is from a conversation I had with Executive Director of KDFI Cordell Lawrence.
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cdollar
Joined: 08 Jan 2008
Posts: 220
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Posted: Thu Jan 24, 2008 12:42 pm Subject: Kristin Swanson-Mace Law Office
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I received a call yesterday from a Bill Starks from the law office of Kristin Swanson-Mace yesterday. He said he was calling on behalf of www.paydayloan.com (catchy name huh). I told him I had no knowledge of this particular loan, could he send me verification in the mail. He asked me to verify the last four of my social security number and my home address. I told him I would not verify this information over the phone to please send me notification through the mail and he said so you do not wish to comment on the phone, I said yes, and he said See you in court.
Has anyone else been contacted by this law firm???
I did google it and there is a law firm in Florida by this name. The phone number on caller I.D. was unknown so I don't have anyway of verifying that either.
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motomom716
Joined: 17 Oct 2006
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Posted: Thu Jan 24, 2008 12:43 pm Subject: Swanson-Mace
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By the way, I live in Kentucky.
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motomom716
Joined: 17 Oct 2006
Posts: 142
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Posted: Thu Jan 24, 2008 1:09 pm Subject:
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They appear to be a legit legal firm, however INTERNET payday loans are illegal in KY and therefore uncollectable. I'm not sure why a law firm would back up something like this--that site you gave is located in California. Weird...
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cdollar
Joined: 08 Jan 2008
Posts: 220
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Posted: Thu Jan 24, 2008 1:12 pm Subject:
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Is this California CA/ Law firm even licensed in KY?
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kashzan
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Joined: 11 Jul 2007
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Posted: Thu Jan 24, 2008 1:16 pm Subject:
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The law firm is in FL. I called them to see what kind of law they practiced and the receptionist said "Workman's comp" I asked if they had a collections office, and she gave me a phone number:
866-521-0411
I googled it, and it looks like they're scam artists. I would report them to the FTC, BBB, Atty Gen, etc
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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Posted: Thu Jan 24, 2008 10:14 pm Subject:
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I closed the bank account that the intranet pdls were debiting from. Now what ?
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cadecainan
Joined: 06 Jan 2008
Posts: 17
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Posted: Fri Jan 25, 2008 6:31 am Subject:
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Now you play the waiting game--they're going to harass you like crazy. You need to send a C&D letter as soon as that happens. Settle with them on your terms. They can't do anything to you.
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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Posted: Fri Jan 25, 2008 7:26 am Subject:
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You really should send them something immediately....you also need to have in writing that you revoked their ACH privleges as well as revoking any potential wage assignments.
Send them this letter ASAP certified return receipt...change the applicable information:
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Name and address of the PDL
After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE'S NAME in general:
INSERT STATE LAWS HERE
After finding out that your internet payday loans are illegal, your company should actually not issue loans to YOUR STATE residents at all.
I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.
I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office. <OR> I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan. <OR> I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan and send me a refund of $XXXX.
<OPTIONAL>
I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account.
You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.
You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.
I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.
I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.
I expect a response from your company no later than XX DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Please respond by XX DATE, regarding this matter by US Postal mail or by email only.
Your name
CC:
Better Business Bureau
Attorney General
Federal Trade Commission |
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volleyballmom
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Posted: Fri Jan 25, 2008 7:31 am Subject:
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Oh yes, volleyballmom. This is a great letter. Ashley, DO file complaints with the BBB. They can get stuff taken care of.
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cdollar
Joined: 08 Jan 2008
Posts: 220
Debtcc Points: 4014
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