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#1
09-26-2007, 08:04 PM
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Plese Help ME!!!
Can anyone tell me what I need to do? I have 9 online payday loans and 2 in stores in my local area in KY and I cannot afford to make anymore payments on these loans. Everytime I get a paycheck they take so much out for fees alone that I hardly have a paycheck left.
cashtransfercenters $381. Cash Borrower $390, paid $90. Payday Select $400, paid 310.64 as far as i can count. Payday One $300, paid $435. Payday Ok $405, paid $602.15 Fast Apple loan for $400, paid $351 as far as I can tell, but it seems like there were more debits. TJF Corp. $260, paid $360. Midland Market $260, have paid $360. Cashland $467 in store. Cash Express $460 not due yet in store. World wide Cash Now $289, have not paid any yet 
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#3
09-26-2007, 08:29 PM
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You will find the Payday loan laws for Kentucky here (just select your state),
http://www.debtconsolidationcare.com...pdls-laws.html
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#4
09-27-2007, 07:20 AM
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So what would be the best thing for me to do? According to the law of Ky rollovers are permitted and that is what I have been doing with those internet payday loans. I dont mind paying the principal amount but I would like to set up payment arrangements and stop the interest from compounding. Any suggestions?
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#5
09-27-2007, 07:20 AM
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Harris, Internet pay day loans are illegal in Kentucky. The companies can not be licensed here so they can not lend here. First thing...You need to close your bank account. You need to do this asap. If they will not close it, you need to have the bank place a hard debit block on the account. Explain to them that you have had fraudelant activity on your account and you need it stopped. A hard debit block will keep the companies from being able to atttack your $$. Make sure whatever you do your account can not be forced open to pay these companies. You can not stop payment becuase they will either submit a paper check or use another name to get their money. You want to open your new account at another bank if possible. If you have to stay with the same bank, have the bank put in writing the two accounts in no way will be linked and that the debits will not be posted to the new account becuase of attempted debits to the old account. If you have direct deposit, you need to get with your payroll person and either get it changed to the new account and/or have them issue a paper check until you can have your $$ deposited to the new account. This is the beginning of dealing with the internet. You need to contact the storefronts and work out payment arrangements with them. Speak to a sotre or regional manager. The storefronts are legal and will follow the law to get their money. I will stop here and let you wrap your mind around this. If you have any questions, please post them. Also, post your progress for us so we can continue to guide you on to the next steps.
__________________
In life it doesn't matter how hard you hit, it matters how hard you get hit and keep moving forward.
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#8
09-27-2007, 07:35 AM
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Although pdl's are not what i know best i DO know they can NOT put u in jail!! And if ur willing to work it out with them i don't see them suing u... they want their money and that's it. Most times a suit is filed after a long time without any sort of payment or if SOL is running out!
Good luck and remember they can NOT arrest u! Ang __________________
You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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#9
09-27-2007, 07:42 AM
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Thankyou ang. I was trying to get all that but I am having trouble posting for some reason. It takes me two or three trys and I am getting frustrated.
__________________
In life it doesn't matter how hard you hit, it matters how hard you get hit and keep moving forward.
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#10
09-27-2007, 07:56 AM
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Harris the first thing you need to do is close your account like Roxy said and stop your direct deposit. Go to a different bank and open a new account. I can give you an advise on Payday ok and Payday One, you have already paid them the principle on your loan and you don't need to continue paying them. Send them a cease letter along with the PDL laws that Kashzan posted for you via certified mail and also email it to them and demand them to mark your account Paid In Full . They are very easy to work with and once you send them this letters they will close your account right away and mark them PIF. The reason why I am telling you this is because I had two paydaloans with them and i sent them the letters and they marked my account PIF right away and sent me a $1000 refund. In my case was different cause I had paid them almost $4000 in two years, but believe me they will mark your account paid in full cause I did the same for a PDL my husband had and they closed the account also. Good Luck
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#11
09-27-2007, 08:16 AM
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Harris, all the advice you have gotten so far is excellent. I will echoi tghe otghers , please close your bank account asap, so you will not have any more ach debits. You can open another account at a completely unrelated bank, just to be safe.
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#13
09-27-2007, 09:05 AM
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Do not in any way feel stupid. We are all on this forum because we have been where you are. You are not stupid, every one makes choices which probably seemed good at the time but turn out not to be the best. You do what you have to in life. We will help you all we can. Just hang in there.
__________________
In life it doesn't matter how hard you hit, it matters how hard you get hit and keep moving forward.
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#14
09-27-2007, 09:06 AM
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Please please do not feel stupid! These pdl co's count on people doing EXACTLY what u did!! It's a trap and u got caught in their trap! Does NOT make u stupid! And consider it a life lesson!
 Good Luck, Ang __________________
You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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