So i am stuck in the never ending battle with Internet PDL's and i have been looking on this site and getting some information. What i have found is that internet PDL's in KY are illegal and I have more then likely way overpaid on mine. I can no longer afford it, i contacted them and let them know this last "payment" could not be made bc i did not have the funds for it, and well, it was returned to them NSF. I took out the "loan" in June 08 and i have increased the principle from the original 200 to the now 1000.00, by "refinancing" when i needed more money or i could not make the principle payment, and they would just deduct the accrued fees and according to my payment history i have paid 2906.45 on it since june 08. They have tried to contact me in regards to paying my past due amount, but i just can't do it anymore. any suggestions? This one is with Pay Day One

It seems like I may have read on this sight that PayDayOne is operating as an installment loan and not a payday loan in KY. Hopefully someone else will come along with more info. Try doing some searching in the box on the top of this page to the right and read over your contract and see if it mentions installment or pdl.

Read the last post in this thread. It states the KY AG says that PayDayOne is doing business as ThinkCash in KY and is a legal installment loan. You may want to read over your contract and contact your AG yourself for verification.

http://www.debtconsolidationcare.com...y-pdlhelp.html

Well now i am TOTALLY confused. I can not find anything anywhere on my documents that indicates ThinkCash, only on the website, but nothing on the documents.

Would an installment loan allow for rollovers and refinance, with due dates being every pay period?

according to paulmergel in another thread going on right now "in a jam again" I think it is-installment loans can have similar terms as pdl. Does your contract mention either pdl or installment loan?

I will look right now.

ok well yeah, in one sentence in the second to last paragraph they refer to it as a single payment installment loan.
Then why the heck to they let me roll it over?

Payday One contract is very tricky. You need to review it carefully. I believe they take the interest upfront for 2-3 months then they apply everything after that to the principal balance making it an installment agreement.

You paid them roughly $2900 already You stated you refinanced the loan up to $1000. How many times did you refinance the loan form the original $200. You need to be careful when refinancing, because the prior fees you paid on an old loan does not apply to the newly refinanced loan terms according to the PDL company. They will pull a fast one on you with this However, I would definately fight to have a PIF being you paid 2x greater than the CURRENT principal balance of $1000. How much are they saying you still owe on the principal?

__________________
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-

I have been paying nothing but interest charges and i have hit my maximum roll over amount of 4 times. they are still showing 1000.00 in principle being owed. I would increase the principle amount but i would only pay interest, and then when i hit the 1000.00 maximum, i would just paid interest. they allowed that 4 times, now i must start paying the interest plus 10% of the principle. So my payments will be 100.00 plus whatever interest is accrued.

HERE is what I found about PayDay One being affiliated with Thinkcash. So the AG may be correct

__________________
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-

OF COURSE, i would pick the one legitimate company to work with

LOL, no worries. I would definately call and speak with someone. Seems you have paid all those fees to extend rather than pay down the principal on the loan. So that $2900 does not apply. Also you have taken more than one loan with them. That is how they trap you Please call and explain your situation, maybe they can credit you back some of what you paid toward the loan or even forgive it alltogether due to your payment history.

Just remember they are Legal and licensed to do business. That does not make their outrageous interest rate acceptable though

__________________
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-

thank you!

Your welcome keep us posted!

__________________
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-

My payday loan was turned over to a collection agency in Florida and I live in Ky. I am on SSI. Can they garnish my SSI? Can they take me to court over the balance that I owe? It is $340.00