Internet's first get-out-of-debt community - 129,000 members

Posted: Fri Dec 28, 2007 1:46 am Subject: There must be something I can do...

Happy Holidays everyone! I haven't been on in a bit, busy with all the holiday happens. But I need some help. I have one loan left with PayDay1. Which if you remember was originally PayDay ok and they did that little trick and had me switch to PayDay1 in October.

I know I had to have either over paid PayDay ok or almost had them paid off when this happened. I'm very mad about this and don't want to send PayDay1 any money, however I defaulted on this loan about a month, month and half ago. They called me a few times at first and now I've heard NOTHING from them. Does anyone have any suggestions of how I should handle this? Does anyone know why they haven't made any efforts to collect? Please chime in...Thanks Reny

Posted: Fri Dec 28, 2007 7:42 am Subject:

Have you tried to request a PIF from them? I would, because of the Payday OK situation. The laws did not just change in Ohio, so the payday OK loan was still illegal since they weren't licenesd. I would give it a try, they are usually fairly easy to work with.

Posted: Fri Dec 28, 2007 7:49 am Subject:

Thanks Goudah, so you mean I should ask PayDay Ok for a refund? Even though techinally that loan is paid off? I never thought of thought, do you happen to have a sample letter for this type of thing? Thanks!

Posted: Fri Dec 28, 2007 7:55 am Subject:

I'd ask Payday OK for a refund, and ask Payday One to mark you PIF on the current loan since you've already paid so much in fees to them.

Posted: Fri Dec 28, 2007 8:05 am Subject:

ok this is goingin to sound silly, but how do I figure out how much of a refund they would owe me? I added up all payments--I borrowed 500.00 2xs and paid a whopping total of 2742.52!! OMG, so how much would they need to pay me back?

Posted: Fri Dec 28, 2007 8:07 am Subject:

What state are you in again?

Posted: Fri Dec 28, 2007 8:08 am Subject:

Posted: Fri Dec 28, 2007 8:08 am Subject:

Okay, I remember, Ohio! Give me a sec . . .

Posted: Fri Dec 28, 2007 8:11 am Subject:

Each $500 loan should've been paid back at $577.50. That means you legally would've paid $1155.00 on the two loans.

Does the two loans include the one that was moved to Payday One? Did either company ever make you pay off the loan then reborrow, or were they all straight rollovers, only paying the fee?

Posted: Fri Dec 28, 2007 8:24 am Subject:

Let me see.. I first borrowed 500 and paid 2029.86. This was payments, rollovers re-fi's and includes 517.00 which I managed to PIF one time. Then I borrowed another 500 and paid 335.00, then PayDay 1 paid them 472.50, which paid them off again. So now I owe PayDay 1 595.00 which is the orgianl 500.00, the fee and a NSF fee. I hope this is making sense.

Posted: Fri Dec 28, 2007 8:34 am Subject:

So on the first loan you overpaid by $1,452.36.

The second loan you overpaid by $210.00.

I would absolutly try for a refund on the first loan, and a to get them to combine the payments on the second loan to each company to make that one PIF.

Posted: Fri Dec 28, 2007 8:51 am Subject:

I'm drafting a letter right now. Should I send the letter. I'll be back for "letter feedback" Thanks

Posted: Fri Dec 28, 2007 8:58 am Subject:

goudah is right, this is the same thing that happened to me, I didn't get a refund but I did get a PIF letter. It took them a long time, but I continued to email them 8 - 10 times a day demanding a PIF letter. At first I only received emails from them stating the account was being reviewed, FINALLY I received a PIF email. And I should frame it! lol

Posted: Fri Dec 28, 2007 9:08 am Subject:

From PayDay1?

Posted: Fri Dec 28, 2007 9:10 am Subject:

Lren, I had the same problem with them and I emailed them a letter stating that I had overpaid them along with my state laws and I requested a refund and they went ahead and sent me a $1000 refund and my accounts were marked PIF, make sure you email them like 3-4 times a day and I also suggest that you send the letter certified mail. They will mark you PIF and probably send you a refund, they are very easy to deal with. Good Luck and please keep us posted.

Posted: Fri Dec 28, 2007 9:52 am Subject:

Lren - Yes, Shazzers has the same situation as you if I remember correctly. The loan was transferred from Payday Ok to Payday One.

Kate - You live in another state, and the situation is a bit different. In this situation, the transferred the illegal loan to a legally operating company, making it a bit more murky.

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - 129,000 members

There must be something I can do...

Members Area

Free Debt Counseling

Ask the community

Community Photos

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post