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 Posted: Thu Nov 15, 2007 10:14 pm Subject: pdls in Kentucky
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My husband has 3 internet pdls in Kentucky.They are:
Payday ok $500 paid to date about $410
Payday one $500 paid to date About $150
Geneva Roth Cap $300 paid to date $180
I haven't closed our account yet because I don't want a bigger mess then what we have now. Our account is $265 right now and when his paycheck goes into the bank tomorrow we will still be overdrawn because all of the loans are due tomorrow also.
I am going crazy here what should I do??
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lexielousmom
Joined: 15 Nov 2007
Posts: 6
Debtcc Points: 205
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Posted: Fri Nov 16, 2007 1:37 am Subject:
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lexie, Welcome to the fourm there are many of us who have been where you and your husband are right now. But know that internet pdls are prohibited in KY. You need to take careof your bank account. Check it first thing in the morning. If the pdls have not hit got the bank and either close it or have it hard debit blocked if you can not close it. A debit block will atleast keep the pdls from debiting your account. Try to open a new account at a completely different bank. Explain to the bank you have had unauthorized transactions in your account and you need to close it or block it. Be sure your husband goes to his payroll department and either stops or moves his direct deposit .
Here is some information regarding closing your account that is posted in the fourm and has some good information:
| Quote: | Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account. |
Please go take care of this and come back and post so we can guide you through 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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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
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Posted: Fri Nov 16, 2007 1:40 am Subject:
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Here are the laws for Ky and some additional information to look at.
| Quote: | Kentucky State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Kentucky Rev. Stat. Ann. ยง 368.010 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (cannot renew, rollover, or consolidate)
Cooling-off Period: None
Repayment Plan:
Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Regulatory Contact: Gary Davis,, Branch Manager
http://www.kfi.ky.gov/
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Internet based companies are illegal. They cannot collect on the debt through any means. Kentucky does not license them, and does not allow companies not licensed in KY to lend legally.
_________________
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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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
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Posted: Mon Nov 19, 2007 8:11 am Subject:
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lexielousmom, I noticed you were logged in and thought you may be looking for this. If you need anything or have any questions, just ask.
_________________
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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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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Posted: Mon Nov 26, 2007 6:45 pm Subject:
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Roxy thanks for all the info. I'm still in a big mess here.........but I guess you live and learn....HUH??!
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lexielousmom
Joined: 15 Nov 2007
Posts: 6
Debtcc Points: 205
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Posted: Mon Nov 26, 2007 6:58 pm Subject:
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lexi, I am so glad you are back. I have seen you a couple of times and was hoping you were ok. Life is one big long lesson.... Three really is not that bad...I had nine and you want to talk about live and learn. We are here when you are ready. I know it took me about a month to finally believe and take the plunge. It is scary, I know but so worth the work in the end. Remember they are prohibited in KY and are considered illegal and uncollectable.
_________________
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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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
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Posted: Tue Nov 27, 2007 8:51 am Subject: pdls
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i am new to this site, i owe about 2000 with fees for the loans and what is worse my husband dosent know. does anyone know is it fraud if i close my acct? does anyone know if there is one company that can take over all the loans and i pay them monthly?
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lizziek2
Joined: 27 Nov 2007
Posts: 33
Debtcc Points: 993
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Posted: Tue Nov 27, 2007 11:27 am Subject:
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lizzie, we would like to help. Many of us kept the pdls a seceret. My hubby still does not know. If you would list the companies, whether they are storefront or internet, how much you borrowed, the total of how much you have paid to each and your state so we can look at the laws, We will get started. I can not tell you about your bank account until I know what state you are in and we look at your state law. Also, when you come back, would you post the information requested on a new thread with your name and post. That will make it easier for ust to find you again.
_________________
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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RoxyNY
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Posts: 4093
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Posted: Wed Nov 28, 2007 3:09 pm Subject:
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It would have been alot cheaper to pay a few overdraft charges then to pay these ipdls. My checking account is now $600+ overdrawn because of this.Where do I start?? Somebody please hold my hand on this one.
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lexielousmom
Joined: 15 Nov 2007
Posts: 6
Debtcc Points: 205
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Posted: Wed Nov 28, 2007 5:23 pm Subject: r
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lexie, have you done anything with your bank account yet? roxy and myself are both in Kentucky like you. We can help you. You NEED to get rid of your bank account that the pdls have access to. I understand it is now in the negative, so the bank will most likely not close it right now. You need to go to the bank, speak with the branch manager (go to the branch you opened the account) and tell them to put a hard debit block on your account. Explain to them that you will pay the overdrawn amount to bring it back into the positive; however, in the meantime you need to have a hard debit block on it due to illegal companies taking unauthorized debits, okay? The first thing is to get your bank account to the point to where the pdls can no longer hit it. That's priority. Then we can walk you through the rest of the procedure. And we'd be glad to "hold your hand". That's what we do. lexie, you need to get your bank account taken care of ASAP. The pdls will continue to hit it causing it to go further in the red. If you have any questions at all, just post them. We are here.
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cannr
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Posted: Wed Nov 28, 2007 5:52 pm Subject:
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lexie, I am really glad you came back. I have seen you logged in several times and was hoping you would post. Everyone here will most certainly be here for you and will hold your hand. I know it is scary but the feeling you get when you get to keep your first whole pay check and are able to pay bills....it is worth all the work. Please go take care of our bank account asap. We are here if you need anything. Roxy
_________________
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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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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Posted: Wed Nov 28, 2007 6:13 pm Subject:
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I am trying to get it closed I sent them a letter to close it and about the unauthorized debits. I do have a new checking account...go me! I can't wait til I get a whole paycheck!!It's going to pay my past due bills but at least I will be able to pay them.
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lexielousmom
Joined: 15 Nov 2007
Posts: 6
Debtcc Points: 205
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Posted: Wed Nov 28, 2007 6:15 pm Subject:
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The bank is almost in Tennessee and that is a long drive from here.That is why I called sent a letter and an e-mail to close the account and or stop the ach's.
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lexielousmom
Joined: 15 Nov 2007
Posts: 6
Debtcc Points: 205
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Posted: Wed Nov 28, 2007 6:28 pm Subject:
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Lexie, you do what you have to. IF it is too far to get to then the next best thing is to call and put it in writing. Are they working with you?
_________________
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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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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Posted: Wed Nov 28, 2007 6:48 pm Subject:
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So far they have been good about it. I have to call them back in the morning to make sure that the block was put on the account and working.I also tried to call the DFI today but as my luck would have it noone was there to take my call so I will be calling back tomorrow.
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lexielousmom
Joined: 15 Nov 2007
Posts: 6
Debtcc Points: 205
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Posted: Wed Nov 28, 2007 7:06 pm Subject:
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lexi, I sent you two pm's..one detailing the next steps. Please be sure to check it tomorrow.
_________________
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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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11661
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