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Hello all, I have a question about a current online PDL. I have had this loan for over a year with a few increases in that time. I have always made payments even if it was just a interest only rollover payment. Ive never had a problem paying until they decided to try and transfer my account to another online lender since they no longer offer services in OHIO. If I dont do so they tell me I need to pay the loan in full. Long story short, I cannot pay the loan in full because of financial problems, and I refuse to transfer the loan because of the added fees associated. I wrote them an email two weeks ago revoking payment authorization and they did not respond and still debited my account two weeks ago. I know the steps are on this site, but it might take awhile to gather all the info I need. Please let me know the exact steps I need to do to help me. I only have a week or so left now.

Posted: Tue Oct 23, 2007 5:17 pm Subject:

First of all, you'll need to either close your bank account or put a stop payment on that particular debit.

Next, you will need to figure out exactly how much you've paid on this loan. If you've had it for over a year, I'm willing to bet you have paid it off and may even be entitled to a refund.

We can help you here! Can you tell us the name of the company and how much the loan was for?

Posted: Tue Oct 23, 2007 5:18 pm Subject:

oops, I don't pay attention, sorry! Embarassed

I see now it was Payday ok. I dealt with them myself, they were actually one of the easiest.

Can you figure out exactly what you've paid them? Do that and we can go from there.

Guest · Posted: Tue Oct 23, 2007 5:26 pm Subject:

Well unfortunately when I try to log into my account it just goes straight to transfer my account or pay in full. So I cannot access my account information. Although I would like a refund of overpayment, I am more concerned with having the loan marked paid in full.

Posted: Tue Oct 23, 2007 5:29 pm Subject:

Ask your bank for statements going back to when you got the loan. You can prove what you've paid this way. I know you have paid it off...Once you get it marked paid in full you can then shoot for a refund...We can help you with that.

Guest · Posted: Tue Oct 23, 2007 5:35 pm Subject:

Can I just request for the account to be marked paid in full now so I dont get debited on the 31st and dont have to close out my account?

Posted: Tue Oct 23, 2007 6:18 pm Subject:

You could, but what they say and what they do are two different things. You are really going to have to fight them..They will debit you until the bitter end.

Posted: Tue Oct 23, 2007 8:03 pm Subject:

Here are the pdl laws for Ohio:

Posted: Tue Oct 23, 2007 9:15 pm Subject: reply

guest, as fins was saying, you need to check your bank statements and find out exactly what you borrowed and what you paid. If you want to get a paid in full from them, you will need dollar amounts to show that you've paid or overpaid. Can you get this information from the bank?

Guest-Chris · Posted: Tue Oct 23, 2007 9:57 pm Subject:

I'm in the same boat as you w/ PDOKAY. But, DON'T close your bank account. Thats what I was going to do, but was told by two differant prosecuters offices that I may face criminal charges in I do that. Chase Bank also said criminal charges MAY be possible. So be careful. I think i'm going to stop my direct deposit and allow the PDL to bounce and see what happens. May be expensive, but it beats a criminal record.

Posted: Tue Oct 23, 2007 10:07 pm Subject: reply

chris, are you in Ohio also? And you spoke with your state agencies and they told you not to close your bank account? Or just Chase bank said you could have charges brought against you? Do they realize that this is an unlicensed/illegal company? Does that matter to them?

Posted: Wed Oct 24, 2007 6:56 am Subject:

Chris - It all depends on what state you live in if you can get into trouble for closing your bank account. But - That only applies to storefront loans. ACH transactions by law can be revoked. All you have to do is revoke authorization, and then close your account. By Federal Law, a company cannot require someone to pay by reoccuring ACH transactions.

Those laws were put into place to allow for prosecution of people that go take out payday loans, and immediatly close the account, stealing the money and never having any intent to pay it back. It is not meant to keep people in the payday loan cycle. It is not meant to keep bank accounts open with fraudulant activity.

Posted: Wed Oct 24, 2007 7:10 am Subject:

Fax a letter to PaydayOK at 866-612-4508, stating that your state does not allow rollovers, and that you have overpaid your loan. In most cases so far, they have sent a PIF letter almost immediately.
Good Luck!

Posted: Wed Oct 24, 2007 7:11 am Subject:

Sorry, forgot to add: Or email them at shteam (@) paydayok.com. In my case, they emailed me back within 2 hours with a PIF.

Guest-Chris · Posted: Wed Oct 24, 2007 12:06 pm Subject:

I talked to two county prosecuter offices (Butler and Warren) and they said the fact that it was not a PAPER check made no difference. They said if I signed a contract via electronic signature than it was legal and binding in Ohio court of law. Now the fact that PaydayOK may be illegal on Ohio was not brought up. That may make a huge difference.

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