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franticlpn

I am sooo happy to find this spot! I have been frantic/desperate/depressed trying to get out from under some pdls that I took out trying to pay daily expenses. I'm sure you're familiar with the thought process-I gotta keep the electricity on/keep the car running...and I'm sure I'll be able to work extra and get them paid!!! Well I have been paying and refinancing for 3-4 years on two store front pdls and managed to get into an internet pdl as well(borrowing to pay the installment on the first two) I have a good steady source of income from my job but I can't get ahead on these loans and every payday I am paying nsf charges and refinancing and paying interest...I just can't get anywhere. My income barely pays monthly bills and mortgage not to mention food, school, drs, etc. I have been running as long as I can and I just don't have any more space. Now the loan cos are saying they are going to send me to legal
and calling me at work and I keep trying to pay and I have been giving them checks which then overdraws me at bank...I have been considering bankruptcy but it seems wrong to file mostly because of these#$@!!! but I just can't seem to get anywhere...I'm sorry I know this is long...pls can anyone tell me if they can garnish me and how can I stop the eft from my bank acct. until I can get it stabilized. I am in Oklahoma.
paydayok; borrowed 500; owe 450 still
Standard credit; borrowed 500; owe 1200
Community Loan; borrowed 300: owe 900
Thank you for listening!!!

Posted: Mon Jul 23, 2007 9:52 am Subject:

Hi there franticlpn....

First, take a breath and calm down. It sounds like you've been in this situation long enough for it to take a toll on your health and well being by causing unneeded stress in your life.

Here is the state law regarding payday loans in OK:

franticlpn · Posted: Mon Jul 23, 2007 10:36 am Subject: payday loan

Thank You!! I have tried talking to the managers about needing to make a payment plan and not having the money to pay and they keep telling me 'we' have to do something and that I need to renew..other than that they seem like such nice people and I know the counter help are just trying to make a living. They do not have access to my account except when I panic and give them a check to get them to stop calling me which then makes it a possible criminal matter because my account is drained already by other automatic withdrawals(student loan, car insurance, ymca, car payment, signature loan with bank, mortgage payment) I feel like such an idiot! You'd think by now I would know how to handle my money, but my entire adult life seems to have been one financial crisis after another.
The internet loan is with paydayok. Again, thank you.

Posted: Mon Jul 23, 2007 11:41 am Subject:

First off, it's not a crminial matter. Your state prohibits criminal prosecution for these things. So you don't need to worry about that.

You need to consider closing this account. These places won't stop debiting. Read this thread about some information you need to know before you close your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Posted: Tue Jul 24, 2007 10:25 am Subject:

There are a lot of fantastic people on this site who can help you out. It was also a relief to me to find it and just to know that other people out there are going through the same things. While trying to deal with it all you feel very isolated and alone. I remember all too well. Keep your head up. This place will help!

franticlpn · Posted: Tue Jul 24, 2007 11:38 am Subject: payday loan

Yes, when I started reading the posts from others about pdl I did feel a little better. It helps to know that I am not the only one having trouble with this. How can I find out if paydayok.com is licensed in Oklahoma? Is there a number I can call? And do you guys mean that I should have just paid on my original storefront loan amount and not agreed to refinance over and over? It just seems like no matter what I have paid the balance has just kept edging higher and higher. I guess I need to get an accounting of how much they say they've 'given' me and how much I've paid over the l;ast 4 years.

Posted: Tue Jul 24, 2007 12:17 pm Subject:

frantic -

go to the website listed in the OK laws I posted above. There should be a link there to the licensee database where you can find out if PaydayOK is licensed in Oklahoma.

Also, can you please clarify when you say "renewed" as it applies to the storefront loans - were they asking you to pay a finance charge to renew the loan, or were you paying it off and then taking out a new loan?? If you were paying it off and then taking out a new loan, then they've done nothing wrong, other than perhaps violating the part of the law that states there has to be a cooling off period.

franticlpn · Posted: Tue Jul 24, 2007 12:23 pm Subject: payday loan

Okay, I just went to the paydayok site to see if I could find a physical address or other name as I did not find them listed as licensed in OK and there is a big screen saying that starting 7/27 all paydayok customers in OK will be serviced by PayDayOne. There was an option to click if you wanted to transfer your account at that moment otherwise you will have to have your account paid in full by 8/27/07.
I did not click to transfer, but should I have? Or is it that paydayok is not licensed in OK and if I agree to transfer to new name which may be licensed will I lose the possible protection of them not being legal in my state? I'm sorry I find this confusing, but it just twists my brain around...

Posted: Tue Jul 24, 2007 12:29 pm Subject:

You wouldn't lose any possible protection, because they would be making you pay in full. So you either pay off your loan or move to the new company name. It wouldn't affect any licensing issues, because they would have to have been licensed when they gave you the loan.

franticlpn · Posted: Wed Jul 25, 2007 7:00 am Subject: payday loan

suebeehoney70-I have never been able to pay off the storefront loans, so I guess I have been paying a finance charge and renewing the same loan. They have me sign another piece of paper each time, so I'm not sure if that counts as a new loan. I do know that I have never managed to pay them in full. So..it should be the same loan? Unless it is considered borrowing a new amount to pay off the first loan and then having a second loan. Did that make sense?

Posted: Wed Jul 25, 2007 7:03 am Subject: store fronts

How much is the check for at the store front? And how much are they asking you to pay each time you go in there? You don't pay for the whole check amount and then re-write? You just pay a "fee" and that's it each week?

Posted: Wed Jul 25, 2007 7:15 am Subject:

Your state laws do require repayment plans . . . . That may be something you will want to talk to the storefronts about.

And please answer what Cannr is asking - It makes a huge difference. If they are making you pay off the loan, and then immediatly reloaning to you that is legal, but if you just pay the fee, and "extend" the loan, that is illegal.

franticlpn · Posted: Mon Jul 30, 2007 6:30 am Subject: payday loan

It is my understanding that I am paying a fee and extending ther loan; but I sign a new piece of paper each time. I have been trying to gather all the paperwork up so I can track what I have been doing.
Got an email from paydayok over the weekend stating that my loan was past due and they would be willing to work with me if I would respond. I'm really surprised they didn't just debit my bank account.

Posted: Mon Jul 30, 2007 9:54 am Subject:

Frantic,
Calm down and breathe! You are going to make it through this mess, we promise! Cannr and Goudah will help you..as will every other member on here! You are in EXCELLENT HANDS! You will be fine.
Answer all questions when asked so we are better equipped with the answers you need.

Posted: Mon Jul 30, 2007 11:04 am Subject: frantic

frantic, check your documents. See how much you loaned for and how much you paid back. Apparently you're not paying back the FULL amount and then re-writing the check? Are you just going in there and paying cash for an "extension" and it's only a portion of what you owe? And, also, does the amount ever go down after a payment?

franticlpn · Posted: Mon Jul 30, 2007 1:23 pm Subject: payday loan

No, I am not paying back the full amount and then re-writing a check. They refer to it as 'refinancing' and I pay them some cash at that time. I am at work now, when I get home I am going to go on a search-and-destroy and find those papers. Thank you all!!

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