Can a payday loan threaten me with a felony?

Here is Kentucky state law, they can't prosecute you.
Send them a copy of this.

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Criminal Action on a PDL in KY is ILLEGAL in fact that is why they all have sign that no one who enters into a transaction with this company will be prosecuted for theft by deception....These storefront PDL's take a risk by loaning you money on a check that is to be held therefore they cannot prosecute you for theft by deception...

Now was this PDL internet or storefront? If it's internet, chances are that it's not licensed to do business in Ky, but check your state's laws to be totally sure of that.
If it's not licensed, all you are obligated to pay back is the principal (what you originally borrowed), at an interest rate that's legal in Kentucky.
And this is one of the oldest lines in the book for IPDL collectors, btw. So relax, all you have to do is work out a payment plan that is affordable to you and acceptable to the creditor.

You know,I am wondering why a consumer attorney hasn't jumped in with both feet behind these terrible business practices! It would make for one heck of a class action.

How much have you paid on the account? Pull the bank statements and calculate the total amount. Review the fees as mentioned in the laws minus the principal balance. Then work out your payment proposals with the company. If you don't want them to use your bank account for the payments, ask for the receiver code for sending the money order.

Thanks for the quick replies. It is a store front PDl and they left a voice mail on my cell phone that if I do not pay them by 2pm that they would issue a summons, that this was a felony. They stated twice that it was a felony.

Please save that message. It may be useful one day.

It is NOT a felony to default on a payday loan.

Do as Sue said,keep a log and find out what your state statutes are for harassment by telephone.

I went back and checked the laws for Kentucky quoted earlier in this thread and they were totally lying to you!! They can NOT criminally prosecute you--the most they can do is take you to civil court to get a judgement.
I would try and work out a reasonable payment plan with them and if they don't cooperate and insist on taking you to court, tell them that you'll be glad to tell the judge how you have tried to work this out and THEY were the ones who refused to cooperate.

Cajun, how so true. I wonder why an attorney hasn't jumped on this bandwagon to file a class action suit against these companies and their practices.

I am sorry for your troubles Indigo. I am so sorry that someone would tell you such false and misleading information. You cannot be criminally charged for failing to pay a payday loan. If that was the case, then the majority of us on this message board would have been in jail a long time ago. :lol:

It is good that you are researching the laws in your state to determine what rights you have. Depending on what kind of loan it is (storefront or payday), I would recommend that you contact your attorney general in your state and let them know of these practices. You might also want to contact the District Attorney's office and let them know how this loan company is trying to treat you.

Have you closed your checking account yet? If not, I would recommend that you do.

I hope that this helps you and good luck.

I've never heard of a storefront lender making these kind of false threads. One never knows when dealing with payday lenders though. There have been some great suggestions given to you in this thread. Please save that message as you may need it down the road. I would contact your Attorney General's Office as soon as possible as well as your division/department of financial institutions. The contact info for KY's DIF is included in the laws that fedup posted for you. Please keep us updated on your progress.

Mishele, you will be surprised. MOst of the time it is not the company themselves. It is actually one of their employees making the threat themselves. They are always doing that to scare you into paying them so that they collect and feel big about themselves.

You never know what kind of tactics many of these companies will use to get you to pay the debt.

I know this doesn't belong here. BUT. I can not log in or go to other threads. When I hit the log in button it says page is unavailable and I can not access site from e-mail notifications on topics. Is there technical issues going on and are others having this same problem? Steelers1

I am having the same trouble. I keep getting error messages and can only access certain threads. missyk33

Are others having this same problem with logging in? I've tried on two different computers and still can not access the site from e-mail notifications and I can not log in, says page is unavailable. Steelers1

Apparently I am the only one with the issue. Very frustrating and annoying.

I give up. I am done. This has been going on all day and part of yesterday. I will be surprised if this post even makes it, this is the only thread that is allowing my posts. I can not access the pub or anything else.

I'm beginning to think I have been banned as I seem to be the only one who has no access. And nobody has responded. Not worth the frustration.

You have to get here via the backdoor thus probably why no one is posting> i was a bit creative and found this thread with your posts, no your not banned, DCC is in the twilight zone at the moment

I have received phone calls from 500 fast cash and I have asked them to send me over verification of the loan and there licensing documents in the state of RI. They told me they dont have to send me anything and that I am stalling I believe I have the right to see what I borrowed and what payments have been posted. In our state it is only legal for 2 rollovers and I believe that I have had several and the loan is paid for. They also told me that they will take action on my name and ssn what does this mean?

swooz - scare tactics!!!!

The only thing that taking action on your name and ssn will do is report you to teletrak - which is a place that PDL companies check. So it basically prohibits you from getting another PDL (which isn't necessarily a bad thing).

If you haven't done so already, close yoru bank account, open a new one.

Keep harassing 500 fast cash for the information you requested.

Be Persistent. Don't give up. You need to do the calculations on what you've paid, what you owe, and legal interest in the state of RI.

thanks sswett

Steelers- I couldnt get on all weekend!

I could not get on here on Sunday. I didn't have a problem today, well at least from work anyway.

Alexandra,

I will definitely take your word for it. I didn't default with any storefront lenders but I heard they were easier to deal with. I guess it just depends on the lender. I can't believe this person was dumb enough to leave a voice mail but it will probably come back to bite him/her int he butt. I guess that's not such a bad thing.

I just received a phone call again from 500 fast cash. SHe wanted me to give them a payment right now and I told her that I could not right at the moment could I call them back tomorrow. She then told me that she needed to hear from me in 1 hr. or they will proceed against me for a returned check. I then asked for the check number and amount and when it was returned and she would not give me this information. What should I do at this point.

That is a common threat they use. Depending on the state you live in, criminal prosecution for pdl's is probably prohibited. Plus, odds are they aren't legally licensed to do business in your state, so they couldn't really take you to court anyways.

I dont believe that they are licensed in my state. However, I have asked them repeatedly to show me a statement with the amount, payments that have been made. I also want to know what check came back to them or if there just lying they wont give me proof of anything. So even if they take me to court dont they have to prove all of these things to the client.

I also received a threat like this but I live in Texas. Can someone help me find out the laws in Texas?

Go to paydayloaninfo.org and click on your state...it will give you a rundown of your laws and also contact numbers to get more info and file complaints!

They can threaten you all they want but that is all they can do!

I just received another call from 500 fast cash. I have til 4pm today to contact them before they take further action on me for a returned item. However, nobody will send me any documentation and all they wants is my bank information which sorry I am not given out to them. I checked on the site that was listed and I dont see any payday loan companies licensed in my state. How do I handle these guys that only want my bank information and wont give me any information. Any help would be great.

Thanks

You obviously took a loan out from them correct? HOw much did you borrow, how much have you paid?

If they aren't sending you any documentation, then don't send them any money. They can't put you in jail or anything. Call their bluff!

hi,
does anyone know anything about united cash loans. they called me yesturday and today telling me that i have to pay a certain amount by mid-night, and i got a phone call from a lady named tina robertson. she calls and e-mails me all the time. i forgot who she is with, but i do know i think she deals with bass and associated. i have contacted my att. general. he told me to sit still and he would take care of everything, but i guess sometimes i let the people get to me when i get e-mails, and calls saying that action will be taking against me.

Yes I did business with UCL....How much did you borrow from these crooks and how much have you paid back? Oh and BTW if you dont pay that certain amount by midnight...All they are going to do is call you again next week with the same empty threat.

i told a payday loan company that if they are running a business, then they would now what is lligal or not. i do know that at the time i was getting the loans, i was paying them off and getting more. if i had of known then that these loans were illigal, i would have just delt with the situation at hand.

This is a common lie in this industry. United Processing Inc. out of Jacksonville,Florida uses that lie of "felony"charges in attempts to collect.

shawty, we all feel the same way. We took these loans out of ignorance and desperation. I had a loan with UCL also. They have not responded to my complaint with the AG. Don't let their threats get to you. Let your AG handle it. Leah is right. They say if you don't call them they will make a decision on your behalf, etc. They are full of hot air and empty threats.

Was i wrong for telling them that ?

thanks. even though i have tured everything over to the AG, i still get a little nerves when they keep calling me at work. every thing was fine until i closed my account. i know i have payed out a lot. i told one company that if they knew the laws then they would know that these loans are illigal, which at the time i took the loans out, i did not know they were illigal. if i had of i would never took them out and just delt with my hard ship. plus these people probably know what is wrong, but give the loans anyway just to make more money on them. im not a mean person, but i just want to tell these people that are being mean that its should be there lost, and get to know the laws.

I have this one payday company having a person calling and saying that if I didnt pay within 24 hrs. that the DA was going to prosecute me the next day.Im in Houston, Tx and I was just wondering can you go to jail for not paying them back? This person that is calling me is saying that she works with the DA and that she is an investigator and that they will send me to jail, and told my boss that. Please respond

so going thru this site... i owe money but will not give in to the threats and the harassment at my office. can i deduct what ive paid in interest (too much) from the principal and try and work out payments on that amt?

First of all-No you will not go to jail for this...and it is illegal for her to call and tell you this. Let me give you some advice: THE DA's OFFICE does NOT call to tell you that you are going to be prosecuted..>They send a sheriff to your house to a)arrest you or b) serve you with a summons. This person who called you is actually the one who should be put in jail for impersonating a police official. What company did you take your loan out with?

Naive PDL Girl: What state are you in? How much have you paid versus how much did you borrow?