Anyone really familiar with Arkansas - Springdale

You will find the Payday loan laws for Arkansas here (just select your state),

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

Hey poorpitfulme, I have a friend in AR that also posts on the board here. And she has been through the IPDL thing herself. I'll try to help you with all that I can from what she told me (I've tried to reach her but forgot she's attending a wedding out of state and so "out of pocket for a couple of days", anyway. She did say that goudah on the fourms helped her in a big time way. Now as I understand it, Arkansas is one of those states that has those "loopholes" about PDL, but yes they do have to a least be registered in Arkansas to conduct business, you can do a search for these business on the Arkasnsas Secretary of State website. I don't know the exact web address but just google it and you should be able to get there. Now my friend closed her checking account, then wrote the PDL people that she closed her account because she had been reading about some companines withdrawing money illegally and she didn't want this to happen in her case. So she offered them a settlement amount. I know two of them ended up marking her PIF and she still hasn't heard from the third one yet. I'll try to get her to post a copy of the letter she sent the IPDL's maybe that will help you some. She won't be home until Monday but I'm sure she would be happy to do that.

That would be great!!
Thank you very much......really appericate it :)

Thank you very much for the info.......and if she could do that about posting a copy of her letter that would be great!!! Thanks sooo much :)

If you have any questions let me know too . . . .

Yeah, the states laws only apply to check cashers, not pdl's, since they don't "cash checks". The laws are old and aren't equiped to deal with payday loans yet. I've talked to the banking dept extensively when I helped out another AK user (scooby's friend) and i took pretty good notes.

Let me know what your questions are . . . .

You do need to take certain steps when closing your bank account. This is what the dept of banking told me to do:

Print out several of the threads on this site (yes, the dept of banking told me to check out this site!) about pdl's taking money out of peoples accounts when they shouldn't have. Easy enough to find!

Take these to your bank. Tell them that you were looking on the internet and say all these posts about these companies defrauding people out of money. Tell them that you also are dealing with these same companies and are afraid that they will also fraudualantly debit your account. You would like to close it.

*Note - Be sure to ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will allow the transactions through and force open the closed account, causing you a massive headache. If your bank does this, ask them to put an ach block on your account, or make it deposit only, or do a hard hold, before the account is closed.

It's best to do this because technically in Ak you can get in trouble for closing the account. But the dept of banking said that this applies to check cashers, not pdl's, but it's best to be safe then sorry.

http://www.debtconsolidationcare.com/settlement/about23856.html

The above link is to the thread where scooby's friend (I'm assuming it's Sandy) posted about her pdl mess. She also posted rough drafts of some of the letters she wrote. You can get a pretty good idea about things from that thread . . . .

As luck would have it I am talking about Sandy, been friends forever, I moved away but somehow we both ended up in big messes and made our way through it. Now both of us are tackling a thorn in our sides called non payment of child support (but that's a whole other website!)Anyway poorpitfulme, listen to goudah, she really helped Sandy and for that matter everyone helps you and guides you along, even if you need someone to hold your hand and walk you through anything all you gotta do is ask.

Yep! I thought it was Sandy you were talking about!

I have a soft spot for Arkansas, my dad was born there and most of his family is from there . . . . When I was a kid my favorite piece of clothing to wear was a red Arkansas Razorbacks (Racerbacks???) jacket. Still have it in a box somewhere . . . .

Listen to scooby . . . . Ask anything you need. There are no stupid questions.

Thank you very much......all this is scary and confusing...and its Arkansas Razorbacks Goudah :) But thank you, thank you and thanks again :) and believe me I will probably have a bunch more questions to ask.....hope I dont bug ya to death! Hope one day I can be as helpful to someone else as everyone else on here as been to me :)

I am in Alaska, and when someone I send something to in the mail, a business usually, assume the initials AK is Arkansas. I always have to say, "Not Arkansas, Alaska. Arkansas is AR."

This is just an idea, because I have done this before, but you can call a lawyer who specializes in this sort of law, and most of the time they will give you free information over the phone. They do this most times to show that they are concerned attorneys, not just about the money. Could give it a try.

I would also like to add, don't forget to file a complaint with the AG, this goes along way and from what I understand the powers that be in AR are finally starting to pay attention to these IPDL compaines. As a matter of fact file complaints with anyone you can think of the more the better. I also just thought of another issue you may have already read on some of the postings. If you know are aren't sure if you agreed to a wage assignment from any of these companies be double sure to write them and your payroll dept. a letter revoking it, because they will go after your money that way too.

Hello everyone, I found a computer to use for a minute. I'm not at home so I'm not able to post the emails that I sent my PDL's but I can tell you one thing I did wrong was to close my checking account first. Now as I see it the correct order to persure this would be, (and please someone correct me if I'm wrong)first send a letter revoking authorization to witdraw from your account to all your IPDL's, also revoking any wage assignments even if your not sure you signed a wage assignment or not(also send a copy of this to your payroll dept.at work). In the same letter offer them a settlement amount. Now for this I just added how much I had already paid them allowing for a resonable interest amount. Say for instance I took out a $200.00 loan and had already had $140.00 withdrawn from my account, so I offered the other $60.00 on the principal amount borrowed plus another $34.00 which was about a rate of 17% (but my math skills aren't that great so I would check that figure behind me. The next thing to do would be go to your bank with the copies of the letters you sent to the IPDL compaines revoking their authorization and as goudah suggested copy some of the postings on here amount the multiple and fraudlent debits these companies do and let them know your afraid of this happening to you. Ask if you cannot just close your account and open another one. Or you could just see what the bank suggest for you to do. And make sure you complain to our AG, there has got to be some better laws inacted these old ones on the books are just cut out to handle the internet. And you can do a search on the secretary of states website to see if any of your companies are registered with the state. If they aren't they can't do anything to you legally in AR. Now I'm posting this for people in ARKANSAS most states have clearer laws on payday lending which makes it easier to understand, but here it's just like do the best you can do and hope for the best. But at least you can stop them from getting your money. If you don't mind me asking poorpitfulme, what part of AR are you from? Anyway I'll be home tomorrow and will be able to post the letter that I used.

Thanks Sandy for the information.......did you have any problems with closing your account? Thats one of my biggest concerns....dont want to get in trouble legally for closing account.....And I'm from Fort Smith btw :)
Anyway so ywah if you could post the letter you used that would be great! Once again thank you :)

You won't get into trouble for closing the account . . . . Not if you close it to avoid fraudulant activity. And really, the part about being prosecuted for closed accounts is really meant to go after people that take out a pdl and close the account immediatly in an attempt to defraud the pdl . . . .

I don't think you have to worry at all about closing the account.

I would recommend closing the account as soon as possible . . . . The ipdl's won't negotiate with you until you've cut off access to your account.

Thanks Anthony :oops: I always put AK for Arkansas . . . . .

I didn't get any trouble about closing the account, but from the way the lady talked at the bank that these IPDL companies are trouble for everyone and they (the bank) wished people would not take them out. I agreed with her, but also felt like I had to mention that at times people get in situations and they see no other way out but to take out a loan. Anyway here's the letter that I sent to MyPaydayLoan, hope you find it of some use to you.
Quote:

Thanks Sandy :)
appericate it alot.......and i'm sure i will have some more questions before its all done.....what a mess I've gotten into! hard lesson learned