PayDay OK Loan Transfer OCT 31st OH Resident.

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?

oops, I don't pay attention, sorry! :oops: 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.

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.

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.

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?

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.

Here are the pdl laws for Ohio (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

By having it for over a year, I'm about positive that you have paid all that you owe, and then some. Even if you reloaned. Probably the best thing to do at this point, as Fins said is to block them from debitting your account until you can get this whole thing figured out. Shooting for a refund is a good idea. And, this will get you out from under them.

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?

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.

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?

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.

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!

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

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.

It does make a huge difference. The company itself is not acting legally in Ohio. Their contract breaks several of Ohio's laws.

Yes, electronic signatures are the same as real signatures. If the company was legal it would be a binding contract. What they told you is correct for legal companies.

Chris, I live in Ohio too. Can you give me the number that you called. I have IPDL's and want to find out if the contract I signed is binding and legal even if the company isnt. I havent closed my account yet but I want to.

goudah - so youre saying all my IPDL's are illegal in Ohio? So its safe to close my checking account? How do I research the companies that lent me the money to see if they will garnish my wages?

It isn't. Call your state's DFI - They are the ones that regulate these places, and have more knowledge and experience dealing with payday loan issues then county prosecutors, who would only be going off of basic contract law.

I can tell you for a fact that any company not licensed to lend by Ohio is operating illegally.

aminah-I know you had that question on the other thread...I recommended that you look at your contracts for a wage assignment clause.

i also posted all of your pdl's to see if anyone knows anything about the wage assignments for those particular pdl's.

And the fact that it isn't a paper check makes a huge difference when you are talking about if it's legal to close the account.

By federal law, which supercedes any state law, no company can require you to make reoccuring payments by means of preauthorized ACH transactions. You always have to right to revoke. This is totally different then having wrote out a post dated check. Two completly different situations.

goudah-I recall addressing this very same issue a few days ago...same poster I believe.

I looked all through my emails for contracts and cant find half of them. I dont recall getting contracts on some of them. The ones I do have dont say anything about wage assignment. I believe the only time I signed a wage assignment was with the storefronts.

thank you volley ~ I will wait to see if anyone responds, but time is getting short. My loans will come due again before I know it. Hopefully someone can give me a response soon. :(

aminah..You also have storefront loans? On your thread you said all internet.

Lets go back to your thread....

I would REALLY listen to the county prosecuters office if i was you. They after all, have the power to charge you with a criminal act. And they are very expierenced in dealing with this sort of stuff. I think it would be very ill advised to close any bank account when you KNOWINGLY owe a debt. It has to be against the law in one fashion or another or thousands and thousands and thousands of people would do it every day. Just take out a few loans, close your bank account, and then sit back and enjoy the money you just stole. Just don't make sense. I would NOT close your bank account. You could land yourself in a whole bunch of trouble!! Be smart about this, and think of another solution. I mean, cmon. We DID accept the terms of these loans. And now we want to rop these people off. It's just not right. I'm not preaching to you. I'm in the exact same boat. But, the more I think about it. I owe the money plain and simple. I need to figure out a way to pay it.

Quote:

Volly, Im sorry. I didn't mean that anyone here was going to steal money in that fashion. I was just stating it would be easy for criminals to do that. Sorry, for the misunderstanding. And I certainly don't work for any PDL company. I'm in some real bad trouble with these things and don't know what to do. I'm just getting told so many different things from so many different people. And i'm quickly running out of time to make arrangements. My previous post was out of frustration, so please disreguerd my ramblings please. I shouldn't be telling people to pay thier loans, when I can't. I try, and try to keep up with these things, but i've hit a brick wall. My payments are now more than my paycheck. I'm officially sunk. :cry:

No problem Chris! And I am sorry to hear of your own PDL's issues...I have been there, believe me. I was sunk to the point where I wasnt sure that I was even going to have $10 out of my paycheck due to the fees. Its not fun and its seems hopeless...I know.
Vent anytime! :D

Do you have your own thread going someplace? Where is it?

If not, you should register and we can help you get through this!!!

Register and stay around awhile!

Here is what I sent them yesterday through there online help desk under "cancel my account"

10/23/2007
(personal information removed for your safety.cannr)




To Whom It May Concern: As of today 10/23/2007 I do not authorize PayDay OK, nor any representative,
parent company, affiliate, or subsidiary of PayDay OK, to withdraw any funds from the checking account under
the name of (name removed), account number (acct# removed), located at (bank name removed). Your company is in
violation of OH Payday lender laws including Rollovers are prohibited.

Your claim that the contract that I signed is only governed by the law of the state in which your company resides
is unsubstantiated. There is specific Federal case law that refutes your claim. Your company solicited, accepted
and transacted business with a citizen of the State of Ohio, thus you are subject to the laws of this state
including all applicable Ohio Payday lender laws.

If you check your records you will see I have paid you more than the original and subsequent loans. Thus, I am expecting PayDay OK to mark the account under the name of (name removed)???????paid in full????????. At a future date I will review all transactions will your company to determine a refund amount necessary. At no time will PayDay OK, any representative, parent company, subsidiary, or affiliate of PayDay OK, place any derogatory mark on my credit report with any credit bureau, nor any other check writing database, such as Teletrack or an equivalent database. If PayDay OK does not abide to the settlement conditions stated above, I will have no choice but to file a civil suit against PayDay OK for the monetary damages that I am entitled to per Ohio Law. All correspondence as of today 10/23/2007, shall be in written
form either through the email address, (email removed)I provided to you at the time of the application, or via The United States Postal Service. Please acknowledge receipt of this letter, and acknowledge acceptance of, and willingness to adhere to the settlement described above, in writing, within 24 hours of receipt. If I do not receive this acknowledgement within 24 hours, I will begin the legal proceedings described above.

Sincerely,

(name removed)

Still have not heard back from them. What more can I do to the letter to make sure I get a PIF?

Sorry, can someone also edit that post since it has my bank account number on it? I cant since I was still considered a guest. Thanks

venom, I edited your post. Take a look and see if it's okay with you. :wink:

Yes thanks for that. I was in such a hurry yesterday that all I did was just copy and paste. So does anyone have anymore suggestions on it? Can I call the bank (chase) and ask them to put a stop on that electronic debit?

Your account is open? You can ask your bank to stop certain debits but these PDL's will put things through in different names..

Chris - We are very experienced in dealing with payday loans. We know when it's a bad idea to close the account and when it's not.

You did not ask the county prosecutors the right questions when you talked to them. You admit you didn't even mention the fact that the business was unlicensed.

Per the Electronic Funds Transfer Act:


No company can require you to pay by ACH. It is NOT the same situation as having written a post dated check. You ABSOLUTLY have the right to revoke authorization. This is not saying you are not paying, only that you are paying in another way. You cannot be forced to leave a bank account open. And you cannot be prosecuted for closing it. Once you revoke authorization, these companies no longer have the right to debit your account. And if you look in your contracts, you will see that it even says that YOU HAVE THE RIGHT TO REVOKE. It's federal, so it superceeds any state law.

Sorry, but I don't know what questions you asked them, so I can't tell you where you went wrong, but I can tell you that your answer is totally wrong. You are unnecessarily scaring people into keeping their account open and losing more money. I understand you are in the same boat, so why do you think you know what is best? You are still in it. We are out. We got out. Through trial and error. We know what works. We know what doesn't work. And flat out, leaving your bank account open DOESN'T work.

Plus, Ohio has a "special" court for defualted pdl checks. Of course, this ONLY applies to LEGAL pdl's, but it's a check resolution court, and you don't get a record. It's like arbitration. If you want real information, call your state's Department of Financial Institutions. They will tell you to close your account. It's the ONLY way to stop these internet companies from taking money.

My best friend lives in Ohio. She had a pdl mess. She closed her account. She EVEN had storefront loans, and she didn't get into legal trouble. It's not going to happen! The courts are not going to waste time prosecuting someone that closed their bank account so that they could feed their family again. The courts are not going to prosecute someone that closed their bank account to escape the predatory illegal payday loans. The courts are not going to prosecute someone that is using the law to their advantage, and making the companies follow it too. The courts are not going to prosecute someone for taking out a loan they thought was legit, then finding out after they'd already paid $1300 for a $200 loan that they company was not legit. Sorry Chris, you are way off base here.

The courts ARE going to prosecute people that knowingly take out a loan, then close their bank account to avoid payment. That is NOT the situation here.

Ami - I ask you to please ignore Chris. If you'd like, I can put you in touch with someone from your state that actually knows what's going on, and isn't just going to take you further down into your hole.

Chris - I understand that you are in a pdl mess yourself. But please, let the people that know how to get out of it advise. I hope we can help you too. But posting scary misinformation can have the opposite effect. You can actually make things worse for people that are already in a pretty desperate situation. I know it's coming from a good place, and that you think you are trying to help someone avoid a legal mess, but you aren't.

Call your county prosecutors again. Ask them this "If you have payday loans from online, unlicensed companies, and you revoke the authroization for them to debit your account, can you still be prosecuted for closing the account?" Once you revoke authorization, it's fine to close the account. It's not at all like a postdated check. I would also recommend Chris, that you also call Ohio's DFI.

:cry: thank you goudah.

Personal attacks are not allowed per forum rules. You will be banned if this continues.

Personal attacks are not allowed per forum rules. Everyone is not laughing at me, they are laughing at you.

No, Chris. You are being watched. It is moderated.

Just to clarify - I'm not saying I'm right over the prosecutors office. I'm saying you have to ask them the right questions to get the right answer, and I know for a FACT that you will not be prosecuted for closing your bank account because of ACH transactions. They are by law revokable. Checks are a different story.

Goudah is 100% correct. I live in Ohio, had 10 payday loans, and the ONLY way that I was able to get control of things was to first close my bank account!!! I was dealing with illegal internet lenders AND storefronts. I never had any issues with my bank account being closed and was not prosecuted. I have known others in the same spot that have closed their bank accounts and have not been prosecuted. Like goudah said, you have to ask the right questions to get the right information. Now, if you go to Best Buy or Wal Mart and buy a bunch of stuff and write a check, and close your account and never make good on the checks, then you are going to have a problem but payday loans are a different story!!!!! An ACH transaction is not considered a check and some illegal payday lender is sure as heii not going to be able to prosecute you for a bad check for revoking ach authorization!!!!!!!!

Thank you, sassnlucy. :wink:

Anytime! :)

what if the lenders are operating legal. Is it still okay to close your bank account if you can't pay??

In Ohio? Or are you in another state, guest?

I am in Ohio. I have two online loans I can't pay and one storefront loan that I will try to pay, I believe both online loan are legal in ohio. check and go and Sonic are my online loans.

Anyone?

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

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

crimson, it looks as though the only payday lenders legal in Ohio are the ones that are also licensed to cash checks, so internet PDLs are illegal in your state. look at aminahs thread and this is all explained...and could you list the pdls along w/ how much borrowed and how much paid so far..thanks

Internet pdl's aren't totally illegal. They have to be licensed. Ohio does license internet based companies, they don't just license check cashers.

thank you goudah, dee, cannr and sassnlucy :hug: