advice for drowning in pay day loans

If you could list the state that you are in, the payday loans that you have, what you borrowed, and how much you have paid back so far we can help you.

Welcome to the Community :D pybasj is right, with a little more info-we can put you in the right direction.

You aren't alone- many of us fell into that viscious cycle- there is help and hope here from others who have gone through what you are--hang in there and feel free to ask questions..karen

Welcome to the forum. Im basically new here too and everyone has been a great deal of help and support. Give them your information and they definitely will lead you the right way out of this cycle. I too feel the same way you do and cant wait until this is all done and over with. Hang in there. You came to the right place.

I live in ky one is through zip cash I borrowed 300.00 june 28,2007 so far I have paid 715.00 they will take a payment from my check oct 30 of 110.00 and my balace after they put a 45.00 fee will be 195.00.I have another of 200.00 that ambassador collection is handling.I received the loan 8/15/07 and have paid 240.00 ,60.00 each check since 8/30/07.I am paid semi- mthly and they collect each paycheck.I also had a 500.00 loan I borrowed from a finance company I had paid I dont know how much on before borrowing as it was making no head way at payoff .I had all 3 going on at one time.

can someone post the laws for kentucky please?

Here are the Payday loan laws for Kentucky here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
What this means to you is Internet based companies are illegal. They cannot collect on the debt through any means. Kentucky does not license them, and does not allow companies not licensed in KY to lend legally.

Mrs..you need to close your account before te pdl's can take anymore money out. If you can not close the account atleast have the bank put a hard debit block on the account which will block all debits...also make the bank ensure you in writing if possible that the account can not be forced open if these companies keep debiting your account, which they will. We need to know the names of the companies, especially the finance company so we can help you.

so what do I do

OK. I need to read more clearly....So far Mrs. you only have two pld's and the finance company?

I have:
Zip cash - borrowed 300 paid 715
Ambassador - borrowed 200 - paid 240

Based on this information you have way ovrepaid Zip Cash and have overpaid Ambassador. Close that bank account do not pay these people any more. Please go do it asap. Open another account in a different bank if possible but please get it closed before they can debit it again.

thank you Roxy for posting the KY laws. Great news for you mrsintimidator. Do like Roxy said and close your bank account or put in on deposit only status or hard debit block status. Also send the PDL the revocation letter.

Mrs. Closing your account is the first and most important step. I did not want to do this either but according to KY state law you have more than met your responsibility to these companies. I am in KY as well and have been going through this myself. Closing your bank account is the first step. Once you do that you will need to write letters to the companies which we can help you with.

guest, please change your user ID.

Also, your internet pdls may be illegal; however, your finance company won't be. You need to make arrangements with them.

I have 3 finance co I am paying and they have been fine and always worked well with me If I got into a bind ,I paid off web payday with the last loan from fin.co ( got the loan just to pay off them) the only existing payday loans are zip cash and ambassador collections.

how do I change my username

email

[email]mike@debtconsolidationcare.com[/email]

gooing to the bank tomorrow.I would appreciate advice on the letter's I need to send these folks.Thanks for all the advice.

i will send you the one that volleyballmom sent to me.

have you registered yet?

yes I am registered

mrs, you do realize that internet pdls are illegal in your state, correct? So you will need to put that in your letters. They are illegal. Only storefront pdls are legal in your state. You can demand a refund from these people that you overpaid. Anything over the principle amount is an overpayment. Now, when closing your account, make sure they can not "force" it back open due to pending pdls. When are the pdls scheduled to hit next? If they can't promise you that it will not be "forced" open, then you need to do a hard debit block on it. Open a new account at a new bank.

The bit about being illegal is in the letter....aminah is going to send it to her. Got it covered! The wonderful all in one letter!!!

They are suppose to come out the 30th again, I am goinng to the bank today to see what I can get done.Will I get the letter in my email?

You're more than likely going to have to put a hard debit block on the account. You're cutting it very close to the debit date. Although, if your bank will close the account with the assurance that it will not be "forced" open due to pending pdl debits, fine. But make sure they give you something in writing to that effect. You do not want it forced back open and NSF fees racked up on it. Regarding the letter someone is sending you, it'll be in your "messages" through pm on this site.

mrs. im trying to send you the letter but it keeps telling me the server is down.

i just pm'd the letter to you. check your messages on the right side of your screen, it should say you have 1 new message. Let me know if you got it. :D

Mrs., I just wanted to tell you to hang in there and be enouraged. I came to this site a couple of weeks ago. I closed my bank account, sent letters to the 6 PDLs that I borrowed from and filed complaints with BBC. I heard back from two o the companies. I am only going to pay the principal amount borrowed and in my case that is only 3 (i think, could be 2) because I overpaid on 2 or 3 of the loans. You are on your way to be free from PDL hell!

gina...do you have a template of the letter you sent to the BBB? I just closed my bank account this morning and need to send out letters.

aminah, you don't send a letter to the BBB. You just file a complaint with them. You can file complaints on line with the BBB, the FTC, and your state AG might require you to download forms to fill out and mail back - or you can do it online. It depends upon your state. But there is no "letter" to file complaints. You're just doing exactly that - filing complaints. So every single complaint is going to be different.

cannr~ thanks. okay will get started on that too! thanks for everyones help! whew! I have alot of work ahead of me, huh? but well worth it!

okay, the first thing you need to do is MOVE OUT OF KENTUCKY!!! :lol:

I'm sorry, funnyman, but I don't see the connection with having pdls and residing in Kentucky.

me either!

Funnyman isnt very "funny"!

Huh?? :?

Fins..see above comment from Funnyman.

Funnyman, you need some new material.Not very funny.

I agree. Definitely need 'new' material! :|

I also agree, that wasn't funny at all.

actually maybe he knows some of the crappy stuff we put up with here.We have a awful justice system.If ya wanna break the law and get a smack on the wrist ky is the place to live.But if ya want to live a normal life run far far away from ky cuz there aint no justice around here!!

I'm sorry you feel that way, guest. But I certainly wouldn't advise anyone to run from Kentucky. I am sorry if you're not happy though or something bad has happened to you.