logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Progress with PayDay One ...

Date: Wed, 12/31/2008 - 06:11

Submitted by anonymous
on Wed, 12/31/2008 - 06:11

Posts: 202330 Credits: [Donate]

Total Replies: 6


Here is what I received back from Pay Day One. I need help in how I should proceed next to negotiate a repayment plan with them. I understand that they are a legal company. I did check into what I did with them. The screen specifically said ROLLOVER 1 of 4; 2 of 4; 3 of 4 and 4 of 4.




We received your request to stop the debits to your checking account, and will honor your
request. However, we remind you of your promise to pay under the terms of the Loan
Agreement. Further, we may report information about your account to credit reporting
agencies. Late payments, missed payments or other defaults on your account may be
reflected on your credit report.

You may use any of the alternative methods below, but keep in mind payment must be posted
by 5:00 PM Central Time on your due date. Please be sure to send your payment in plenty
of time to arrive on or before your due date.

We can accept a Money Order payment, Credit Card, Moneygram or Western Union Quick
Collect.




Here is my original letter:
Dear Sir or Madam, I hereby
revoke your right to use any wage assignment I may or may not have signed with you. You
no longer have my permission to use this wage assignment. I am also exercising my right
per Regulation E and revoking your rights to debit my personal account, a copy of this
letter is being sent to my financial institution and my employer. Due to an unexpected loss of income, I am unable to pay my next payment due as
planned. I am hoping to work with you regarding an adjusted repayment plan. I fully
intend to pay this loan off with interest per Kentucky payday loan state laws. Please
send ALL correspondance to my email address: ()I feel that this
method will allow no confusion as to agreed upon terms. I thank you in advance for
working with me on this. You will see by viewing my account details that I currently have
a principal amount of $1000 and have paid $2272.18 throughout our financial relationship.


Susan, send them a letter stating that due to your situation, you can pay $xx.xx and specify the time frame, Monthly, bi-weekly, etc. For a specific time period and on a specific date you request your account be marked paid in full. I have never worked with them but it would not hurt to first ask them to mark your account paid in full since you have paid 1272.18 in interest to them. Are you sure they are legal in KY?


lrhall41

Submitted by RoxyNY on Wed, 12/31/2008 - 11:13

( Posts: 4178 | Credits: )


OK.. here is my thought process. I did check the licensing website for the state of KY. They are not licensed in KY. Now taking into consideration what I posted in one of your previous posts which came directly from the KY office of Financial Institutions, which licenses these blood suckers....that internet pdls are illegal. Check out this thread. First page near the bottom is all the information another member collected regarding KY.

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

I really think they are illegal per KY laws and that you should request a PIF from them. If the internet pdl's are considered illegal by the KY office of FI, then PD1 does not have any recourse...and in addition, it goes on to state in that post that the state considers them uncollectable as well. So at this point, you have the state on your side. Susan, if you want to register, I will send you my letter and anything else I have through a private message. It is way too much to post in a thread.


lrhall41

Submitted by RoxyNY on Wed, 12/31/2008 - 11:35

( Posts: 4178 | Credits: )