Payday Loan help in Kentucky

Date: Fri, 03/27/2009 - 17:05

Submitted by tony_h736
on Fri, 03/27/2009 - 17:05

Posts: 12 Credits: [Donate]

Total Replies: 6

I currently have 4 online payday loans in the state of Kentucky. A few days ago I spoke with a credit professional with Careone credit and am in the process of consolidating my debt including my payday loans. I still have a lot of questions concerning all of this and will be speaking with my careone rep on tuesday to work all the final stuff out. But after doing some research this week and speaking with several people such as the attorney general and a compliance branch manager I found out that online internet payday loans are illegal in the state of Kentucky. Not sure exactly what that means but I have emailed him back for more explanation. But in looking around this site I thought maybe someone here could give me that steps I need to take and resolving this situation. I will be closing my bank account the early part of next week but not due to the payday loan situation, but because I was a victim of identity theft and all of my information has been stolen and am having to close the account anyway. But I thought possibly if I provide you with my information you could help me. Here are the payday loans I have online and the amounts I have paid, I also have 3 with stores in Kentucky but am planning on paying these back myself, due to the fact they are not big amounts and the stored have agreed to work with me. Here are the online ones:

Payday One-Original Loan Amount-500.00
Amount paid to them so far-232.03

First Bank of Delware Loan-Original Loan Amount-500.00
Amount paid to them so far-255.42

Payday Max-Original Loan Amount-300.00
Amount paid to them so far-71.82(but not drawn from my checking account yet)

National-Payday Loan-Original Loan Amount-300.00
Amount paid to them so far-450.00

Any help or advice or steps I need to take would be extremely helpful. Like I stated I am closing my account next week and will be dealing with these companies after that. Just need to know what to do and how to handle the situation.

You are right. All internet loans are illegal in KY. First Ba

You are right. All internet loans are illegal in KY.

First Bank of Delaware is not a payday loan. That is an installment loan. That is legal and the payday laws do not apply to them.

The rest are illegal which means that as resident of KY they should not have given you a loan.

PayDay One bothers me though. I have seen them give loans to consumers in KY before and I am not sure why. They are a legit company and very much on the up and up.

I am wondering if they are acting in some other aspect of the law but I have reviewed the KY laws and I don't see how.

At this point I would lump them in with the others as illegal.

For illegal loans you only owe the amount borrowed. That includes all fees or rollover charges.

You can go here and find the template letter used to send to the illegal lenders. Scroll down to the 13th post to find it.

You can change it to your information and state laws. You have overpaid on one and can demand a refund but in most cases people are happy with a PIF.

lrhall41

Submitted by nohiogal on Sat, 03/28/2009 - 04:10

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I appreciate the help and advice. And that letter is great and w

I appreciate the help and advice. And that letter is great and will be using that once I close my account next week. In using the letter, should you email the letter and mail the letter as well? Also should you mail the letter certified so that you know they have received it. Looks like I have a lot of work ahead of me but with a letter research here and there I should be able to find the answers I am looking for.

lrhall41

Submitted by tony_h736 on Sat, 03/28/2009 - 05:26

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You can do both and fax as well but don't fax from work. Send

You can do both and fax as well but don't fax from work.

Send it certified with return receipt.

You really can do this all yourself and it worth it in the end.

lrhall41

Submitted by nohiogal on Sat, 03/28/2009 - 05:42

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Thanks. I am really glad I stumbled upon this website, it has be

Thanks. I am really glad I stumbled upon this website, it has been great to find others going threw the same situation as me. This payday loan stuff has been a nightmare from the beginning. You take them out to help you out of a situation and than the paying of them back is hell. Hopefully I get can this situation taken care of in the next few months. It will take me awhile to pay the ones online back but I am willing to do so. And as far as the scarce tactics they use to get you to pay, oh well. I have heard it before. It will probably be alot of laughing on my part when they call me or contact me in the next week or two. Does anyone know once you start the process how long it is before the contact starts?

lrhall41

Submitted by on Sat, 03/28/2009 - 07:47

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It really just depends. Some start right away and others will w

It really just depends. Some start right away and others will wait a year or even more. They always seem to be lurking in the shadows some where.

lrhall41

Submitted by kfstaff24 on Sat, 03/28/2009 - 08:11

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The companies can call you at anytime. Most will call immediatel

The companies can call you at anytime. Most will call immediately after their cash supply have been cut off :lol:

lrhall41

Submitted by Cool_Abyss on Sat, 03/28/2009 - 10:10

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