Internet Payday loan help in Kentucky

Here's the loan info, has anyone dealt with these IPDLs?

Cash In A WInk:
Total Paid: 1182.50
Original Loan: 695

LoanPoint USA:
Paid: 1169.59
Original Loan: 500

Integrity Advance:
Paid: 536.00
Original Loan: 700.00

Americash Advance:
Paid: 322
Original Loan: 300

My PayDay Advance:
Paid: 60
Original Loan: 200

Magnum Cash Advance:
Paid: 0
Original Loan: 300

Payday loans are considered as legal in the state of Kentucky. It will be difficult for me to let you know whether or not your payday lenders are licensed to operate in your state. However, you can contact the Kentucky Office of Financial Institutions in order to find out whether or not they are licensed to operate in your state. If they are licensed, then you go for the option of payday loan consolidation and get rid of the debts.

DFI said that Internet Payday Lenders are illegal in the state of Kentucky. All of the IPDLs I have do not have a license or storefront so they are considered illegal.

Since this is the case, what would be my next step? I want to close my account and start the process of sending emails and certified letters of the template I found on this forum but I just want to make sure I have leg to stand on with these "lenders". Please let me know if this letter is good enough to send?

________________________

This letter is to inform you that I am aware of the FACT that the loan you issued to me, is NOT legal or binding in my state. For your convenience, I have included my state payday loan laws below.

Legal Status: Legal (Applies to check cashers only with storefronts, Internet payday lenders are not regulated in the state of Kentucky and are therefore illegal)

Citation:
Kentucky Rev. Stat. Ann. 286.9.010 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100 + $1 database fee
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (cannot renew, rollover, or consolidate)
Cooling-off Period: None
Repayment Plan:

Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: PROHIBITED

Where to Complain, Get Information:
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Regulatory Contact: Gary Davis, Branch Manager

The state of Kentucky requires Internet payday lenders to be licensed in MY state. I have already researched this information, your company does NOT have a license to lend in the state of Kentucky, if I am mistaken I will need proof in the form of a license number so that I may verify it with my Attorney General. I am bound by the state laws where I reside. As I have no presence in your state, therefore I have no legal obligation to the 'governing laws' you may have detailed.

Be advised that as of today ***todays date*** I am revoking ANY and ALL ACH authorizations with your company from debiting any AND all of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I also revoke ANY and ALL wage assignments I may have signed, by you, including but not limited to; any of your affiliates, dba's, and collection agencies assigned to this account. None of the above no longer have my permission to access my accounts or impose a wage assignment.

I WILL ONLY COMMUNICATE TO RESOLVE THIS MATTER VIA EMAIL OR US POSTAL MAIL, MY EMPLOYER DOES NOT ALLOW COLLECTION CALLS SO DO NOT CONTACT ME AT WORK. If you ignore this notice and attempt to contact me at work or any of my references via telephone, you will be ignored and any payments owed will be delayed.

***I AM WILLING TO PAY THE PRINCIPLE AMOUNT OF THE LOAN ONLY, HOWEVER NO ADDRESS MEAN NO PAYMENTS, THIS IS NOT NEGOTIABLE.*** or ****To date, I have paid $**** DOLLARS on my $**** DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of $***** DOLLARS even if your internet pay day loan was legal in Kentucky. I have paid $**** DOLLARS on this loan by your debits of my bank account. Please mark this account as PAID IN FULL.

If you do NOT reply to this notice within 48 hours I will be forced to file complaints with my Attorney General, Jack Conway, the BBB and the Federal Trade Commission. If you reply to this notice with any misleading legal implications or menacing course of actions you are unable to follow through with, I will be forced to take actions against you which could cause you to lose your license in your state and cause damage to your reputation, which could potentially decrease your clientele!
_____________

Thanks again for any help you can send my way!

please tell me you secured/closed your account before sending that.if so then that looks okay,but make sure your money is safe from them first.btw you beat me ti it.i was gonna post the fact that no intenet loan is legal unless there is a physical presense in your state.

I haven't sent the email/letter out just yet, I am closing my account today. So I will be sending out the email/letter tomorrow.

This is the first time I am doing something like this and pretty nervous about the collection calls but I have to start somewhere! Hopefully this won't put in early labor, I am expecting my 2nd child in 2 months :???:

just don't engage them.if a number looks strange let it go to v-mail.just know that these place,and the cretins trying to collect will threaten everything,but be able to do nothing.btw except for the bottom three you overpaid,and not only owe nothig but they owe you.know that if a nub from one of them calls and leaves a threatening message they can't do a thing.btw congrats to you.

Thanks for the advise and help, I really appreciate it!!

I just received this response from TLC Fast Cash after I sent the form letter that Shazzers provided to us on the "Dealing With Unlicensed Payday Lender" thread:

"Please refer to your copy of the Loan Agreement. Under the terms of the Agreement you agreed to make payments until the loan balance was satisfied in full, in accordance with that contract. We will continue to make all reasonable attempts to make contact with you to organize and obtain payment of all amounts due and payable to enable the loan agreement to be satisfied, as per the original terms. Thanks, Customer Service"

I have reported them to the AG, BBB, and FTC but they are lisenced outside the US. I do owe then 129 left in principle and just trying to get a physical address to mail in the payment.

Now they are responding this this after I state that I will not allow them access to my account and they have to provide a mailing address for payment:

"The FDCPA only applies to 3rd Party US Collectors - as the Lender and a non-US company, the FDCPA does not apply to us or this loan. Customer Service"

Again, did I quote something out of FDCPA incorectly or do I need to counter with something else?

well unfortunately the FDCPA does not apply to original creditor,but that doesn't make them any less illegal.when they either assign the debt,or sell it is when the FDCPA applies.again as the original creditor they are illegal.

So far only 3 have responded out of 9 after I sent the emails. 2 have agreed to let me send money orders for principle payment and provided an address. They have also agreed to send me a PIF letter after I submit the payments:

Magnum Cash Advance
Payment Direct

One is refusing to budge toting that I signed a contract over and over and that overrides my state laws....whatever they are based outside the US and are clearly illegal:

TLC Fast Cash

But these guys have yet to respond:

Advantage Cash Services: paid 120 on $400: owe $280
Integrity Advance: paid 536.00 on $700.00: owe 164
LoanPoint USA: paid 1169.59 on $500 (requested PIF and refund)
Cash In A WInk: paid 1182.50 on $695 (requested PIF and refund)
MyPayDayAdvance.com: paid 60 on $200: owe 140
Americash Advance: paid $322 on $300 (requested PIF and refund)

The charges will bounce as of today and Monday so I know the calls will start coming in. Should I follow up with filing complaints to the AG, FTC, BB and send another email or just send certified letters to the PDLs I have addresses for? Just want to make sure that I have my bases covered.

I also received an email from the KY DFI stating regualtions:

Andrew Calvert
DFI - Institution Examiner - I

286.9-035 Deferred deposit transaction agreement with unlicensed person void.
(1) Any deferred deposit transaction agreement made with a person who is not licensed under this subtitle shall be void, and the person shall not collect any principal, fee, interest, charges, or recompense whatsoever.

With this being said, these entities can sue you in Civil Court for the monies owed them. KDFI does not license or regulate Collection Companies.


Thanks again for all your help, this has given me hope again!!

Ok, with the bad comes the good. I have my first PIF email from:

Americash Advance

And it only took 2 days and an email.

Although I still have to contend with the 5 below, at least I have momentum know and knowledge of my rights against these scumbags!

Advantage Cash Services: paid 120 on $400: owe $280
Integrity Advance: paid 536.00 on $700.00: owe 164
LoanPoint USA: paid 1169.59 on $500 (requested PIF and refund)
Cash In A WInk: paid 1182.50 on $695 (requested PIF and refund)
MyPayDayAdvance.com: paid 60 on $200: owe 140

Thanks Paul for the help!! This has helped me so much!

Ok, I am in the process of filing AG complaints now against all 6 payday lenders that have not responded back to me. Unfortunately, in the state of KY you need to physically hand write and mail each complaint on their form. So this will take about 3 days to complete for me. What else should I do in the meantime?

Advantage Cash Services: paid 120 on $400: owe $280
Integrity Advance: paid 536.00 on $700.00: owe 164
LoanPoint USA: paid 1169.59 on $500 (requested PIF and refund)
Cash In A WInk: paid 1182.50 on $695 (requested PIF and refund)
MyPayDayAdvance.com: paid 60 on $200: owe 140
TLC Fast Cash: paid 79 on 200, owe 121

Should I call each PDL or email them again? Please help!!

you already emailed those pdl's and got no response so why bother sending them another?send the AG complaints and wait on answers then.just don't call them as there is a reason they haven't responded.so why open yourself up to being harrassed and threatened.send those complaints and wait for your AG to either act,or respond.

Which I'm sure will be the first of many. LoanPoint USA called me today and said I could settle for $695. I told them I don't owe them a thing since they were illegal in KY to begin with and I would like a refund for the amount I overpaid them. I also told her I reported LPUSA to the KY AG, BB, FTC and Department of Financial Institutions.

Here response was good luck and I am forwarding this along out of our hands. Oh well, I guess there goes my PIF letter i requested along with my refund :(

Should I just want for them to call back again and state the same thing over again? This is only the first of many calls I guess......stupid unregulated jerks.

just wait and see with this.again know that anybody they either sell,or assign this illegal debt to can't/won't do anything.they'll threaten everything,but will do none of it.last thing your AG can get them to give a PIF,but refunds are trickier.

I'll wait out the AG's response then. I know they are slammed so it may take a few weeks. I should be happy with a PIF and I want to nail both LPUSA and Cash In a Wink to the wall.

i know a couple of people in IL that feel that same way.so you ain't alone on that.

I called Frankfort and they told me themselves, that payday loans that are online are illegal and to close my bank account and they can't take you to court or any legal matters, they can send it to a collection agency but thats not as bad as having to pay them, at least you can make collections monthly payments. That law was passed for Kentucky in 2008, I was worrying myself to death trying to pay these rip offs but not anymore, closing my account Monday. = ]

:confused:First off, what does PIF mean? I am new to this. I have loans :

USFastCash= borrowed $350 (after financing= $455) and paid $210 in finance charges so far and they have put a late fee of $30 on it and its bounced 4 times so far.
& their agreement rules state:
Governing Law: Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the Lender is located, regardless of which state you may reside, and by signing below or by your electronic signature, you hereby contractually consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lenders is located over all matters related to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency.

SSM Group LLC= borrow $200 (after financing=$260) and paid $120 in finance charges so far.

I don't see any loan docs from them and researched on the web and people say its a bogus fax/address and they dont even have a website.

St. Armands Group LLC= borrowed $150 and owe back $195 (they have took $90 out so far in finance charges.

They sent me a link to their agreement docs but it no longer exists when I try to look at it:
https://idoc.qloans.net/v.aspx?t=1&G=dde0033c-4521-4a9f-ac70-c50ea9e08314

I live in Kentucky and they said no online payday loans are legal. So after I close my bank account, whats the next step?

following these steps in this sticky forum:

http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

I did this for all 8 of mine and so far, so good. I have 2 agreeing to only paying principle and 1 PIF(Paid In Full) email. I have also filed claims with the KY Department of Financial institutions and Attorney General for rest that have responded and won't budge.

KY DFI Complaint site: http://www.kfi.ky.gov/complaint/ficomplaint.htm

To file a complaint with the KY AG, you have to print out the form here:
http://ag.ky.gov/civil/consumerprotection/complaints/forms.htm
fill it out and send it certified mail to them. It is worth the time to do this!

Good luck

I have sent the ACH revocation email , closed my account on June 13th and filed complaints with the KY DFI, AG, the BB and FTC on all my IPDLs that didn't respond and have heard nothing. Nothing from Integrity Advance, Advantage Cash Services, Payment Direct and My Payday Advance.

I am concerned that the complaints I filed with the DFI and AG 3 weeks ago are going no where and I can't seem to get anyone to respond to me. How long does this process normally take?

Cash In a Wink is fighting my BBB complaint, I countered with a rejection but the time limit has been exceeded according to the BBB site. LoanPoint is calling me maybe 3 times a week but other than that it is silent....which is scary.