king of kash

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hi Tammy--

please tell us a few things so that we can best help you.

first, what state do you live in?

Second, do you still have documentation of the loan? if so, you are looking for the loan agreement, where they detail the amount of interest and so on. its possible that they may have charged you more interest than the law allows in your state. its also possible that they have simply broken the terms of their own contract by demanding so much extra money from you. Please get back to us about this and we will do whatever we can to steer you in the right direction.

ok, just did a search, do you live in Missouri? They seem to be out of Kansas City, MO. They are owned by Paul and Vicki Silverman--I wont post their address here for obvious reasons, but if you look on MO's secretary of state website, you will find their current business licensing info. If you live in a different state, you need to check with the SoS office in your state, most states require businesses to be licensed or registered to conduct any business in that state, and if they are not in complaince with your state laws there, then that could make this whole loan null and void. not too long back, a florida judge determined that a woman was providing payday loans to people while knowingly in violation of that state's business registration laws, and this judge cancelled out all the loans she made at that time, meaning she was no longer allowed to collect one cent from any of those customers.....

Start with the documentation on your loan--let us know what you have and what it says, and the state you live in. And we will help you research what you need to, so we can go from there.

i do have copies of the contracts i signed with them but they are at home. i do live in Mo and i am aware of the owners and the multiple names the company is under. i have talked to them several times about trying to work out a payment or something- this month all i had avail to send them is $20 and they said that is not good enough and they cannot hold my loan for that. i have talked to the same lady everytime and she has had me in tears threatning everything but bodily harm. the least they will take a month is $125.00 which is way better than $600 but when you dont have it and it is never going to touch the interest and fees i would be paying that the rest of my life. a example of a interest to them is a $100.00 loan cost you 30.00 a month for 12 months so $360.00. and i have 9 indivdual loans with them with individual 12 month payments.

ok, when you get home, look over your paperwork, and let us know about the fees and interest they are charging you as written in the paperwork. its just a guess, but it seems to me that jumping from the $2000 you originally borrowed to over $7000 total that they now are claiming you owed them, well, that cannot be legal unless you've had these loans with them for a very long time. thats some massively high interest there....and thats the thing, if they are over the usury law limit in your state for interest, then by law you can fight that and normally you would end up not having to pay that extra interest. when all is said and done, its possible that the $3000+ that you already paid them might be enough to satisfy everything you got from them in that case. So, the next chance you get, jump on here and see if you can let us know about the interest in the contract.

Would you like the good news? the law youre looking for is Missouri Revised Statutes Section 408. this is the law in your state that governs interest rates--the maximum interest rate that a lender in your state can legally charge on a personal loan is 9%. There is NO WAY that youre paying a legal interest rate on a $2000 loan when you've been paying all that money and they still want $4000 more! Matter of fact, tell me something-how many months exactly have you been paying $600 per month? you said almost a year, well in that case, do the math!

600 x 12 months is $7200, and in one year thats how much you would have already paid them!

you NEED to track down every receipt for payment tonight and calculate exactly how much you have already paid them, because youre getting ripped off!!

alright--here's what to do. when you get home tonight, gather up all the paperwork for the loans and gather up all your receipts/proof of payment. We will take this one step at a time, first we'll look at interest and fees. then we will compare how much you can prove that you have paid so far. Then we will compare that to how much they claim you still owe, and how much you really should be owing. it almost seems to me like they are trying to take you for everything they can get.

OK, sorry to make this so long, one more thing--is this a payday loan? if it is, then the usury law is out the window, because it doesnt apply to payday loans in your state. however, you said you have 9 loans through these guys, right? Currently, your state law allows only up to 6 loan renewals. Again, this is a lot of info, and I am only trying to give you the whole story, but we dont know for certain how much this applies until you can review your loan paperwork and get back to us.

let me know in the meantime if i can answer any questions or help you find something, i will do my best to help you through.

Jon

i will get back on here when i get home and have contracts and quote % and interest and fees. i have taken out these individual loans over the last year and not 1 of them pays off till 2009 after 12 months on each individual loan. i have contacted several places for help- 1 place i am working with is the Mo dept of finance and i have filed some complaints with some other orginazations. it is just scary and stressful not knowing what to do and what they can and cannot do to me and my family. it is not like i have not been paying them i just cannot afford to pay them anymore and i feel like i for sure have paid them back what i borrowed but without their interest and fees. thank you for all of your help so far!

okay anual percentage rate is 342.28% on each loan. loan # 1 is for $500.00 borrowed adn finance charge is $1300.00 total payments is $1800.00 it is 12 payments of $150.00 each. 1st payment was 5-14-08 and have made 7 payments so have paid $1050.00 so far. loan #2 borrowed $800.00 finance charge is $2080.00 total payments $2880.00 12 payments of $240.00 started paying 5/03/08 and have made 7 payments $1680.00 so far. next loan is $100.00 and finance charge is $260.00 so total is $360.00 12 payments of 30.00 started paying 7/03/08 and have made 5 payments so $150.00. next one is $100.00 financed $260.00 finance charge total payments $360.00 12 payments of 30.00 started paying 09/13/08 have made 3 payments so $90.00. next loan was $100.00 financed at $260.00 finance charge total $360.00 12 payments of 30.00. started paying 08/21/08 and have made 4 payments so $120.00. next is $100.00 financed $260.00 finance charge and $360.00 total payments. 12 payments at $30.00. have only made 1 payment on 11/07/08 for $30.00. final one was $300.00 financed $780.00 finance charge total payments $1080.00 12 payments at $90.00 and i have not made any payments 1st one was due on 12/12/08. most of these i have already paid back the true amount that was given to me and then some. only 3 have i not done that cause like i said i had to make the choice of keeping the lights on and keeping our home or paying this company. if you can please help me in any way i would appriciate it. like i said i am talking to someone at Mo division of finance and i am faxing stuff to him tomorrow to review. i contacted king of kash today to get a statement of what i owe them in their opinion and a listing of all payments to them. i am also going to go to my bank and get copies of checks cause that was the main way i paid them. if i did not make payment they went in to my checking account by presenting a debit to my atm card or a casher check to the bank.

While you are at the bank, maybe you should close that account and open a new one to prevent them from emptying your account.

i have already closed my account at the bank due to my situation. i tried talking to a lawyer and consumer credit couseling and both told me to close my account. i have not opened a new one with the fear of them tracking it down. :cry:[size=3][/size][color=Blue][/color][font=Arial][/font]

you'll have to get back to us with whatever MO has told you, but at least at this point it would seem that they have violated your state's law with the number of extensions they have done on this loan.

this place is NOT a payday loan place. it is called king of kash signature loans. each loan is for 12 months so 1 year. it is not considered extensions or anything like a payday loan. it is just the percentage and interest and finance charges are Crazy and i cant afford any of the payments anymore. well on Monday i am faxing the guy i have been talking with at Mo dept of finance. he is going to look over the loan agreements and my payment history etc. and see if he can help me in any way or point me in the right direction for help if there is any... i am feeling pretty alone and helpless right now. the same lady keeps calling me from this place- called me the day after christmas at home and was very rude and said she would be calling me on Monday. i dont want to end up in jail or being sued for money i cant come up with or have my wages garnished. i dont even have enough coming in right now to pay all of our bills when they are due. i have $40 to go buy some groceries for a family of 4 to last 2 weeks. i feel like a awful mother! all i did was take out some loans to help cover some bills at the time and it is now ruining my life etc.

This place ( King of Kash) sounds almost like a 'Cash Call' thing. What's the % rate you are paying? You said they DON'T check your credit? ..just a signature? Mmmm......glad you could have your bank account closed.

alright, so youre telling me that these are personal loans? If so, then you REALLY should have them in a bad spot.

the law youre looking for is Missouri Revised Statutes Section 408. This is the law that deals with loans and interest rates, etc etc etc. according to what I have found, this should help you:

usurylaw.com/state/missouri.php


The paragraph i singled out with my statement about VERY IMPORTANT--thats your key! Your contract states that this is a personal loan.....and yet they are charging 342.28% apr....in a state that allows a maximum of 9% apr on personal loans. not only that, but your state has made a policy of deciding that ANY time a corporation makes a personal loan with someone for greater than 9% interest, then the loan is immediately voided and the corporation CANNOT COLLECT ON IT. The whole first few paragraphs that i posted deal with a personal loan made between two individuals--the bolded paragraph deals with a personal loan made by a corporation to an individual. Thats your case--they are a corporation and you are an individual. the paragraph i highlighted in blue states that no company can be set up within MO for the purpose of making loans with interest rates higher than the maximum 9%. This company most definitely is set up for that purpose, and the company is itself in MO.

when you speak to the MO department of finance again, be sure to point this out to them and see if this company is subject to that law. If so, you may even have a case to go after them for all the illegal interest you have paid to them. Since your loans are all for one year each, here is what you SHOULD have been charged, at 9% interest, I broke it down per loan so you can get an idea of what you overpaid versus what you still owe.

1---$500 loan--9% APR = $45 interest for the one year, total loan $545, you paid $1050, so you overpaid $505 on this loan.

2---$800 loan--9% APR = $72 on 12-month terms, total loan $872, you paid $1680, so you overpaid $808 on this loan.

3---$100 loan--9% APR = $9, so total 12-month balance is $109, you paid $150, so you overpaid $41 on this loan.

4---$100 loan--9% APR = $9, so total 12-month balance is $109, you paid $90 so you owe $19 on this loan.

5---$100 loan--9% APR = $9, total 12-month balance is $109, you paid $120, so you overpaid $11 on this loan.

6---$100 loan--9% APR = total 12-month balance of $109, you paid $30, so you still owe $79 on this loan.

7---$300 loan--9% APR = $27, so 12-month balance is $327. You have paid 0 on this so you owe the whole $327.

OK, let's add it up.....you overpaid:

505+808+41+11 = $1365.00 that you overpaid.

you owe:

327+79+19 = $425.00 still outstanding.

Now, here's the thing--if the court were to throw these loan contracts out, which looks like a good possibility, then you would not owe that $425 because it would be deemed unlawful and the loans would be voided by the court and called uncollectable. BUT--you would still have a good chance at a case for getting your $1365 back....I would DEFINITELY mention this to the MO finance guys....keep us posted on that conversation, please!

thank you so much for the information. i faxed 40 pages of detailed information this morning to my contact at Mo dept of finance. he said it could take up to 2 weeks to go over and get back to me. i am going to point and your information to him and i will keep you up to date on my situation. thank you for all your help!!

no problem at all, Tammy, please keep us updated about what the finance folks tell you.

i dont know anything more right now... i know the fax i sent was received by Mo Dept of Finance but have not heard anything else. did receieve a final notice letter in the mail from king of kash threatning me with legal action at my expense. i am still really scared and stressed about my situation! i just dont know what they can and cannot do to me. these places are good at writing up contracts for people to not understand what it is they are signing.

at this point I would consider contacting the guy at the MO finance office again after the weekend, just to see if he has any news and to let him know that these people are threatening to sue you.

In the end, if this information that i posted is right, then they will more than likely never sue you because they know how wrong they are. then again, if they think you have no clue about the laws, then they may take a chance, but as long as MO finance verifies what I have found and posted here, then you have no worries because any court in your state should basically laugh king of kash out of the courtroom in that case.

Please keep us updated, and feel free to ask any other questions that come to mind. Also, try not to panic--even if they tried to sue you it is a process that takes time, so you will still have time to hear back from MO finance and so on.

well i got a email back from the guy at Mo Dept of Finance and he says their loan agreement is ligit and that i agreed to everything when i signed the contract. and he says the worse thing that can happen is them take me to civil court for a judgement. well this scares me cause a judgement is not a good thing on your credit. and i cannot afford to pay them up front the $3,000 they say i still owe and as far as payment plans the most i could pay a month is $50.00. i am really stressed and depressed. i am not a bad person. i have paid them over $3,000 already. but it is legal for them to charge a
342.28% interest. i feel like the government does nothing to help and protect people who are struggling. i guess i am just a stupid person and i have to lean and deal with my mistake....

I would still call them and ask them about the law I showed you in this thread....i just do not see how they could have that law in your state, and still call this legitimate. That makes no sense at all to me.

Call them today and see what they have to say about it, because something is just not right. Thats what i would do. Ask them how it could be legitimate to charge someone 342% interest in a state that only allows 9% on the usury laws. If they call this a payday loan, then make sure they understand that this is a personal loan, with a 12-month payment structure. that is definitely not a payday loan.

for your reference, the law i mentioned to you earlier, so you dont have to go back and look for the post, is the Missouri Revised Statutes Section 408. I would really like to know how they think that law does not apply to this loan.

thank you for your help... i talked to a lady at king of kash and the guy at Mo Dept of finance and i have to pay what is owed on my loans. i signed a legal document with all the interest and everything on it. they are being nice to be and i have agreed to pay $100 this month and go from there.... i am just sick! i have been crying but i guess i need to get over it cause i have contacted alot of places for help and no one has responed or if they have they say i owe what they say i owe which is another $2,000. i have read laws and googled for answers and information and i still feel helpless and alone.

honestly, I would consider trying one more step before you pay them anything. you see, signing a contract means nothing if the contract violates the law. thats what that statute says that i posted for you. honestly, i am completely at a loss as to why MO finance tells you this is legal--the law clearly states that if a company enters into a contract with an individual, and that contract violates the usury law, then the contract is void and is not enforceable in your state, period. There was no exception given in that statute.

I would honestly recommend that you speak with the attorney general's office in your state and get their take on it--they may have a different take on it than what you are being told. When the finance guy told you that you signed a contract so you must pay it, he was going completely against the law as it is written, and that is quite puzzling.

alright, Tammy--

I called the MO AG's office, and they instructed to call MO Dept. of Legal Services at 314-534-4200. They cannot provide legal advice at the AG's office, so they recommended that you contact that phone number above. The AG will take a complaint from you and investigate it but they said to call Legal Services first. When i explained the situation, the lady said that it didnt make any sense what you were told by MO Finance. She agreed with what I said--that the contract is only enforceable if it doesnt violate the laws. i would really check into this before you pay them money that they do not deserve!!

i contacted the Mo attorney generals office and filed a complaint. i am going to call this number you gave me for legal advice as i feel this is my last chance for help. thank you for all of your help with my situation!! i just feel really stupid and helpless at this point. i just keep praying that it is all going to work out and be okay.....

If they try to tell you again that there is nothing illegal about this, i would demand from them an explanation as to why the law i pointed out does not apply in this case. This is a personal loan, but with the interest of a payday loan....and it is stated in plain english in their laws that such an interest rate is 100% illegal and voids the entire contract.

I would be very interested in their explanation....

i just wanted to give you somewhat of a update.. the mo dept of finance did not call me or email me back but contacted king of kash and some corporate lady called me and talked with me and i paid them another $100.00 on payday. i dont know what they want for me other than that. i have heard back from the other places i complained to like better business and attorney general and they are all in contact and i am waiting for feedback. i still need to contact the legal dept that you told me about and see what they say. i am scared and sick at the thought of having to pay another $2,000 to this company. i am in a bad place financially! i am behind on several bills my refi on our house fell through- their mistake but we are in a mess with that. i just feel like everyone is out to get me. i know i made a bad decision for taking out loans with this company but the interest is insane for anyone to have to pay.

so i just got a call from king of kash about my complaints on them and i have to pay them 6 months of payments on time of $125.00 a month and then they might settle with me... so that will be another $750.00 to them and i paid them $100.00 last week so a total of $850.00. so that would make my balance $1,150.00. i just feel like a looser! my family is going to be so strapped to do this payment but they said if i dont they will take legal action. i wish all payday loan companies would be closed down! they are nothing but a headache and do more damage than good.

just a update on my situation.. i have heard back from all the places i used to file complaints and try to get help with this company and got no where. that was the mo department of finance, the attorney generals office and the better business. i called them today to tell them i will not be in today to make the $125.00 payment cause my husband lost his job. they got rude with me and said they are turning it over to their lawyer for legal action. i dont know what is going to happen to me now with them but i am struggling to get by and my family is going through a really hard and stressful time. i have got to pay my bills by importance and they are at the bottom. we dont have a savings or someone we can borrow from so i guess i just sit and wait and pray.