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I live in Kentucky and I need help!!

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I have a loan with Payday Accelerated and I informed them that it was illegal in my state of Kentucky and they told me I was wrong and that I needed to do some more research. I don't know what to do. I had a loan with Golden Valley Lending and when I let them know that it was illegal in Kentucky they marked my account PIF, no trouble out of them whatsoever. I have a loan with MyCashNow too but I have not yet informed them because I have to send a letter thru the mail, they don't provide an email address. I have a feeling Payday Accelerated it going to keep fighting me on this, even with me providing them with the actual law that shows them it is illegal in Kentucky, what do I need to do? Has anyone dealt with them or MyCashNow before??




Of course they are going to tell that they are not legal...read the laws of your state and call the phone number at the bottom.


Kentucky Payday Loan Laws

State Legal Status

Lending of payday loan is considered legal (is applicable for check cashers only) in the State of Kentucky.


Loan Specifications


Maximun Amount of Loan - $500

Term of Loan - 14-60 days

Maximum Rate of Finance and Fees- $15 for every $100

Finance Charge on $100 loan for a 14 day period - $17.65

APR for $100 loan for a 14 day period - 459%


Debt Limits


Maximum Number of outstanding loans permitted at a time - 2 (outstanding aggregate loans of $500 to all licensees)

Permissible number of Rollovers - None (cannot consolidate, rollover or renew)

Cooling-off Period - None


Limits of Collection


Collection Fees Amount - 1 NSF fee (only if disclosed)

Criminal Action - Prohibited


File your Complaint and 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


Sub: #1 posted on Tue, 04/23/2013 - 04:18

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17297 | Credits: )

Also, Online lenders must be licensed to lend in KY...


Sub: #2 posted on Tue, 04/23/2013 - 06:18

HelpinAZ HelpinAZ
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(Posts: 1873 | Credits: )

I spoke with someone from the DFI and was told our statutes state that deferred deposit transactions entered into with an unlicensed entity are void and that the entity has no right to collect any part of the debt. I have sent an email to Payday Accelerated stating they are not to withdrawal from my account, and sent a copy of Kentucky's law and I even sent a payment plan because I do intend to pay back my loan amount, but they will not answer me. I haven't tried to contact MyCashNow because they did not supply me with an email address and the address they have is in Canada so I'm not sure what to do about that. Should I mail them a letter?? This is all so overwhelming to me and I want to thank you so much for your help!!!


Sub: #3 posted on Thu, 04/25/2013 - 08:59

Tootie Tootie

(Posts: 5 | Credits: )

You eventually will hear from your lenders. They are just trying to find another way to collect from you. As far as MyCashNow is concerned, you could try customerservice@mycashnow.co m. Do not mail a letter, wasting your money. Keep us posted


Sub: #4 posted on Thu, 04/25/2013 - 10:42

bingonut bingonut

(Posts: 1433 | Credits: )

I sent an email to that email address and I also was told that Credit Protection Depot is with MyCashNow too so I emailed them as well. I hope to hear from someone soon because I can't stand to wait. The more I wait and don't hear from anyone, the more worried I get. When I contacted Golden Valley Lending regarding this they responded right away and said my balanced had been waived and nothing else is owed. Wished they all could be that easy!!


Sub: #5 posted on Thu, 04/25/2013 - 11:59

Tootie Tootie

(Posts: 5 | Credits: )

I just received an email from Payday Accelerated and they said my balance is still 1500, (even though I've already paid them 720 so far) and that they do not accept payment other than via ACH.


Sub: #6 posted on Thu, 04/25/2013 - 12:31

Tootie Tootie

(Posts: 5 | Credits: )

If they don't accept money orders or prepaid cards, then it is their loss. Under no circumstances, give them your banking information. If they want their money, they will accept the above payment methods.


Sub: #7 posted on Thu, 04/25/2013 - 12:49

bingonut bingonut

(Posts: 1433 | Credits: )

can any one tell me if CK marketing, Vandelier Group, Hydra Financial Limited and LibertyGroup, llc are legal? I live in Louisiana...


Sub: #8 posted on Thu, 04/25/2013 - 13:23

Unregistered


I wanted to let you know I have heard back from MyCashNow, only it was thru Credit Protection Depot, and they have accepted my request to settle for the principal of the loan and I can pay thru Western Union on or before the 25 of June.


Sub: #9 posted on Thu, 04/25/2013 - 13:59

Tootie Tootie

(Posts: 5 | Credits: )

Great job. Keep up the good work.


Sub: #10 posted on Thu, 04/25/2013 - 17:57

bingonut bingonut

(Posts: 1433 | Credits: )

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