I have been frantic/desperate/depressed because of pdl

Hi there franticlpn....

First, take a breath and calm down. It sounds like you've been in this situation long enough for it to take a toll on your health and well being by causing unneeded stress in your life.

Here is the state law regarding payday loans in OK:

please find your info here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

According to the law shown above, the PDL companies (especially storefronts) should NOT be renewing these loans, and should allow you a repayment plan.

Talk to the managers at the storefront lenders to work out a repayment plan, and get them to stop accessing your bank account via ACH debit so you can regain control of your money.

As for the internet lender, let us know which one it was - (was it PaydayOK?), and one of us will help you find out if they are licensed in your state. I can't be on here much longer, I'm at work right now on my lunch break, but there are other members who will come along and offer advice.

Thank You!! I have tried talking to the managers about needing to make a payment plan and not having the money to pay and they keep telling me 'we' have to do something and that I need to renew..other than that they seem like such nice people and I know the counter help are just trying to make a living. They do not have access to my account except when I panic and give them a check to get them to stop calling me which then makes it a possible criminal matter because my account is drained already by other automatic withdrawals(student loan, car insurance, ymca, car payment, signature loan with bank, mortgage payment) I feel like such an idiot! You'd think by now I would know how to handle my money, but my entire adult life seems to have been one financial crisis after another.
The internet loan is with paydayok. Again, thank you.

First off, it's not a crminial matter. Your state prohibits criminal prosecution for these things. So you don't need to worry about that.

You need to consider closing this account. These places won't stop debiting. Read this thread about some information you need to know before you close your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

There are a lot of fantastic people on this site who can help you out. It was also a relief to me to find it and just to know that other people out there are going through the same things. While trying to deal with it all you feel very isolated and alone. I remember all too well. Keep your head up. This place will help!

Yes, when I started reading the posts from others about pdl I did feel a little better. It helps to know that I am not the only one having trouble with this. How can I find out if paydayok.com is licensed in Oklahoma? Is there a number I can call? And do you guys mean that I should have just paid on my original storefront loan amount and not agreed to refinance over and over? It just seems like no matter what I have paid the balance has just kept edging higher and higher. I guess I need to get an accounting of how much they say they've 'given' me and how much I've paid over the l;ast 4 years.

frantic -

go to the website listed in the OK laws I posted above. There should be a link there to the licensee database where you can find out if PaydayOK is licensed in Oklahoma.

Also, can you please clarify when you say "renewed" as it applies to the storefront loans - were they asking you to pay a finance charge to renew the loan, or were you paying it off and then taking out a new loan?? If you were paying it off and then taking out a new loan, then they've done nothing wrong, other than perhaps violating the part of the law that states there has to be a cooling off period.

Okay, I just went to the paydayok site to see if I could find a physical address or other name as I did not find them listed as licensed in OK and there is a big screen saying that starting 7/27 all paydayok customers in OK will be serviced by PayDayOne. There was an option to click if you wanted to transfer your account at that moment otherwise you will have to have your account paid in full by 8/27/07.
I did not click to transfer, but should I have? Or is it that paydayok is not licensed in OK and if I agree to transfer to new name which may be licensed will I lose the possible protection of them not being legal in my state? I'm sorry I find this confusing, but it just twists my brain around...

You wouldn't lose any possible protection, because they would be making you pay in full. So you either pay off your loan or move to the new company name. It wouldn't affect any licensing issues, because they would have to have been licensed when they gave you the loan.

suebeehoney70-I have never been able to pay off the storefront loans, so I guess I have been paying a finance charge and renewing the same loan. They have me sign another piece of paper each time, so I'm not sure if that counts as a new loan. I do know that I have never managed to pay them in full. So..it should be the same loan? Unless it is considered borrowing a new amount to pay off the first loan and then having a second loan. Did that make sense?

How much is the check for at the store front? And how much are they asking you to pay each time you go in there? You don't pay for the whole check amount and then re-write? You just pay a "fee" and that's it each week?

Your state laws do require repayment plans . . . . That may be something you will want to talk to the storefronts about.

And please answer what Cannr is asking - It makes a huge difference. If they are making you pay off the loan, and then immediatly reloaning to you that is legal, but if you just pay the fee, and "extend" the loan, that is illegal.

It is my understanding that I am paying a fee and extending ther loan; but I sign a new piece of paper each time. I have been trying to gather all the paperwork up so I can track what I have been doing.
Got an email from paydayok over the weekend stating that my loan was past due and they would be willing to work with me if I would respond. I'm really surprised they didn't just debit my bank account.

Frantic,
Calm down and breathe! You are going to make it through this mess, we promise! Cannr and Goudah will help you..as will every other member on here! You are in EXCELLENT HANDS! You will be fine.
Answer all questions when asked so we are better equipped with the answers you need.

frantic, check your documents. See how much you loaned for and how much you paid back. Apparently you're not paying back the FULL amount and then re-writing the check? Are you just going in there and paying cash for an "extension" and it's only a portion of what you owe? And, also, does the amount ever go down after a payment?

No, I am not paying back the full amount and then re-writing a check. They refer to it as 'refinancing' and I pay them some cash at that time. I am at work now, when I get home I am going to go on a search-and-destroy and find those papers. Thank you all!!

frantic, your store front is not following your state law. You're in Oklahoma. There are no "renewals" or "extensions" permitted. Also, there is a "cooling off" period of 5 days between re-loaning in your state. If they are just holding on to your check and you pay an "extension" fee rather than the entire amount in full, waiting 5 days, and then having you re-write a new check for another loan, they are breaking the law. Get all your documents together and see how much you have paid this store front. Did you check to see if they are even licensed in Oklahoma? If they are, they're totally nuts to be doing what they're doing. You need to stop paying those "extension" fees, show them what you have paid, and also take a copy in of the state law of Oklahoma regarding pdl's. And, I would file complaints against the store front. Please, please keep me posted as to what's going on.

Okay, I found one of my refinance papers I signed and I wish I could scan it, but let me just go over what looks like the important parts: at the top of the paper there are a series of boxes; the first one says Annual percentage rate 69.64%; Finance charge $361.00; amount financed $740.00; total of payment $1101.00
Then on one side it has: FINANCE CHARGE ITEMIZATION- Acquisition Charge $74.00; Installment account handling Charge $287.00; AMOUNT FINANCED ITEMIZATION-
Previous balance $900.40; Plus late charges $20.00; Less refund $180.40; Net balance renewed $740.00; Proceeds to borrower $0.00
The title at the top says Consumer Credit Disclosure-Loan Agreement

So I'm not sure, but I do know that I have never written a check paying off the loan in full and then signed for a new loan. This is so confusing!

As confusing as it it, the word refinancedjumped out at me. There is no refinancing. And what's this about "installment"? This was a pay day loan you received from a store front by writing a check? Am I correct?

What company did you do this through? It sounds like a loan agreement/installment agreement instead of a payday advance, doesn't it? Anyone else think this?

Send a e-mail to paydayok from there site. They we so easy to get a paid in full. It took only 2 days to get a paid in full e-mail.
Cindy

From what I understand, frantic is talking about a store front. That's what's confusing. If it is indeed a store front, they are not following the laws of her state.

Okay, I think I have it figured out. I have one loan with paydayok over the internet. I have emailed them revoking auth. to auto withdraw from my checking account and sent a letter as well. I logged onto their website and it said that Oklahoma customers were no longer being handled by paydayok and I needed to either pay my loan in full by 8/27 or transfer to PayDayOne. I checked this option out, but was afraid to do anything at this point. Then I received two emails from PayDayOne thanking me for my business and instructing me to verify so that they could set up my next payment. Afew days later, after my regular payment should have come out, I rec'd an email stating that I was seriously behind and needed to call or write and set-up payment. I have not yet responded.
Then I have two loans which I thought were payday loans, but which are apparently storefront installment loans. I originally borrowed $500 from each in 2004 or so and am still paying. I guess that is where I got confused. They do not say that they are 'payday loans', but that they are short term, unsecured loans to be paid back in a prescribed number of payments. I have on occasion given them postdated checks for the payments and have had to 'renew' several times. My balances just keep going up and I keep being late and getting charges and I must have paid this people in full some time ago. They never want to make arrangements with me and have threatened to garnish my wages. I owe many other past due balances and had been trying to chip away at my debt, but these three loans have got me considering bankruptcy because I never seem to get anywhere on them and I am having trouble paying the electric, food, gas-you know, the usual-Something is always breaking on my 99 Durango which I owe more for than it's worth and it seems that I've always got some fire/emergency that I have to borrow money for or skip a payment...it just seems like a downward spiral.
I have no savings and if the loan places garnished me I would not have the money to pay mortgage or gasoline to get to work....I am separated from my husband and still on the note for the residence he kept. We have not filed because it costs so much. We have worked out an 'agreed joint shared custody' of our ten yo son and I have a teenage daughter from a previous marriage. Noone gives anyone child support so I am in effect a single parent family. I had a previous internet loan which I PIF and I kept thinking I could work overtime and make some extra payments, but something is always breaking...aaarrrggghhh!
Sorry, I know I went on too long, but this is the first place I have found where people didn''t make me feel like scum. Thank you all for your help. I think the storefronts are charging me exorbitant interest, but that seems to be acceptable business practice.
Again, thank you!!

It's okay! Vent all you want! That's why we're here! Not a problem! Now, trying to get all this together, boy! Okay, don't respond to the internet pdl's. They are obviously trying to get new bank account information from you. Don't do it. Blow them off for now. Your store fronts are obviously NOT pay day loans. Makes a huge difference. So, they are operating legally since these are "installment" loans. Okay. It's okay. Is there any way you can talk to them about lowering the payments? They have already threatened you with garnishing your wages? The store front ones? Geesh.... I can't tell you what in the world to do about them since now it's clearer and now we know they're legal and not breaking your law. Do you think trying to contact someone at their "corporte office" and explaining your situation would help?

Your store front loans need to be handled as soon as you can. Have you gone in and spoke with them? I had some store front ones, and they worked with me when I told them my situations. Guess it was easier than taking me to court! Tell them you want to get these taken care of, but seem to get kn where. Sometimes when they think you are trying to pay, and not run, they will work with you. Hang in there, we are here to supprt you. You aren't scum, none of us are, just people trying to get by and do what is right. It took me some time, but I finally got out of that desperate cycle, and you can too!!..KAren :D

So far the storefront loans are working with me to a degree; at least we're still on speaking terms. But, get this, I got a phone call from a 'Caleb' with paydayok.com informing me that I was overdue and how did I plan to pay. I admit I forgot I had emailed and postaled them that all future corr. would be via mail, but when I informed him of Oklahoma law he said that since their co was in Delaware that I had to go by Delaware law and not OK and that I would still owe 450 on the principle despite having paid them 430 something already..at that point I told him I did not have my records in front of me and I would be in touch and terminated the conversation. This guy was soo rude and condescending, raising his voice and informing me that they could loan anywhere they wanted too and I had to pay no matter what my state law said. He didn't want to tell me his name, but I kept asking and he finally gave me one. Boy, I don't think I could work in that field. Thanks for the encouraging words. It is definately helping me hang in there.

frantic, if I remember correctly, they aren't even licensed in the state they say their in. Now, if I'm wrong, someone please correct me. So, he can basically stick his "state law" where the sun don't shine. However, if I'm wrong, someone correct me. But I do not believe they are licensed. And, you stick to your guns. You abide by your state law. I've argued with countless pdl's regarding state law vs state law. Then come to find out, they're not even licensed at all! LOL! :lol:

frantic, don't even deal with them on the phone. I found it easier to use email. That way if they want to be condescending and rude they can put it on paper.

I agree too Frantic...don't even bother for now with the ipdls...they will come around.You have over paid them correct?? If you feel the need, just resubmit the same email stating your laws and the right to revoke.You can also file a complaint with the AG and mention that in your email too. They all tend to get nasty on the phone..but trust us,..they can't do anything to you. Put all your time and energy in to the store fronts and other issues you have for now.

SCUM, WHO IS SCUM? THERE IS NO SCUM HERE! Just a wonderful group of people that MADE A MISTAKE and are trying to correct the problem. You will get through this and we are all here to support and encourage and help you along!!!!

I agree as well...you need to concentrate on the store fronts first,

Thank you all. I spoke with my credit union today and closed my primary acct. They are working with me on the overdraft charges and that is a load off my mind. The electric co. has agreed to payments as well, so I'll have lights WhooHoo!! Yesterday I thought I would just give up and today I rallied and it helped immensely to know there are other people who have gone through the same sort of thing. I did send another email to paydayok yesterday.

Frantic...I had 10 ipdls and everything else was over due including my utilities. Finding this forum was a god send...it also helped me to organize everything and lay it all out. I dealt with the "emergency" stuff first...like you did with the electric and then took everything else one at a time...I'm still working on it but I am also able to sleep at night and not worry. That is the biggest gift of all..

Thank you Morningstarr. I am trying to handle this one day at a time with some looking further down the road. I am trying to change my relationship with money and handle my financial affairs in an awake manner. And this site has been instrumental in my rehab. Onward and upward!