Paydayok.com

yes, they have go over the payday loan forums at
http://www.debtconsolidationcare.com/paydayloan/forum/index.html

sunshine, is this the only pdl you have? Paydayok, I do not believe is even licensed. These fees they are chargin you, they more than likely shouldn't be. If you don't mind, could you please tell us what state you are in, how much the loan was for (principle amount only) and how much you have paid back? We can help you out! :D

Yes it is.


$450
Finance charge: $54.64
Total payment: $504.64
Annual Percentage Rate: 260.72% (e)

TN is my state, thanks

its been a cycle. I pay 45 every two weeks, I can do this up to four times. Then after fourth time, I have to pay $45 + 45 (the lowest) towards the principal. Then you have to pay it in full the next period after or pay $45 fee plus something toward the principal (no less than the fee you are paying) or you have to renew the loan by going up on the amount you owe

I am in TN

sunshine, hang on, honey. I'll be back. I'm going to go over a few things with you regarding this. I'm leaving work and going home. Hang on! :D

Okay, sunshine. I'm posting your TN pdl law so you can see for yourself. In TN, no rollovers/extensions are allowed. This means that your pdl (who is not licensed to do business) is charging you fees that are prohibited in your state. In other words, every debit they have taken out of your account should be applied directly to the principle amount of the loan. You borrowed $450.00. I understand that. They are debiting $45.00 every 2 weeks. I understand that. Once you hit your 4th $45.00 "fee", they will then take the $45.00 + another $50 to go towards the principle of your loan. This means that soon they are going to be debiting your account every two weeks in the amount of $95.00! I need to know how much you have paid them so far in their illegal "fees" that they are not allowed to charge in your state. Can you tell me how much you have paid them so far? And, also, when is their next debit coming out?

You will find the Payday loan laws for Tennessee here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I had PayDayOk, at one time, too. The 'fee' ,that comes out of your checks, does NOT go toward your balance. It's just a fee for the "privilge" of using their service. Payment arrangements?? Yep..they will 'help' you with those ( if you want your fee to go higher, every 2 weeks, that is). Just telling you from personal experience. On your 5th debit, from your account, they will take a fee PLUS $50.00 ( this $50.00 goes toward your balance)....and every pay, after the 5th one, they will CONTINUE to take a fee, plus $50.00. This is what they did to me. I had a $500.00 'loan' from them. my 'fee', every two weeks was $65.00. That really adds up!! I am in the state of PA.

sd, that's what I posted for sunshine. I believe she understands the $45.00 fees up until the 4th renewal, then it goes up to the $45.00 + $50.00 towards the principle. I posted for her that this means they will be debiting her account for the amount of $95.00 every two weeks. I am waiting for her response to my questions. :D

I can pull up the history tommorrow. My debit goes through Sat again. I been using paydayok.com for over a few months now so I am sure I have paid a GOOD sum amount of just fees alone. If this is not legal in my state, is there anything I can do to fight it or no?
I will look up and see exactly how much I paid in illegeal fees, do you mean the $45 + 50 or just the regular fee? thanks tons

Well...with PAyDayOk ( with me, anyway), they told me that " payment arrangments really weren't authorized". Every time you had a fee taken out,..Sunshine4u..that fee DID NOT go toward your balance. If they take the $50.00 out, ALONG with the fee, the only amount thst goes toward your balance is the $50.00. Did I answer your question? If not, please let me know.

Sunshine, I think she means to add up everything you have paid them so far.

Am I right Cannr?

My experience was that I had paid in excess of my loan amount and when they received my documentation to that fact I received an email from them that they were sorry I was dissatisfied with my loan and they would mark my acct PIF. I have seen several others on here with the same result. This is in the case when you have paid over the amount of the principle. Some have even pushed and received refunds.

cannr I sent you a quick message showing how much I paid, if you could reply to me at email removed for your safety - Goudah I'd appreciate it. I dont have account here yet. :)

I want to do something before next pay period atleast... its killing my paycheck especially when they do 95.00 (fee + principal)

Sunshine, all you have to do is register. Its free and easy, and we would love to have you as a member of our community

I will register here shortly. :) You guys are very helpful. Here's the info requested


Date Action Loan Transaction Status Principal Fees Transaction Total Principal Balance
8/7/2007 Refinance 59245925 81982738 Complete $0.00 ($38.57) ($38.57) $450.00
7/26/2007 Principal Increase 59211237 81943080 Complete $50.00 $34.29 $15.71 $450.00
7/14/2007 Refinance 59185996 81914615 Complete $0.00 ($40.00) ($40.00) $400.00
6/30/2007 Principal Increase 59149306 81873997 Complete $50.00 $22.50 $27.50 $400.00
6/21/2007 Refinance 59121451 81843052 Complete $0.00 ($32.50) ($32.50) $350.00
6/8/2007 Refinance 59090096 81808034 Complete $0.00 ($32.50) ($32.50) $350.00
5/26/2007 Refinance 59049996 81763757 Complete $0.00 ($27.50) ($27.50) $350.00
5/15/2007 Refinance 59017790 81728186 Complete $0.00 ($30.00) ($30.00) $350.00

sunshine,
Please wait. I'm going to email you.

I got account now :D too.

By the way, its sad that I have renew the loan (up) because cant afford the principal + fee every two weeks. Very frustrating.

misskitty, do you know how to pm??? Not quick message?? But pm me a message?

misskitty. You are in the state of TN. TN allows internet pdl's if they are licensed SOMEWHERE. If the internet pdl is licensed SOMEWHERE (doesn't have to be in TN), then you must follow the state pdl law where the pdl is located. I have found that paydayok is indeed licensed. They are licensed in Delaware. This means that you would have to follow the Delaware state pdl law - which is basically what paydayok is abiding by. I'm sorry. I was hoping they wouldn't be licensed. But this is what I found:

PayDayOK
42 Reads Way, Suite B
New Castle, DE 19720
1-866-612-4506 phone
1-866-612-4508 fax
customersupport(at)paydayok.com

PayDayOK
2207 Concord Pike #606
Wilmington, DE 19803

Licensed as PayDayOK of Delaware LLC
License # 2002014
License # 2002052
License # 2001665

I am going to post Delaware state pdl law for you to see. It does look as though they're following it.

You will find the Payday loan laws for Delaware here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Should I tell them my situation and see what they say atleast?

sunshine, well, I'll tell you what. You could default on it. Like, block their debits from your account so that they can not access your account any longer. They would then contact you or you could contact them. Try to work out an agreement. What you've borrowed, what you already paid, etc. The only thing is that you really can't file a complaint and say that they are operating illegally. Because they're not. Which sucks for you. But according to TN, their pdl law regarding internet states that if they're licensed, you have to abide by the state the pdl is in. I don't know what kind of recourse they would have to collect their money if you default. What I mean is, turn you over to a collection agency or something. Or, if you default, would the fees stop adding up? If they turn you over to a collection agency, would the fees stop? That's a good question. I'm going to pm goudah and see what she says. I'll ask her to post. She knows the TN law regarding internet pdl's that are licensed. What we need to know is what would happen if you blocked them and they couldn't get their debits any more. Let me pm her and have her post. Hang on.

ANY PDL will 'help you make payment arrangements', however..only on THEIR terms. hey..Sunshine4u..when you get an account, you can have people PM ( Private Message ) you.

TN does require that you follow the laws of the state they are licensed in. I live in TN and have had no luck with getting help from officials here. They continue to tell me that they only have jurisdiction over lenders that are physically located in Tennessee.
Sorry, wish there was better news on this one, but, TN prohibits criminal action.

I had a loan w/paydayok I emailed them the information of when I took the loan out and how much I have paid them. It was slightly more then the principal. So in my email I stated that I talked to my AG and that pdls are ILLEGAL in my state and that they should consider my loan PIF. They responded w/in 2 days with a PIF.

flyers, sunshine is in a state where they allow internet pdl's if they are licensed SOMEWHERE. Since this pdl is indeed licensed, her state allows them and she has to abide by the state law of the pdl, which is Delaware.

sunshine, I just emailed them that this was an illegal loan in my state, and that I wanted an address to mail them a money order for PRINCIPAL only.
They wrote back that they were sorry I was unhappy with their service, and that they considered my loan paid in full!
So either email them the same or fax them a revokation of permission to withdraw from your bank account. It might work the same for you.

jazz, it might work. However, sunshine's state won't be able to "back her up" regarding it. Her state allows licensed pdl's. Her state has them follow the licensed pdl state laws.

I will give it a try. How do you word that kind of letter? any examples? Thanks.

I would definitely try it! It may work but definitely revoke the authorization to debit your account.
I had a PDL that took the whole darned amount out after I sent them that letter!!! 260 at one time! So, be careful to make sure you at least have the bank covered first!

sunshine, what kind of letter do you want? One that states that you are revoking their debit authorization? Revoking any wage assignments? Asking for a PIF? Telling them they're illegal (they might know better-doubt it-but never know!)? What do you want your letter to say? Let us know and we can help you. And, your bank account is taken care of, correct? So they can't debit any more money?

no my bank isnt taken care. what are the steps? I want a pif or to revoke their debits. thanks sooo much

You must take care of the bank thing first...please read the important info on closing your account at the top of this forum's page. You can also do a search in the google box for examples of letterd...and then reword them to fit your state and circumstances.

Thanks. I read over it and will try working on it. I have Suntrust bank

sunshine, morningstarr is right. Your best bet (and I know it sucks) is to close your account out. That way they can't debit it any longer. Let me ask you though, when are the next debits scheduled to come out? If it's this Friday or something, you need to ack quickly. I know you read the little sticky about closing your bank account like morningstarr told you to. Good. But, please, please ask the bank if any "pending debits" will force your account back open. If you have like 2 weeks before the pdl hits your account again, you'll probably be okay. That's enough time for it to be totally closed, usually. But if it's this week, go MONDAY to the bank, close the account. Ask them if it can be forced open. Ask them what they can do if that happens. Do not leave the bank without knowing that the debits will not go through, that your account will not be forced back open allowing these debits (plus NSF fees). Take your money and go to a different bank and open a new account. You should be fine then. OH! And did you need a letter to send your pdl? Did you ever find one or did bflow or morningstarr help you with one?

I do need a letter to send my pdl. How can I stay at the same bank? I love the bank I am at so feel bad closing it to be honest. I been with them for about 4 yrs now or 5. Sept 7th is the next date for debit

sunshine, it's okay. You love your bank. You're happy with your bank. See if you can open a NEW DIFFERENT ACCOUNT at your bank. But, please, if you do this, make sure that they will NOT touch your new account with anything regarding your closed account. You can stay at the same bank. We just advise going to a new bank so that the pdl can't "find" your new account. If your bank tells you that you can close your existing account and open a new account and the two will not be "linked" together in anyway (and get it in writing if possible), then open a new account at the same bank. Just PLEASE tell them they can not touch your new account regarding any transactions with the old account. You've got time since your debits aren't for two weeks. Your old account should be totally closed by then. You should be okay if you stress (totally stress!) they they have to promise you (in writing if possible) that nothing will "hit" your new account. And I can get you a letter to send to your pdl. However, I see you're not registerd as a member. If you were to register as a member, I can "pm" you a copy of a letter to send them. Can you register so we can "pm"? If you don't want to register, that's okay. I can just basically tell you what to include in your letter and you can just type one up.

You can pm me here :) Thanks. I will make sure that the accounts arent linked or anything.

Miss Kitty, you know how the pm works? Let me know. I'm at work right now. All my pdl stuff is on my computer at home, but I can pm one to you once I get home. As long as you know how to pm and check your messages! :D

sorry Im kinda not savy on here yet lol; Could you post the do not debit letters on here or send them to me? I am going try that route then talk to my bank. I am not due again til 9-15

Thanks SOOO much and sorry for being a headache LOL, wish I could figure out PMs.

Sunshine, You can find samples of the letters in the do it yourself section at the top of the page. Did you register? I thought you did as Ms. Kitty. If you did and you are logged in ..You pm someone by clicking on the pm button at the end of their post. Then a new screen will come up, you type in that person's user name, a subject and then your text. when you are done scroll to the bottom and click submit ( I think that was the name of the button).

I had PayDayOk, too. They took SOO many fees out, I just couldn't keep up with payments. Closed my account and opened another one. However.....I get letters, from a CA, about them. According to the letter, I owe almost $600.00. I just don't see how, with all of the fees I was charged, etc. I guess I need to look at the letter a little closer. This CA is "willing to take monthly payments". I haven't called, yet, to see what he is willing to work out.

I had 2 paydayok accounts, one I paid a lttile bit over the amt I borrowed the other I still owed $30. I put in my letter the date the fund were dibursed into my account and how much I have paid them to date in fees and principal. I just emailed them stated my states (PA) pdl laws and quoted their states (DE) laws and that I had spoke to the Attorney Generals office. I also mentioned that this was a cease and desist letter. I received an email back from them in a day or two stating that they are sorry I was unhappy and that they considered my accounts PAID IN FULL>

Thank you, flyers, for posting that! :D

Sure, I have been away for a couple of days have alot to catch up with

Thanks. Im going to give it a shot. I appreciate the help

which sample letter best suited to send in do it yourself to stop debits from a pdl? I looked at them :)

guest, hmm... good question. I just went through them all. I'm going to tell you the basics that you want to cover in your letter. This should cover all bases, not just one or two,okay? Keep in mind, how you word it depends upon if you have overpaid/paid the principle/still owe. So you will have to word the letter to reflect your main issue. However, here's basically what you want to cover to be on the safe side with pdl's. You will want to revoke any debit authorization by them, revoke any wage assignment you may have signed with them, post your state pdl law & inform them if they are not abiding by it, state your intentions (whether it be paid in full, refunded, or you are only paying the principle amount), state that they are not to contact you via telephone at your place of employment, home or any other phone number they may have, state that you will only corresponde with them via email or USPS. If you have already filed complaints against them, go ahead and let them know that also. This should cover you. If you have any questions, just post! :D