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Payday loan laws in Kentucky

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Can anybody help me find the laws regarding payday loans in the great state of Kentucky? I plan on sending "the letter" to our friend quick payday and I want to have my figures right. Also, should I email them the letter or send it by snail mail?




Gretchin
Debt Samaritan
Posts: 484
Credits: 8548.05

Sub: #1 Hi Quick Payday has refunded the excessive charges to some of
Tue, 05/16/2006 - 11:13

Hi

Quick Payday has refunded the excessive charges to some of the people. Give a try mentioning the laws of your state. You should have something in writing from them about your account being "paid in full". If possible, get your name added in their "Do not loan" list.

Check out this link and know the payday loan laws in Kentucky.

http://www.leg is.state.wi.us/lrb/pubs/wb/00wb7.pdf




Unregistered

Sub: #2 help
Sat, 09/27/2008 - 05:22

i live in ky,but i did a payday loan over the internet,i cannot afford this anymore,could i close my checking account so they cant get money and call them to work out a payment plan.




Unregistered

Sub: #3 pdl
Tue, 10/14/2008 - 08:24

did kentucky change any laws for payday loans for 2009? where can i find this ifo?




tiffanicjackson
Posts: 26
Credits: 377.6

Sub: #4 I live in KY and recently just got all my internet payday loans
Wed, 10/22/2008 - 06:53

I live in KY and recently just got all my internet payday loans closed and marked paid in full. I contacted the KY Office of Financial Institutions and they informed me that internet payday loans are illegally in KY and that you are not obligated to pay them (although I did pay what was left of the prinicpal on one of my loans because I did take the loan out so it was the right thing to do). They would have to be licensed in KY and to be licensed you have to have a storefront so, KY doesn't license internet payday lenders, so that's why they are illegal in KY. I had already the principal off on the other two loans through all the fees they had taken from my account. I am thankful I found this site or I would still be paying on these loans. Check to see how much in fees you have already paid, it may be over the amount of the inital loan. Send them the letter for payday loans stating that they are illegal in this state and you are only willing to pay what you have left on the prinicpal (if your fees haven't covered it already). Then I filed reports with the BBB and the KY AG office and the FTC. Hope this helps. Oh the the KY laws are at lrc.ky.gov/statrev/frontpg.htm (it should be KRS 289.9-100)




Unregistered

Sub: #5 online payday loans in kentucky
Wed, 02/18/2009 - 12:09

I am reading through this site and just saw a posting from October, 2008 made by "tiffanicjackson". you stated you live in KY and recently got all of your internet payday loans closed and marked paid in full, HOW DID YOU DO IT????? I have like 9 outstanding internet payday loans, they took so much out of my checking account this month that I am $1000 OVERDRAWN. I'm desperate, I cant sleep, I'm a nervous wreck all of the time and am fearful of losing my job. How did you manage to do this? PLEASE HELP ME :cry:




beli2005
Posts: 882
Credits: 5668.05

Sub: #6 Sleepless, here's the link to dealing with Illegal payday lender
Wed, 02/18/2009 - 12:31

Sleepless, here's the link to dealing with Illegal payday lenders:

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




Unregistered

Sub: #7 beli2005, thank you for the link...I am at work right now but
Thu, 02/19/2009 - 05:40

beli2005,
thank you for the link...I am at work right now but plan on logging in tonight and reading through all of this. I also read in a different posting on this forum where a guy was talking about entering all of his info into this site so he could try to get some help. Am I supposed to be entering information somewhere to become a member of this forum or something?
thanks for all of your help!!




nohiogal

Posts: 2584
Credits: 11799.75

Sub: #8 You can become a member but you don't have to but it does make i
Thu, 02/19/2009 - 07:13

You can become a member but you don't have to but it does make it easier to keep up with your posts. We recommend you create a new thread.

What we usually ask is...
The names of the PDLs?
The state you live in?
Are they internet or store front loans?
How much have you borrowed?
How much have you paid back including any fees?

That way we can help you more.




kfstaff24

Posts: 1450
Credits: 8892.45

Sub: #9 We are here to help, do as nohiogal recommends.
Thu, 02/19/2009 - 08:30

We are here to help, do as nohiogal recommends.




tiffanicjackson
Posts: 26
Credits: 377.6

Sub: #10 Hey sleepless. I basically followed the advice of the posters in
Wed, 02/25/2009 - 11:16

Hey sleepless. I basically followed the advice of the posters in this forum by sending all my IPDLs the letter I found on this forum. I actually paid what was left of the prinicpal on one ($30), one they actually refunded some of the fees back to me and the onther one was just marked paid ing full. With the letters I also sent correspondance from the KY Department of Financial Institutions that furhter emphasizes the fact they IPDLs are illegal in the state. Hope this helps. Good Luck




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