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jenn5276 · Posted: Mon Jul 09, 2007 12:53 pm

Hi guys!

I am new to these forums and have to say, they are wonderful!!

I am currently in Payday loan hell. Have about 5 loans, and am working on trying to pay them off, even though some of them have collected way more from me than they should have.

I was wondering if anyone let me know if these idiots are even licensed to operate in NY?

I have 1 with Staradvance (400), 1 with Ameriloan (500), 1 with OneClickcash(400), 1 with United Cash loans (200), and the final with Discountadvances (400).

I am thinking of taking out a loan from my 401k to pay these people off. I don't need them calling me and harrassing me at work either.

Any help would be appreciated.

Posted: Mon Jul 09, 2007 1:16 pm

Payday loans are illegal in NY. It is illegal for the pdl company to lend money to the borrowers and charge interests. Report them to your state AG and the Dept of Finance.

Don't touch your 401K plan in paying off the loans. It will not be right to take out money that you have saved for the future. You are liable to pay only the principal amount and be done with them. Just find out how much you have paid so far.

jenn5276 · Posted: Mon Jul 09, 2007 1:41 pm

I am going to go through my bank statements and try to calculate how much I have paid these clowns to date. I'm kind of afraid to know... Embarassed

I plan on contacted my state's AG as soon as I figure this out. I wonder if I could get a refund of any amount I overpaid?

Posted: Mon Jul 09, 2007 1:44 pm

What companies do you have loans with, for how much originally and how much have you paid each one of them. No matter who they are you will find someone here to tell you what to expect from them.

Posted: Mon Jul 09, 2007 2:52 pm

The NY attorney general certainly thinks their illegal. But we'll have to wait until the court in Albany decides the AG's case against County Bank and two internet lenders to find out if he's right. I think it's scheduled for trial this fall.

Posted: Mon Jul 09, 2007 4:40 pm

FreakyFriday - I'm also from NY and have loans with all those mentioned and then some. I had 15 PDL's all internet and all but 3 were overpaid. I just made arrangements to start paying on two of the three. I did file a complaint last week with the AG - do you think I'll hear something or will they wait until the court case is over? I was hoping he would at least be able to get PIF on all the overpaid ones. I have reduced them down to 10 by getting 5 PIF (4 for sure and 1 pending) and I'm still going to work it - I was just hoping I would hear from them soon.

Posted: Mon Jul 09, 2007 5:21 pm

Explain New York illegal pdl's to me. If they are illegal, doesn't that mean they're illegal - period? If they are not licensed to lend to New York residents, then they are illegal. Correct? Excuse me for being confused. I understand it's not always "cut and dry", but if internet lending is illegal, I don't understand why there is a court date?

jenn5276 · Posted: Tue Jul 10, 2007 6:00 am

I though I read somewhere on these forums that they aren't in fact illegal here in NY, and that the interest rate depends on what is agreed to in the contract. If that's the case, then I'm very confused... Shocked