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 Posted: Tue Jan 15, 2008 12:34 pm |
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I have 7 Payday loans and I live in New York. Here is the list of my loans and what I've paid:
United Cash Loans, 200=665, 250=625, 300=0 (new)
500 Fast Cash 400=1420, 450=540
ameriloan 300=885, 350=715
National Money Store 450=1368
Speedy Payday Loan 275=0 (new)
Payday Loan Services 500=0 (new)
NLS Payday 275=0 (new)
The new ones were taken out because I was 3 mos. behind in coop fees and I was warned that my unit would be sold unless I became current immediately.
I need to know how to deal with the ones that have taken huge interest payments and should be considered paid in full.
When you make a payment arrangement do you send USPS Money Orders? Prepaid debit card? Which is best?
All help is deeply appreciated.
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nmarguerite
Joined: 08 Nov 2006
Posts: 6
Debtcc Points: 240
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| Posted: Tue Jan 15, 2008 1:24 pm |
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Hi there, just to let you know PDL are illegal in the State of New York.
By what you have stated, all you are required to payback is the principal not interest. I would send a letter to all PDL's notifying them that they are operating illegally within the State of New York and set up a payment plan with them to pay the outstanding principal. Also, you have overpaid on some as well.
Others on this forum will help you as well.
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PDLInvestigator
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Shazzers
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| Posted: Tue Jan 15, 2008 1:38 pm |
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Hi - Sorry for the confusion. These are all internet loans.
The amounts on the left of the equal sign is the amount of the original loan, the number on the right is what I've paid on the loan. I hope this clears things up.
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nmarguerite
Joined: 08 Nov 2006
Posts: 6
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Shazzers
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| Posted: Tue Jan 15, 2008 2:08 pm |
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I think the first thing I would do is close your bank account so they will not be able to debit your account anymore. Unfortunately, it really is important to do that, since it appears PDL's are illegal in the state of New York, and they will probably stop at nothing to get money out of you. I'm pretty sure all you need to do is pay them back the principal amount. Get a new bank account but do NOT give them that info. You will need to get a physical address for these companies, my choice would be to send them money orders, and according to what I've read here at this forum, the best place to do that is the Post Office, because those types of Money Orders are traceable. Keep EVERYthing, all correspondence, all contact with them (take notes if you have to), but keep EVERYthing. You also need to report them to the FTC, BBB, your attorney Generals office, AND your Division of Financial Institutions. Here are the links for you state on each of these, you can file complaints online. 
http://welcome.bbb.org/
http://www.oag.state.ny.us/complaints/complaints.html
http://www.fcc.gov/cgb/complaints.html
http://www.banking.state.ny.us/ccs.htm
Hope I gave you the right links, I'm pretty sure I did.
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
CLICK HERE to find a Creditor
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Shazzers
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| Posted: Tue Jan 15, 2008 7:32 pm |
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NM, you might also try for a refund. These guys have robbed you! There are lots of people here that have dealt with the companies you listed. Someone should be along to help you with letters and advice. You should also read the post on closing your bank account before you close it. Unfortunately that probably is the only way to stop these thieves
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stargzr
Joined: 26 Nov 2007
Posts: 270
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| Posted: Wed Jan 16, 2008 8:28 am |
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Except for the last 3 you should be asking for refunds! Looks like they have been robbing you, but their are a couple very knowledgable members that are from NY where pdl's are illegal, I'm sure one of them will be along shortly
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
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| Posted: Thu Jan 17, 2008 1:14 pm |
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Thanks everyone - The last check just cleared from my bank account this morning so I went right over and closed that account. I'll search the forums for addresses. If someone could point me to any letters I could use that would be great.
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nmarguerite
Joined: 08 Nov 2006
Posts: 6
Debtcc Points: 240
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| Posted: Thu Jan 17, 2008 1:57 pm |
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Here you go! Just insert your NY state laws into it and the other applicable info....
| Quote: | DATE
Name of PDL
Address
After doing research on internet payday loan laws in the state of YOUR STATE, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE in general:
INSERT STATE LAWS
Your company should actually not issue loans to YOUR STATE residents at all as you are not licensed in YOUR STATE
I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.
The legal amount that could have been charged to my loan is the principal amount of $XX even if your internet pay day loan was legal in YOUR STATE. I only owe $XXX to have this paid in full as your company has exceeded the maximum loan amount and has exceeded the maximum finance rate and fees. I am willing to pay the amount of $XXX to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.
I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.
I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.
You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.
I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.
I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.
I expect a response from your company no later than DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
YOUR NAME
SSN
Cc:
Better Business Bureau
Federal Trade Commission
YOUR STATE State Attorney General
YOUR STATE DFI |
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volleyballmom
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Shazzers
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| Posted: Thu Jan 17, 2008 6:54 pm |
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You can choose to leave it off...but I included it as I did not have my account numbers with the PDL's handy. If you dont have the account number, then as much info as possible for the PDl to locate your account should be given.
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volleyballmom
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