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NY Payday Loans - How do I begin negotiations?  

0
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.
 

asked Jan 15, 2008 11:34 AM

nmarguerite
Best Answer
6
best answer

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

answered Jan 16, 2008 07:28 AM

14 Answers

1

Do you really insert your SSN? I don't think I would, regardless if they have it or not, in my opinion the account number is enough to identify the debtor, the less paperwork my SSN is on, the better, but that's just me.

answered Jan 17, 2008 03:21 PM

1

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.

answered Jan 17, 2008 05:54 PM

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I have a question.  I also live in new york, and have payday loans.  I am on social security disability.  My loans are in collection, and one is with legal department of company.  what happens in a case like this?

answered Jun 28, 2011 11:43 AM

Anonymous
0

I am in a similar situation except almost a years ago I applied for a PDL online and agreed with 1 company for $300. 2 weeks later I paid it off in full. Except when I went to my bank account the same day the company I agreed to get a loan with another company put $300 in to my account as well. I contacted my bank they found the name and number of the company for me. So I called them, they told me that when I searched for a PDL and put my SSN in that was my signature and I had to pay them with interest. I offered to pay the $300 back as I did not agree or sign anything with their company. They told me now I needed to pay $390. So I told them i did not agree to the loan and told them to contact me when they would take their $300 back. A few weeks later a collections agency calls and tells me I owe them almost $600... I told them what was going on and they said the company would not take the $300 and wanted the full amount. This was over a year ago. Today at work my boss gets  a call from some Attorney in NY and told him to tell me I was going to have a lawsuit put against me then hung up..... 

 

So my boss gave me the number to the guy and I had my wife call since I was at work. The "Attorney" told her that it was for this PDL and that we owe almost $800 now but we could settle today for $570..... Even after she explained what had happened. So my question is since I did not agree to this loan. I plan to contact them 1 final time to ask for written proof of this loan. I also would like to know who I can contact to find out the best way to get this matter taken care of. I want the company to get their $300 back but I do not feel I should pay interest if I did not agree to the loan.

answered May 16, 2011 03:35 PM

Anonymous
0

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.

answered Jan 15, 2008 12:24 PM

0

Are these internet or store front loans? Maybe it's me, but I'm having trouble interpreting your post, I can't figure out what you borrowed and actually paid them.

answered Jan 15, 2008 12:30 PM

0

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.

answered Jan 15, 2008 12:38 PM

0

Here are the Payday loan laws for New York (just select your state), I am sure someone will be along to help you that is familiar with the companies you have loans with. icon_smile.gif

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

answered Jan 15, 2008 12:51 PM

0

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. icon_smile.gif
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. icon_smile.gif

answered Jan 15, 2008 01:08 PM

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