I live in Connecticut and in March I closed my checking account and sent out the letters to all my payday loan providers. I kept receiving phone calls from Payday Loan Yes and Fast Cash Advance, both the same company. I had loans with both and overpaid them as well. I kept sending the letter to both of them and I received the following email thins morning:

Kellie Conway:

We are licensed through federal the federal government. Federal law takes
over your state laws. If we were not allowed to give out at loan to the
state of CT we would not. We are experiencing problems with your checking
account. We only accept electronic payments. I am in the position to offer
you a loan payoff. Today your loan is 28 days past due. When accepting a
settlement you cannot skip pay dates. Payments must be received on your pay
schedule.

As of today your total account balance is $435, loan payoff is for $400,
payment arrangements are for two (2) payments $200 due on 05-15-09, and
05-29-09. Payment method is Visa or MasterCard debit/credit only. See your
payment instructions listed below.

Payment Instructions

To confirm this loan payoff you will need to provide your Visa or MasterCard
debit or credit today, see payment form listed below.

Since payment is a time sensitive matter, your prompt payment confirmation
remittance will avoid further collection actions

This is a loan payoff, meaning once you confirm this payoff by providing
your card information, your account will then be removed from the
collections process, your balance will be frozen and no further charges will
be assessed on the loan balance as long as you follow through with the
agreed arrangement.

Regards,
Jodie Phoenix
Advanced Collections Department

I never heard of a payday loan company being licensed by the Federal Government. Please let me know what my next step should be.

Thanks.

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They are lying. There is not such thing and they know it. They are just hoping you will fall for their crap.

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Oh wow this is the biggest load of crap I have seen yet :x They are a PDL not a Financial Banking Institution, so that federal jargon is all hot air. They are governed by STATE law not FEDERAL. I would send an email highlighting your state laws in bold :lol:

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I found this information on another post about this company:

Here is some information you may need:
Registrant:
Payday Loan Yes
Oranyan House Shirley Street
P.O. Box SS 19935
Nassau, NA
Bahamas

Domain Name: PAYDAY-LOAN-YES.COM
Created on: 11-Apr-02
Expires on: 11-Apr-15
Last Updated on: 13-Dec-06
Administrative Contact:
(Bahamas) Limited, Saint George yes at payday-loan-yes.com
Payday Loan Yes
Oranyan House Shirley Street
P.O. Box SS 19935
Nassau, NA
Bahamas
8005506051 Fax -- 8006057419
Technical Contact:
(Bahamas) Limited, Saint George yes at payday-loan-yes.com
Payday Loan Yes
Oranyan House Shirley Street
P.O. Box SS 19935
Nassau, NA
Bahamas
8005506051 Fax -- 8006057419

So is it my understanding that since they are located in the Bahamas they can't be licensed any where in the US?

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Yes they are Illegal based in Bahamas with an U.S. mailing address. This is common with Illegal lenders.

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"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-

I've never heard of PDLs being licensed by the Federal Government. If that is true, they would have to be subject to Federal regulations, and I don't think they are, so it sounds like a bunch of crap to me. I wouldn't trust anything you get over email, either, get a settlement agreement of some kind in writing.

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I sent them an email demanding they mark my account paid in full and requested a refund in the amount of $950.00 for what I overpaid. They responded back with an amil stating I didn't provide them with the correct information. I just got a voicemail from them telling me they were going to charge me with check fraud over state lines because I closed my account. Can they do that?

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No they cannot. They are blowing smoke and trying to scare you into paying.

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-Aristotle-

So should I just ignore the phone calls?

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Federal law "takes over" your state laws. I don't even understand what the hell that means . . .

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Makes no sense to me either. Anyone with common sense would know that is BS :lol:

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This place claims to be a legal department, and the people there are paralegals, in short they are just another one of the famous NY(Buffalo/ Cheektowaga area) bottom feeding collection groups, there address lists as 2448 union rd, Cheektowaga NY, funny quite a few other places have this same address as well, “the Offices of Goldstein & Rath” also has the same address listed. They called claiming I owe a debt to a pay day loan company(PayDay Loan Yes), one that is located in the Bahamas, I asked for debt validation, via the mail, they refuse, saying they already sent it, when I asked when, they just change the subject and get rude. I wonder how a legitimate collector can even try to refuse debt validation in the mail, they have to provide proof that they are legal to collect for the debt, and that the debt is mine, I honestly have no recollection of the company in question. I even asked if they where a collection agency and the say no, they are paralegals working in a legal department. I have dealt with legitimate collection agencies in the past and getting validation in the mail is my right, and never had any problems before. Something seems very fishy about this. Frank Winters was a person I spoke with, nice at first, but when i mentioned the pay day loan company in question is located outside the U.S., he says yeah, they are all over. Then i asked how can a place collect on an unlicensed transaction, by a company not even located in the U.S. He just got rude after that and said one way or another this will get handled, i said ok, mail be validation, then i said good bye. The pay day company in question is Payday Loan Yes.

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sorry, the name of the place calling is Northeast Financial Solutions in Cheektowaga NY

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Funny how you gladly took a PDL and entered into a legal binding contract. And you Bad language removed, that's a no no, Shazzers. You were the one that closed out your account. Did you not read the contract that they email to you? Obviously you didn't. Your to blame not them.

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Ignore the guest, probably a pdl employee.

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Shazzers, in regards to the post above, what should be the next step, since they will not send me anything in regards to Pay Day Loan Yes? I do not even remeber taking a loan out from them. I have read on the web about this NorthEast Financial Solutions being another one of those bottom feeding collectors out of NY, using scares and threats. They said it would get handled in court.

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