| Author |
Message |
|
|
 Posted: Fri Oct 12, 2007 7:17 am Subject: payday loans costing me fortune
|
|
|
help i am trying to get rid of three payday loans that are costing me a fortune and since my credit is not so good i am unable to recieve a loan to pay off these payday loans. I live in New York. Can someone help me or give me steps that i will need to take to get rid of these once i get rid of these payday loans i will be ok they are killing me. Help.
|
|
jassande
Joined: 12 Oct 2007
Posts: 26
Debtcc Points: 845
|
|
|
 |
|
Posted: Fri Oct 12, 2007 7:21 am Subject:
|
|
|
You have come to the right place, We can help you.
Please list for us who you have loans with, the amount borrowed for each, how much you have paid to each.(add fees and principle to get one total for each lender), are these internet or store front, and please let us know which state you live in
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Oct 12, 2007 7:42 am Subject:
|
|
|
Kash...they live in NY
|
|
volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4177
Debtcc Points: 24901
|
|
|
|
Posted: Fri Oct 12, 2007 8:01 am Subject:
|
|
|
Duh. I didnt even see that!!!I need sleep
Jass, I got your message , but I cant answer because you did not register. Please post the info we need. In the meantime I will post NY laws. I also live in NY , and can tell you that these loans are prohibited in our state
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Oct 12, 2007 8:02 am Subject:
|
|
|
| Quote: | Legal Status: Prohibited
Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law § 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law § 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code § 190.40.
Small Loan Rate Cap
25% per year
Where to Complain, Get Information:
Regulator: New York State Banking Department
Address: One State Street New York NY 10004
Phone: 1-877-BANK-NYS
Fax:
Regulatory Contact: Regina A. Stone Deputy Superintendent
http://www.banking.state.ny.us/
|
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Oct 12, 2007 8:06 am Subject:
|
|
|
Kash-And who better to help out on this one 
|
|
volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4177
Debtcc Points: 24901
|
|
|
|
Posted: Fri Oct 12, 2007 8:07 am Subject:
|
|
|
That would be me, once I learn to read LOL
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Oct 12, 2007 8:17 am Subject:
|
|
|
I BELIEVE I HAVE REGISTERED. WHAT WOULD BE THE NEXT STEPS TO TAKE
|
|
jassande
Joined: 12 Oct 2007
Posts: 26
Debtcc Points: 845
|
|
|
|
Posted: Fri Oct 12, 2007 8:21 am Subject:
|
|
|
I see that you just did. That is great. we are happy to have you as a member. Please post for us here on the thread the info I asked for above. Then we can start to get you out of this mess.It is not nearly as bad as you may think.While you are gathering your info, I am going to post some info for you to read regarding your checking account , which hopfully you will be able to close
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Oct 12, 2007 8:22 am Subject:
|
|
|
| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches! |
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Oct 12, 2007 8:36 am Subject:
|
|
|
I have three payday loans one click cash borrowed 350.00 pay 105.00 x 2 a month. Quickest cash advance 450.00 pay 90.00 x 2 a month and the last one is speedy payday 135.00 x 2 but what is funny after 4 payments they are supposed to pay down the loan by 50.00 automatically and they haven't done that. Please help:)
|
|
jassande
Joined: 12 Oct 2007
Posts: 26
Debtcc Points: 845
|
|
|
|
Posted: Fri Oct 12, 2007 8:57 am Subject:
|
|
|
Jass i understand that you oay two times a month, but for how ling have you been doing this. I need totals to see if infact you have already paid these loans in full
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Oct 12, 2007 9:18 am Subject:
|
|
|
i hope this helps one click cash got loan on 9/6/07 dep 350.00 HAVE PAID 210.00. QUICKEST CASH LOAN REC LOAN ON 8/3/07 FOR 300 PAID 360.00 AND FOR SPEEDY PAYDAY LOAN DEP 450.00 ON 5/30/07 PAID 1080.00. I HOPE THIS HELPS
|
|
jassande
Joined: 12 Oct 2007
Posts: 26
Debtcc Points: 845
|
|
|
|
Posted: Fri Oct 12, 2007 9:26 am Subject:
|
|
|
None of these companies are legal to lend in NY.
first things first, If you are able to do so(i posted about closing your account), close your checking account asap to insure that no more money will be taken from your account.
One click All you owe is 140.00
Quickest you have paid in full . Actually over paid by 60.00
Speedy you have overpaid by 630.00
Send letters asap to revoke any and all wage assignments that you may have signed.
Get that bank account taken care of asap.
You can then begin to make arrangements to pay ONLY the 140.00 that you owe.
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
Posted: Fri Oct 12, 2007 9:34 am Subject:
|
|
|
Ok so i need to send letters to all of these accounts and just tell them i have paid in full and that i need to revoke my accounts with them and then the one that i owe 140.00 just send them a money order. I just want to make sure that i follow the necessary steps. When i do cancel my account what happens are they going to bring me court?
|
|
jassande
Joined: 12 Oct 2007
Posts: 26
Debtcc Points: 845
|
|
|
|
Posted: Fri Oct 12, 2007 9:44 am Subject:
|
|
|
To All of them you you need to say"I (name ) hereby revoke any and all wage assignments that I may have with you" If you are employed also give a copy to your employer, just in case. Wage assignments are voluntary .
When you close your account , you will then send them a letter saying that you revoke all ach withdrawls that they or their affiliates try to make.. You can also E mail these letters AS well as certified mail.
When you open a new checking account NEVER give this # out, and NEVER apply for another Pay Day loan.
When these companies start to call you that is when you can tell the one that you owe them only 140.00 and make arrangements to pay that one. The others you will have to fight for. They will tell you that you owe, but you dont,Actually they need to refund you, but they will fight you on it.
You need to also file complaints with the BBB, and the AG office.I know this seems like a lot of work, but it is well worth it.
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
|
|
|
|
