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 Posted: Mon Dec 01, 2008 7:03 pm Subject: payday loan laws in ny |
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hello,
I have went into default for my internet payday loans due to me being hospitalized due to complications in my pregnancy when I was unable to pay I contacted them and tnone of them would work with me I am going to pay back the loans but not until I am back on my feet I just returned to work and are receiving harrassing phone calls from collection companies threatening to put warrants out for me and really don't have the money right now to pay back the principal and high intrest charges and fees. I closed my bank account after receiving hundreds of dollars in fees to my bank due to these companies hitting my account 5 times every other day. I need to know if I can wait and if I have to pay back the amount icluding fees and what action that can be taken against me the following companies are
payday max, us fast cash and national money store.
any info would be great.
thanks!!!
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jiss420
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| Posted: Mon Dec 01, 2008 7:06 pm Subject: Payday Loans |
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Payday Loans are ILLEGAL in NY!!! Dont pay them a dime. One of these days these companies are going to learn to stay out of the states where they are ILLEGAL
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Guest 9999
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| Posted: Mon Dec 01, 2008 7:06 pm Subject: reply |
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well seeing as pdl's are prohibited in NY.you only owe the amount borrowed.two questions.
how much borrowed from each
how much debited by each total.
that will help to determine your next move.
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paulmergel
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| Posted: Mon Dec 01, 2008 7:17 pm Subject: payday loan laws in ny |
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PAYDAYMAX i OWE 600.00 INCLUDING FEES 390.00 PRINCIPAL
USFASTCASH 600.00 WITH FEES 300.00 PRINCIPAL
NATIONAL MAONEY STORE 600.00 WITH FEES 300.00 PRINCIPAL
SHOULD I PAY UP WITH THE FEES AND SHOULD I TAKE THESE THREATS SERIOUSLY
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JISS420
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| Posted: Mon Dec 01, 2008 7:24 pm Subject: reply |
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you misunderstand.these places are illegal.if they debited anything it goes toward the loan.i mean any amount.for example.
USFASTCASH 300.00 principle 4 debits of 90.00 360.00 total debited.you are done with them you owe nothing more.
you see how this works.they are not legaly allowed to lend you anything.therefore anything they have debited goes toward the loan.to your other query,no you shouldn't take anything they say seriously.just inform them that you will file AG complaints.they should smarten them up.if not your AG will smarten them up.
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paulmergel
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| Posted: Mon Dec 01, 2008 7:26 pm Subject: |
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SORRY A LITTLE NEW TO THIS AG COMPLAINTS?
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JISS420
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| Posted: Mon Dec 01, 2008 7:28 pm Subject: reply |
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attorney general,and no worries i was the same way when i first came here.it's all good.  
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paulmergel
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| Posted: Mon Dec 01, 2008 7:31 pm Subject: |
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so next time they call me tell them to do whatever thay have to and only pay them the principal what do I do next?
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jiss420
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| Posted: Mon Dec 01, 2008 7:38 pm Subject: reply |
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well let's see if you owe these pdl's anything first,but tell them they are illegal in NY and hang up for now.let's say you do owe them a little.get a physical address to send money orders.these illegal places will want any bank info or a debit card.do not give them that info,in fact as i've stated do not engage these people until you are sure you owe them.go over your bank statements and see what each place debited thus far.it will tell the story.
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paulmergel
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| Posted: Mon Dec 01, 2008 7:41 pm Subject: |
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but others companies are contacting me representing them I guess there the collection agencies the pdl people transfer the account to just disregard them all together should I send letters to pdl companies regarding the laws after looking into what is owed
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jiss420
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| Posted: Tue Dec 02, 2008 6:32 am Subject: replys |
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yes you should first e-mail the pdl's.then if they give you a problem.file the AG complaints.same goes for any supposed collection agencies they would send after you.
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paulmergel
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| Posted: Tue Dec 02, 2008 9:16 am Subject: |
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please remain calm and follow the advice given here. the loans are not legal in my state neither and it was pretty easy for me to settle.
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bea2ls
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| Posted: Tue Dec 02, 2008 9:46 am Subject: |
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I also have payday loans and am in New York. I had one company that I defaulted on and when I called to make arrangements they were ridiculous, so I filed a complaint and they have stopped debiting my account. I did not close my bank account and I have 6 more loans. I don't want to close the bank account, I have paid back the principle amount on all of the others and am "paying down" now. Do I risk filing similar complaints against them and keeping my account open or should I just pay them off?
So confused.
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Chelsea77
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| Posted: Tue Dec 02, 2008 10:18 am Subject: |
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Hi Chelsea,
Pdl's are illegal in NY, if you have paid back what you borrowed through the fee's, then you are done with them. Unfortunately, unless you close your account, they will continue to debit. You can try to block them, but that doesn't always work either.
Here is some info that may help you out:
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What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE
What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.
File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.
Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.
Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter.
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dawnlango7
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| Posted: Tue Dec 02, 2008 2:44 pm Subject: WHAT SHOULD I do next help |
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SO THE BOTTOM LINE DO NOT GIVE IN TO THESE THREATS OF JAIL TIME ECT... SEND E-MAILS TO ALL LOAN SITES AND LET THEM KNOW I WILL ONLY PAY BACK THE PRINCIPAL NOT ANY PERTAINING FEES CANSOME ONE PLEASE GIVE ME A EXAMPLE LETTER TO SEND THESE COMPANIES THIS IS THE FIRST TIME I AM DOING THIS AND DO NOT WANT TO LOOK LIKE AN IDIOT WHEN I FIGHT THESE COMPANIES ANY HELP IS GREATLY APPRECIATED.. THANKS SO MUCH
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