Internet's first get-out-of-debt community - 123,000 members

BigTroyBoy · Posted: Sat May 17, 2008 11:21 am Subject: C & D Letter

No....where would I get that...someone told me Shazzers would provide it for me.

Quick Question - looks like the maximum they could charge me is 25% per year interest...is that correct? and Do the lenders have to refund what I have overpaid?

BTB

Posted: Sat May 17, 2008 11:33 am Subject:

BTB. . this is what I used for my C and D
letter

To Whom it May Concern:

After doing research on internet payday loan laws in the state of New York, 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 New York in general:

---------------------------------------------------------------------- ----------

New York State Information

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
Regulator’s Website
Complaint Form
Complaint Instructions

I have contacted the New York State Banking Department and the New York State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in New York and have been advised to pay what is due according to principal amount only of the loan.

I
A physical address is necessary, as you are no longer authorized to debit my bank account. 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.

Any contact must be made through the US Postal Service or email only. I need everything in writing to keep accurate records of all communication as per instruction from the state Attorney General's Office.

I prohibit you or your affiliates from contacting 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 New York.

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 from this point on. 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 as my account has been flagged as having fraudulent activity.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, my state Attorney General's Office, the New York State Banking Department, as well as my State Senators, Jim Alessi and Hillary Rodham Clinton.

In regards to this matter, I expect a response from your company no later than 10 days from the date of this communication. This response may only come via US Postal Service or email. No telephone contact is permitted.

You can modify as you see fit but it gets the message across. You have to revoke the authorization with the PDL before the processors will even touch it. Take your letter to your bank to let them know that you have revoked as well. Keep us posted.

Posted: Sat May 17, 2008 11:38 am Subject:

BTB. . I think I posted on the locked thread as well. Please read the sticky about the ACH Processors. I believe it is an important piece of the puzzle to stopping the insanity. I know the system works as it helped me clear my last two PDLS. Follow the advice you find on here and you will be through this in no time at all. I believe Kash voiced those same words to me 3 months ago and she was right. You have way overpaid on all your PDLs except for USFastCash I believe. I hope the above C and D letter gets you started. Keep us posted.

Posted: Sat May 17, 2008 11:41 am Subject:

BTB.. they should refund you but that's not to say they will. I was foturnate in that I did not overpay. I was able to get a PIF on what I had paid, and in two cases, a PIF with a balance still owing and one was for $293.00! Actually, living in New York State gives you an edge in this situation.

BigTroyBoy · Posted: Sat May 17, 2008 11:52 am Subject: Wow....

WOW...lots of useful information. I will be sending the C & D letter to these companies on Monday...unfortunately I am having a hard time contacting some of them, as I have very limited information on them. I will do my best and follow this useful information!!

Thanks a million!
BTB

Posted: Sat May 17, 2008 12:04 pm Subject:

BTB. . .you will get the advice to fax, hard copy and email these C and D letters to the PDLs. Actually, I never sent anything via snail mail. It was all done by email initially and maybe one or two faxes. Please do use the processors once you get those C and D letters out. I would try emailing them first in the interest of time. Like I said, once you notify them of the revocation, then go to the processors. Make sure your bank knows as well. One step at a time.

BigTroyBoy · Posted: Mon May 19, 2008 6:49 pm Subject: Bank

Well...I went to the bank today and closed my account. They told me that it was all I had to do in order to cancel the ACH debits from my account. Now I assume i have to send the Cease and Desist letter that someone gave me to each of the lenders? I have 2 lenders that I have made payment arrangements with by email, so I assume that I can just send it to those email addresses...the others I don't have email contact information on....any idea how to get that information?

BTB

Posted: Tue May 20, 2008 4:33 am Subject:

BTB what addresses are you looking for? Yes, send the C and D letters to each of them. Call the processors as well. I hope you didn't make arrangements to pay back more than they deposited into your account. That is all you are legally and morally obligate to pay back. . .we live in New York State.

BigTroyBoy · Posted: Tue May 20, 2008 1:14 pm Subject: Not sure

Not sure how to contact the processors...i have no information on them....where can I obtain that?

Posted: Tue May 20, 2008 1:18 pm Subject:

It's a sticky at the top of the forum page. Who are you looking for exactly? Perhaps I can help.

Posted: Tue May 20, 2008 1:21 pm Subject:

BTB. . I went back and checked. I can tell you that Ameriloan and UsFastCash process through Intercept EFT and Bremer Bank. I am not at work right now but I can post later. Intercept EFT is much easier to work with than ACHC. Once you have the number you want to speak with Cindy. Talk soon.

BTB · Posted: Tue May 20, 2008 1:21 pm Subject: Processors

I have loans with:

247 Cash Advances
US Fast Cash
Ambassador Financial
Impact Cash
Ameriloan
NLS

Any email addresses or phone numbers available?

BTB