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Bigtroyboy · Posted: Mon May 12, 2008 2:29 pm

Does anyone know if PDL's are legal in New York State or not? I have several and don't know what to do...they are taking my entire paycheck and it is killing me....

I am in financial ruins because of them.

HELP!!!

Posted: Mon May 12, 2008 3:30 pm

Hello Bigtroyboy and welcome! I will post your laws for you in a minute, are these all Internet loans?

Posted: Mon May 12, 2008 3:31 pm

Posted: Mon May 12, 2008 3:32 pm

Are you certain these are all Payday lenders, or are any of them installment type loans?

Posted: Mon May 12, 2008 3:36 pm

Bigtroyboy if these are with all certainty payday loans, you need to close your account pronto! But please make sure these are all payday lenders. If you post them here, we can take a look at them and let you know.
Read the info below BEFORE you close your account, and do NOT tell any of these pdl's you are closing your account until after it's done and your money is safe.
http://www.debtconsolidationcare.com/paydayloan/close-account.html

Posted: Mon May 12, 2008 6:25 pm

Bigtroyboy. . . I too am a New Yorker. Does the "troy" in your name signify a name or place? Listen to Shazzers. We'll walk you through this step by step. Being in New York has it's advantages, and this is one of them.

Posted: Tue May 13, 2008 4:40 am

I am also from NY. If these are indeed all internet loans, which they must be. There are no store fronts in this state, then all you are morally obligated to pay back is the principle borrowed. Because these are all illegal loans there is really no way that they are even collectable. Once your account is closed, i can send you a letter to send to your lenders. Please tell us who you borrowed from and how much already paid.

BigTroyBoy · Posted: Sat May 17, 2008 10:02 am

Thanks for all of the great responses that you have sent me with regard to my current troubles....I sent a message to Shazzers with regard to what I have to do and hope the process will be less painful than the current problem I am in.

So what is the first step I need to take?

Bigtroyboy · Posted: Sat May 17, 2008 10:35 am

Here is my loan and Payment info:

247 Advances - $300 Loan (paid $518 so far)
US Fast Cash - $300 Loan (Paid $180 so far)
Ambassador Financial - $400 loan (paid $838.75 so far)
Impact cash - $300 loan ($396.26 so far)
Ameriloan - $300 loan (paid $860 so far)
NLS Loans - $300 loan (paid $801 so far)

and that doesn't include the NSF charges at my bank when some of these were initially returned because of lack of funds at the time of the ACH....

Pretty terrible....How do I make this go away?

Thanks!
Bigtroyboy

Posted: Sat May 17, 2008 10:50 am

BTB. . .as previously stated I too live in New York and rest assured, they will go away as they are prohibited in New York. I know that the information you will be getting seems overwhelming, but it is not, once you set the wheels in motion. Many on here can help you with reporting, faxing, emailing and calling but please read the sticky on ACH Processors and do include it in your plan. It does work. . .it's a fairly new concept to the board but I cleared my two remaining PDLs in record time by enlisitng the services of the processors. I am now PDL free. To get you started, I know for a fact that UsFastCash and Ameriloan process through Intercept EFT (1-800-378-3328) ask to speak with Cindy and let her know that you have revoked your ACH authorization (once you have) and she will help you instruct you from there. They use Bremer Bank as their finfnaical institution. I am not sure who processes for the others but your bank's ACH department can help you with that. Questions. . .just ask. All will be okay.

BigTroyBoy · Posted: Sat May 17, 2008 11:00 am

That was extremely helpful, but should I close my bank account and open a new one? I really don't mind doing it, I just need to know what the first step is.

Thanks!
BTB

Posted: Sat May 17, 2008 11:09 am

BTB.. looks like you have way overpaid on all but USFastCash so things aren't so bad. Copy the letter that Shazz will provide you with, send it off to the PDLs (you can also email it first in the interest of time) and then call those processors!

Posted: Sat May 17, 2008 11:09 am

Have you read the sticky about closing your bank account?? Once you do read it, and make certain that once you close that account out, nothing will be able to be forced through and re-open your account, I would most def. close it out!! That way, you know your money will be safe, and from there, you can start the process. I am still kinda new here but from what I am seeing, the only one you would owe anything to is US FAstCash in the amount of $120. EVERYONE else owes YOU a refund, because you have WAY overpaid on some of them!!!! Someone will be along to help you with your next step, which would be sending all of these companies Cease and Desist letters, which will revoke any more debiting from your account, and also you would need to go ahead and call the Processors, and then request a refund of what you had overpaid to the other copmanies! Also, don't forget to file copmaints with the BBB, FTC and your state Attorney General.....

BigTroyBoy · Posted: Sat May 17, 2008 11:15 am

So this is what I think I am hearing:

1) Close my account and make sure if can't be forced open again;
2) Email or snail mail cease and desist letters to lenders;
3) Call processors to get refunds of money spent?

Is that correct?

Thanks So Much!

Posted: Sat May 17, 2008 11:18 am

Looks to me like you got it!! I would also fax the letters...makes sure all your bases are covered! Have you founf a copy of the C&D letter yet??

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