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#17
05-21-2008, 06:38 PM
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I am in New York and all my communications have been based on the fact that they are prohibited. So that would follow suit that even if they are licensed in another state, they would be handled differently by me, as a resident of New York State, as opposed to someone who lives in a State where they are not prohibited. I cleared all my PDLs within 3 months and I have never had anyone question anything that I was asking them to do. They just did it. I am assuming the reason was that they were illegal in my State.
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#18
05-21-2008, 07:08 PM
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I do see where PDL's are indeed prohibited in NY as you stated, so I don't see how any PDL would have a legitimate dispute. I know that PD One is a subsidiary of Think Cash and they go through the bank of Delaware, so maybe they somehow think they are legal when they are not in NY. This surprises me because they've been following Oregon law to a "T" since it was passed in July 2007. Do you know how long PDL's have been prohibied in New York?
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#19
05-21-2008, 07:41 PM
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Well..here is what I did.
I sent them another letter to revoke authorization and C/D phone communication. And I offered to approach a settlement - though if you include what I have paid here and what I paid BEFORE it went to payday one...I have more than paid the principal. I would settle for a simple PIF. I am hoping they will work with me. I tried to mention that the company who had the loan before they bought it DID operate illegaly, etc. I guess I'll see what happens next. Eeek.
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#20
05-22-2008, 04:54 AM
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gold. . I do not know how long they have been prohibited in New York. I guess I never gave it a thought as to any ramifications as I just said you're illegal, go away. I have been very fortunate. I send a C and D and they never tried to debit again. I called the processors and immediately got a PIF. I really do think that the "prohibited" "illegal" status worked in my favor. New York has some quirky things about it that bug me but in this case I am so glad I do live here. My hope is that someday all of these illegal operations will go under and those who are legal will maintain the standard of being fair to their customers. Or, the powers that will recognize what the illegal PDLs are doing and outlaw them everywhere.
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#21
05-22-2008, 07:11 AM
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Payday One doesn't give loans to NY residents anymore.
I know I've called NY Dept of Banking before and was told that their laws only apply to businesses with physical locations, and that loans over the internet aren't included in the prohibition. The other thing I can think of is that they were loaning to you as a CSO. That would get them around the pdl prohibition legally. __________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#22
05-22-2008, 07:12 AM
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I will also say that I agree with Gold's statement that Payday One is the nicest and easiest pdl to work with.
__________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#24
05-22-2008, 08:43 AM
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Honestly, I've heard 5 different things from 5 different people in NY . . . . Everytime I called I got a different answer. I go with the same as you do, they are all illegal.
I do see now the Payday One does not lend to NY residents anymore . . . . . __________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#27
05-23-2008, 07:40 AM
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Cash Net 500 is a bad bad company.
__________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#29
05-23-2008, 09:06 AM
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Illinois did better against Cash Net 500 . . .
__________________
How I make some extra cash I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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#30
05-05-2009, 04:49 AM
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I emailed paydayone and cashnetusa this morning revoking ach payments and will be faxing it and sending it certified today just to cover myself and have lots of proof.
Will they actually stop the ach???? And do I need to wait until the loan defaults before asking for EPP???
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#31
05-05-2009, 05:56 AM
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They are both legal so they should both follow the law.
Once the ACH is revoked and they confirm they will not send the ACH through then they will make payment arrangments. __________________
To infinity, and beyond
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#32
05-05-2009, 06:56 PM
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Just remember that even if they are compliant with the Electronic Funds Transfer Act, they don't have to stop the ACH if you revoked it less than 3 business days before the scheduled debit. And CashNetUSA takes the position that since a payday loan does not require "multiple payments" there is no right to revocation. (Note that this is just their legal position, though, and if you read the EFTA and NACHA rules it isn't a ridiculous one. In practice, they generally will cease attempts to debit the account.)
I would strongly urge you to close the account - or at least put stop payments in place.
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