hey can someone suggest what to do I am in a PD nightmare. I have 5 pd loans and can barley keep above. Im not sure how much longer I can keep this going. Ihave my cash now $440, One CLick Cash $450, WEb Payday $600.00, United Cash Loans $450.00, and 500Fast Cash $400.00..i am paying almost $750.00 every 2 weeks and this is not touching prinicipal. I have been in this nightmare for months (pay one take anoother one out to pay the finance charge.) Any advice would be helpful, I just can't keep living like this.
Thanks
Posts: 5378
Credits: 40828.4 Send message to kashzan
Lebub, I am also in NY and the good news is that pay day loans are illegal in the state on NY
You will find the Payday loan laws for New York here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Our advice to you is to FIRST close your account so that no more money can be taken out.open a new account in a completely unrelated bank. You are only morally obligated to pay back what you have borrowed. Figure out what you have already paid back and we will walk you thru the process
So can I call my bank tomorrow and ask them to close my account and notify the PDL that I am not paying anymore, that I have already satisfied my debt to them with based on the finance charges I have paid so far? Or do I need to go through the NYS Government offices first?
Thanks for your advice.
Posts: 5378
Credits: 40828.4 Send message to kashzan
wait to be sure your account is closed before you tell the pdl anything.If not they will go in and take everything. Be sure that once your account is closed that the bank will not force it open when an ach hits.
Yiu need to send a short letter to each , saying that you revoke any and all wage assignments you have signed with them ott any of their affiliates. first however close your account.do not stop payments, but close your account
Thanks so much for your advice. I saw the PDL Templates from Polly, should I use those? ALso should I contact the NYS AG, can the PDL companies Sue me or garnish my wages?
Posts: 5378
Credits: 40828.4 Send message to kashzan
They can not sue you. They are illegal. In order to garnish wages , there needs to be a court order. They are illegally operating companies, no court will rule in their favor. A wage assignment is different. That is completely voluntary. That is why you revoke them. I dont know if any of your companies use them, but I senbt the letter to everyone. Yesa, contact the BBB and the ag. If you register(its free).I can send you a good letter to send. You can also just use the few sentences I used above to revoke wage assidnment
Posts: 2
Credits: 49 Send message to lebub2
I believe I have registered now.
Posts: 5378
Credits: 40828.4 Send message to kashzan
yes you have.In the right side of the page under the word chat you will see a link that will tell you when you have a message. click on the link to open. I will pm you the letter in a few minutes. Doctor it up to fit your needs.
Posts: 5378
Credits: 40828.4 Send message to kashzan
Lebub, please let me know if you got the letter that I pm'd you.
Posts: 2
Credits: 49 Send message to lebub2
Yes I did , thanks! I called the bank today and am getting the letters out tonight. I actually slept for more than a couple of hours last night :lol:
Posts: 197
Credits: 8148.9 Send message to MPEREZ56
Just wanted you to know been there done that. I'm also from NY - I was drowning with 15 PDL's. I had some of the same ones as you. I did file numerous times with our AG office and they did nothing for me. Some of my best help came from the BBB of the states where the PDL's originated. It took a few months but once I made sure that I paid everyone back what I borrowed I was pretty much able to get them off my back. There were just a few that I currently owed some principle on - like you I had resigned enough times that they had gotten enough "interest" from me that I think they were willing to let me go.
Pages
Add new comment