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 Posted: Sat Feb 02, 2008 12:10 pm Subject: Help with pay day loans . . .I am in New York
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Greetings. . . .I am new to this forum but am hoping that I can find some encouragement from fellow PDLer's. I currently have 5 outstanding pay day loans and they are slowly but surely killing me. I am now finding that I am struggling to meet my daily expenses as a result of this nightmare. As I said, I reside in New York State. Info on these loans is as follows:
THEY ARE ALL INTERNET LOANS
Ameriloan Prin. $300 paid $360 in interest and fees only
My Cash Now Prin. $300 paid $301.25 in interest and fees only
Star Advance Prin. $400 paid $71.20 in interest and fees only NOTE: Started out as monthly payment and now is bi-weekly.
US Fast Cash Prin. $300 paid $270 in interest and fees only
Pay Day Max prin. $360 paid
$129.28 in interest and fees only.
Thanks for your help in advance.
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llw1995
Joined: 02 Feb 2008
Posts: 1428
Debtcc Points: 13705
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Posted: Sat Feb 02, 2008 12:15 pm Subject:
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Welcome llw! Many of us here know what its like to have these pdl's suck you dry of fees and you cant pay your "real" bills.
To cut right to the chase, PDL are illegal in NY.
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volleyballmom
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Posted: Sat Feb 02, 2008 12:16 pm Subject:
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| Quote: | 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
http://www.banking.state.ny.us/ |
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volleyballmom
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Posted: Sat Feb 02, 2008 12:18 pm Subject:
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Thanks for cutting to the chase. I understand exactly what "illegal" means but how does it affect the loans that I am not entangled with. Thanks a bunch.
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llw1995
Joined: 02 Feb 2008
Posts: 1428
Debtcc Points: 13705
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Posted: Sat Feb 02, 2008 12:21 pm Subject:
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In other words, these companies should not be lending to NY state residents and the fees they are charging are not legal.
We do condone paying back the principal borrowed, but as long as those fees are being applied, its like digging a hole in the sand. Looks like you have already paid back the principal on two of them.
The only sure way to get them to stop debiting your account is to close it. are you in a position to do that?
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volleyballmom
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volleyballmom
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Joined: 27 Aug 2007
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Debtcc Points: 24895
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Posted: Sat Feb 02, 2008 12:30 pm Subject:
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Since I was afraid that they would get into my pension check, I have had the payday loan monies filtered through my savings account, which only have one small deposit each month. I transfer the money in whenever a payment needs to go out. However, I have received a letter from my bank saying that I have too many transactions and they have pretty much told me it needs to be closed, or changed to a non interest bearing account (like I have any money to accrue interest anyway!) so closing it won't be a problem. All of my automatic debits are through my checking account.
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llw1995
Joined: 02 Feb 2008
Posts: 1428
Debtcc Points: 13705
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Posted: Sat Feb 02, 2008 12:35 pm Subject:
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That is great....closing the account is the only way to stop them.
Next, you should get them a letter sent certified, return receipt. Here is a great letter and just fill in the blanks accordingly:
| Quote: | DATE
Name and Address of PDL
After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, 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 YOUR STATE'S NAME in general:
INSERT YOUR STATE LAWS HERE
I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General’s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.
I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.
I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. 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.
I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.
I prohibit you or your affiliates to contact 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 YOUR STATE.
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 at all. 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.
I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.
I expect a response from your company no later than XXXXX, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Please respond byXXXXX, regarding this matter by US Postal mail or by email only.
Your name
Account Number
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volleyballmom
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Joined: 27 Aug 2007
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Posted: Sat Feb 02, 2008 12:38 pm Subject:
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Is there a central location where I can find this information. I am not even sure if I will be able to find a mailing address on this "organizations." What would you suggest?
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llw1995
Joined: 02 Feb 2008
Posts: 1428
Debtcc Points: 13705
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Posted: Sat Feb 02, 2008 12:40 pm Subject:
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Type in the PDL name into the Search box above and you should be able to find addresses posted from other members...unfortunately we dont have a central list right now. I'll also see what I can find.
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volleyballmom
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Posted: Sat Feb 02, 2008 12:42 pm Subject:
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Ameriloan
3531 P Street NW
Miami, OK 74355
Phone 800-362-9090
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volleyballmom
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Posted: Sat Feb 02, 2008 12:44 pm Subject:
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My Cash Now
207-1425 Marine Drive
West Vancouver, BC Canada, V7T 1B9
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volleyballmom
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Posted: Sat Feb 02, 2008 12:47 pm Subject:
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SERVICE CONTACT
inquiry(at)StarAdvance.com
For written requests
Coredis Enterprises
APTO. 10335-1000
San Jose, Costa Rica
Coredis Enterprises Inc.,
0832-1616
World Trade Center
Panama, Republic of Panama
Scary eh?
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volleyballmom
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Posted: Sat Feb 02, 2008 2:18 pm Subject:
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Thank you for all your help. I will try and locate the two additional addresses that I need. I will also be contacting my bank to close that savings account. I do have time on my side as these deductions will not come due again for another 3 1/2 weeks but what was taken out yesterday is not going to help me get through this month. I will defintely check this site often as I have found out a wealth of information already. I'll be in touch.
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llw1995
Joined: 02 Feb 2008
Posts: 1428
Debtcc Points: 13705
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Posted: Sat Feb 02, 2008 2:45 pm Subject:
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Please do come back soon and let us know how its going...we are here to help!! Check back soon as someone might be able to post the other two addresses that you needed.
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volleyballmom
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Posted: Sat Feb 02, 2008 6:45 pm Subject:
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Thanks again. I have already started working on the letters which need to be sent out. Like I said, I do have some lead time as monies will not be coming out of my account for almost a month, with the exception of Star Advance. I "morally" still owe them so what they are taking is, I guess, theirs. I will keep you posted on my progress and I will check back frequently to see what's new on the PDL front.
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