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 Posted: Tue Sep 18, 2007 9:05 pm Subject: Stop paying your illegal payday loans !!!!
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If the loans are illegal, STOP paying them and fear no more. I ask all the thousands of posters on these boards, has anyone hear ever ever ever heard of one internet PDL getting a judgement against anyone ???? They cant, because the loans are not legal. IF they did sue you just motion to dismiss. ITs not gonna happen.
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jonboy
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Posted: Tue Sep 18, 2007 9:09 pm Subject: reply
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Yes, jonboy. That would be nice. However, they will still harrass you. They will still turn you over to illegal collection agencies. They will still report to your credit bureaus. Yes, this is all illegal. So it's a continuing battle. So you don't pay them. That doesn't make them go away. It just starts the whole "fight process" all over again only with regards to illegal collection agencies and disputing amounts on your credit reports. Oh. And did I mention putting through wage assignments to your employers? It would be wonderful to say "just don't pay them and they can't do shit". However, as we are finding out, we are now being turned over to illegal agencies, negative marks are being put on our credit reports, and wage assignments are being sent to our employers.
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cannr
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Posted: Tue Sep 18, 2007 9:13 pm Subject:
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Hi jonboy-These pdl's are are illegal as the fees they charge and unfortunately they have no issue continuing to be illegal...like harrassment and reporting illegal loans to the credit bureaus. But I like your posture on this issue 
You should register and help us out here...
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volleyballmom
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Posted: Tue Sep 18, 2007 9:16 pm Subject: wage assignments?
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Well that suks. I didnt think they could report you to the credit bureau. I havent gotten that far in my collection activity. And how do they do a wage assignment without a judgement? My loan was with mycashnow and I never signed any wage assignment authorization
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jonboy
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Posted: Tue Sep 18, 2007 9:20 pm Subject:
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mycashnow? okay...what state are you in? How much have you paid so far?
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volleyballmom
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Posted: Tue Sep 18, 2007 9:21 pm Subject:
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New York and I paid back about 500 and I owe them another 1400
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Jonboy
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Posted: Tue Sep 18, 2007 9:22 pm Subject: reply
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jonboy, not all pdl's do wage assignments. Wage assignments are different from wage garnishment. Assignments are voluntary through your employer. However, most employers don't know it's voluntary and honor them. Garnishment is by court order only. And they will send you to illegal collection agencies. And they will report to the credit bureaus. Yes, all of this is illegal. So, the battle continues. The phone calls will keep coming. The threatening emails will keep coming. You'll receive correspondence from collection agencies that are the scum of the earth. You will be shocked to see an illegal pdl on your credit report. It seems to be never ending. Once the battle starts, you have to be up for it for quite awhile. As they are illegal, they have no problem continuing to act illegally. Why would they stop? They're already breaking every law. Why not continue to do so? So that's exactly what they do.
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cannr
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Posted: Tue Sep 18, 2007 9:26 pm Subject:
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I guess I should send out the cease and desist letter tomorrow??? Or do they just ignor them and violate Federal law?
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jonboy
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Posted: Tue Sep 18, 2007 9:32 pm Subject: reply
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jonboy, wait a minute. Is this an internet loan? I am assuming so since pdl's are prohibited in New York. I'm posting this for you to see.
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cannr
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Posted: Tue Sep 18, 2007 9:33 pm Subject: reply
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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
http://www.banking.state.ny.us/ |
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cannr
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Posted: Tue Sep 18, 2007 9:34 pm Subject: reply
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I do believe that mperez, jen, and kash are all in New York. They can probably give you more information regarding this matter.
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cannr
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Posted: Tue Sep 18, 2007 9:35 pm Subject:
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Nice job cannr!
Jonboy-what was the original amount of the loan and then what are the fees?
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volleyballmom
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Posted: Tue Sep 18, 2007 9:53 pm Subject:
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original loan was 700 and the fees ate about 900 so total is about 1700
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Posted: Tue Sep 18, 2007 10:08 pm Subject: reply
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jonboy, are you "done" with them? Or are they still debting your account? Or have you closed your account?
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cannr
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Posted: Tue Sep 18, 2007 10:32 pm Subject:
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jonboy-any possiblity you can register? That way we can message you with letters you can use and more info...
As cannr mentioned, are they still debiting?
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volleyballmom
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Posted: Wed Sep 19, 2007 4:00 am Subject: reply
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jonboy, I'm confused. In your first post you stated paid 500 and paid 1400. Then in your other post you stated different dollar amounts. Can you please clarify?
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cannr
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