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Anyone live in NY and dealt with payday loans

Date: Fri, 10/12/2007 - 10:04

Submitted by jassande
on Fri, 10/12/2007 - 10:04

Posts: 26 Credits: [Donate]

Total Replies: 31


Is there anyone out there that has payday loans and live in new york and can relate step by step how they went through the process of getting rid of these payday loans i just wanted feedback from other people who are in the same boat as me . Please anyone please send me a message. Thank you.


I hate to bother you again but i was looking at there websites with the disclosures and it saysYou understand if at anytime your account becomes delinquent, we or our designated servicer will follow the Fair Debt Collection Practices Act during attempts of repayment of your loan. I was just wondering if all these websites show disclosures like this to make you believe they are legit.


lrhall41

Submitted by jassande on Fri, 10/12/2007 - 11:47

( Posts: 26 | Credits: )


Hi -
I from NY and I started out with 15 payday loans. I was able to get 11 PIF and I believe the other 4 have also closed out my accounts as I haven't heard from them since the initial communications when I closed my checking account.
I had no luck with the NY Banking department. I also got quite the runaround with the NY AG's office. My last round of complaints has never even gotten a response from the AG office. BUT I would still file if I were you because eventually they are going to have to do something. The more complaints they get than the more they are going to have to admit there is a problem there.
Payday loans are illegal in NY but numerous souces from the NY Banking Department and AG office told me that the laws did not include the internet payday loans. The majority of them are unlicensed so the odds of them coming after you and winning are slim.
I did make sure that all of the principle amounts I borrowed were paid back. In some cases I made moneygram payments after my checking account was closed. I even had two settlement offers with dba's of MTE loans and all they wanted was the principle paid off and they applied all of my "interest" payments I had made before hand to the principle.
Finding this sight was a lifesaver for me - you can get through this just follow the advice of all the experts you will find here.


lrhall41

Submitted by MPEREZ56 on Sat, 10/13/2007 - 21:16

( Posts: 253 | Credits: )


mperez! I thought you disappeared! I am so glad to see you again! :D


lrhall41

Submitted by cannr on Sat, 10/13/2007 - 21:50

( Posts: 9317 | Credits: )


I contacted the NYSB and they advised to get a lawyer they said that these PdL are probably legal in the state where they are operating however I filed a complaint with the AG office and I closed my checking account. I wanted to know if there was anthing else I should do? They gave me a number for a lawyer but i really can't afford one if I could then I would be able to pay off these loans but in reality I have already paid way over what I got the loans for. any info>


lrhall41

Submitted by jassande on Mon, 10/15/2007 - 06:52

( Posts: 26 | Credits: )


Jass, It does not matter if they are legal in the state where they are operating. They are not licensed to do businesss in New YORk. Again PDLs are prohibited here. I know that in your other thread I posted for you all you need to do to get rid of these loans. If I remember correctly, some of your loans have already been way overpaid, and you do not owe anything on them. I dont understand why you do not want to follow the advice given to get rid of these things. There really is no more advice we can give. I told you abput your checking account, and posted the thread for you to read. I posted the laws fror your state. I told you to file with the BBB nad AG, I told you which of your loans were overpaid. I told you how much you legally owe on the remaining ones. I tols you that I started with 7 and by following the advice, I am almost PDL free.Please Jass, what other info do you need?


lrhall41

Submitted by kashzan on Mon, 10/15/2007 - 07:03

( Posts: 5401 | Credits: )


Jassandre....here is a letter you can copy/paste to a word document. Fill in the blanks...


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:

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


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 California 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 and SSN#


lrhall41

Submitted by volleyballmom on Mon, 10/15/2007 - 08:28

( Posts: 4143 | Credits: )


CAN SOMEONE SHED SOME LIGHT ON THIS EMAIL THAT I GOT THIS MORNING. I AM CURIOUS IF I SHOULD PAY THIS AMOUNT I REALLY ONLY OWE 100.00 I ONLY BORROWED 300 WEHY SHOULD I PAY ANOTHER 300 THAT IS INSANE. CAN SOMEONE HELP:) THANK YOU.

Quote:

MTE FINANCIAL SERVICES

FAX: 866-668-0535

Email: compliancedepartment (@) mtefs.com

uuu

November 2, 2007



RE: Your Complaint

Ms. ,

We have received and reviewed your correspondence regarding your complaint with the company.


While the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department. In addition, the Legal Disclosures provided for customer reference at our website state the following:


Regardless of where you may be viewing or accessing this site, you as the borrower are responsible for complying with any local statutory obligations that may exist in your state or area with respect to this transaction. The Federal laws governing this consumer loan agreement may differ from the laws of the state where you reside. If you do not want to enter into a consumer loan agreement with us under our terms, then you should apply for a loan at a provider located in the state where you live.


The money was lent to you in good faith with the understanding that you would abide by the terms detailed in your loan contract. We upheld our end of the agreement by crediting the funds to your account in a timely manner. The Loan Note and Disclosure that you e-signed and thereby agreed to is very detailed and clear so as not to cause any confusion to the borrower, and meets all the Truth-In-Lending and Reg Z requirements as prescibed by Federal statute. We have attached a copy of your own contract for your review of the terms that you agreed to.


Upon review of your account history, you clearly knew all terms and conditions of your loan as you have been approved for loans in the past and have applied on many occasions for additional lending. We have all legal contracts you e-signed, which you agreed to terms and conditions of the loan.


Due to the fact that you have revoked authorization on our debits, no further debits will be made from your account.


Due to your long history with our company, and in the interest of good customer service, we have agreed to waive all finance charges currently due on your loan. We will expect complete payment of the principal amount owed.


The Lender will be prepared to provide you with the information necessary for repaying the $300.00 that remains due on your principal balance. Payment must be received by you in the form of a Cashier????????s Check or Money Order payment. We expect this offer will bring us to an amicable resolution.


Please acknowledge your understanding and acceptance of our proposal if you are in agreement with the offer detailed above, and advise which payment method you will use. Once your acknowledgement/agreement is received, we will provide you with the information needed to make the payment. Once we have received this payment, we will mark your account "Paid in Full."


If your response is not received within seven (7) days of the date of our offer, the offer will become null and void and collection efforts will resume.


Thank you for your time and consideration in this matter.

Respectfully,

Compliance Department

CC/file

I removed all your personal info - Goudah


lrhall41

Submitted by on Mon, 11/05/2007 - 07:50

( Posts: | Credits: )