PDL in NY

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.

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?

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

I believe I have registered now.

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.

Lebub, please let me know if you got the letter that I pm'd you.

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:

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.

Hey Mperez, good to see you, I hope all is well.We miss you around here.

Polly's letter is probably the best, most legal sounding letter to use.

The NY AG is doing something about these illegal payday loans. I for one know first hand. All mine have been forgiven with the AG help.

We can only hope the NY AG is doing something. They have helped some people greatly , while others have gotten conflicting info from then. I am also in NY and they were helpful to me.

I know that when Elliot Spitzer was in office, he really cracked down on these companies. I'm not sure the new AG has the same interest in closing them all down . . . .

Surprising . I believe that Andrew Cuomo is the Attorney general now, and the Cuomo's have always been very involved with issues affecting the working class. They should be more aggressive on this issue then they are.

All I can tell you is my experience and I resolved my 15 PDL's without one iota of help from the NY AG. I filed 3 separate times per their instructions and they only responded with the first submission and basically told me to get credit counseling. Even the NY banking department told me I was getting ripped off and to get a lawyer. I sent 4 emails to Gov. Spitzer and 3 to Cuomo (AG).They were acknowledged as received but never responded to - I was going to blow in the consumer fruad agent I dealt with but decided it wasn't going to do any good since all I kept getting was the run around from everyone I dealt with. Sorry if I sound bitter but I am. I think they are doing a severe injustice to the residents of NY. I will remember their treatment when election day rolls around.

mperez, good to see you again! And, you have every right to be bitter, my friend. You had to work your ass off all by yourself to get those cleared up. And that's really a shame. But, man, you sure are the biggest inspiration here! Glad you popped in!

can someone send me a good letter to send to pdls.
I will do my "homework" and get the amounts that I have paid to each.MUch Thanks to all.

I will Pm you a letter that many of us have used. Just fix it to match your needs.

Just to let people from NY know that any unlicensed, or outside NY jurisdiction internet PD loan is uncollectible by the lender (principle and finance fee) in this State. You are only morally liable to pay back the principle on your loan no more, or no less. If they sue you and win (and that's highly unlikely), they will have to get a money judgment (From NYS, and that's where my friends, they will loose). Regarding a wage assignment most employers will not comply with these unless it's attached to a court order. You may revoke this in writing if it is on the loan contract to do so.

Wage assignments have nothing to do with court orders. Garnishments do. The assignment can be revokes, but it shoukd be revoked prior to sending to your employer. I am also in NY and dealt with 7 pdls.The ag here was very aggressive regarding these loan, but since Spitzer left office, they are no longer fighting these like they used to. Cuomo is very lax when it comes to pdls.
Actually one of our members from NY had about 10 loans and the Ag was of no help at all. She did it alll on her own.