Pay day loans
Date: Thu, 10/23/2008 - 11:12
reply
no you can't be arrested for owing a pdl.especially since pdl's are prohibited in NY. if you could answer the following.
how much borrowed from each
how much paid to each include rollovers and fee debits.
you should pay back the principle,but if you paid the loan amount in fees.then you owe nothing.please answer those two questions we can and will help.
Hi Claisela, I am posting the law's for NY. PDL's are prohib
Hi Claisela,
I am posting the law's for NY. PDL's are prohibited, so they lent to you illegally. Can you please list who the companies are, how much you borrowed and how much you have paid? Morally you should pay back what you borrowed and nothing else, if you have over paid them you can ask for a refund...you may not get it, but it doesn't hurt to try. I would also report them to the BBB, FTC and attorney general. Have you closed your checking account? If not you would want to put a hard debit block on it or close it and open another one, that way they can't try & drain your account. Because you defaulted they will start calling, you can also send them a cease & desist letter and revoke your authorization to debit your account, any wage assignments you may have signef and advised them that they are not to contact your references and all contact from them must be by email or through the mail. I can post a copy of that if you need it.
Quote:
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
Hi Paul, we must have been typing at the same time :D
Hi Paul, we must have been typing at the same time :D