mycashnow in new york
Date: Wed, 01/07/2009 - 15:32
Hello all,
I recently just came across this website and have found a great deal of information. One thing i found is that pdls are illegal in new york state.
I currently have a pdl out with mycashnow and previously had some with them as well. On almost all of them i have paid a ridiculous amount of money.
I tried searching and found some great info to my question but wanted to ask it here so i could get the right info.
I currently have a pdl out with them for $600 and have paid over $700 for the loan in interest. am i obligated to keep paying? ALso do i have to close my checking account for them to stop debiting it or can i write them to stop. i also dont want them to call my references. How do i make this headache go away and is there a way i can insist on getting a refund for all the money i over paid for through interst?
I recently just came across this website and have found a great deal of information. One thing i found is that pdls are illegal in new york state.
I currently have a pdl out with mycashnow and previously had some with them as well. On almost all of them i have paid a ridiculous amount of money.
I tried searching and found some great info to my question but wanted to ask it here so i could get the right info.
I currently have a pdl out with them for $600 and have paid over $700 for the loan in interest. am i obligated to keep paying? ALso do i have to close my checking account for them to stop debiting it or can i write them to stop. i also dont want them to call my references. How do i make this headache go away and is there a way i can insist on getting a refund for all the money i over paid for through interst?
First tell us the name of the PDL company. Quote:I currently
First tell us the name of the PDL company.
Quote:
I currently have a pdl out with them for $600 and have paid over $700 for the loan in interest. am i obligated to keep paying? |
No. Since PDLs are illegal in NY you only owe the principal on this loan. At this point they owe you $100.
Quote:
ALso do i have to close my checking account for them to stop debiting it or can i write them to stop. |
That is the best thing to do. You can see if the bank will out an ACH block on them but that does not always work. Make sure you send out your ACH/Wage Assignment revokation letter to them only AFTER you have closed you account.
Quote:
i also dont want them to call my references. How do i make this headache go away |
You need to send them a letter stating they are illegal and that you only owe the amount loaned which you have paid. The ACH / Wage Assignment can be part of this letter. You can email it, send it certified USPS or both.
Quote:
and is there a way i can insist on getting a refund for all the money i over paid for through interst? |
You can include in the letter that you want a refund. Most do not get it but will get a paid in full letter or email.
