debt validation
Date: Mon, 06/22/2009 - 10:07
I have a question. i live in ny. Can you recieve a debt validation from a collection agency regarding an illegal payday loan? if that happens what is the next move on my part? i have paid 1/2 of the principal on one for the loans and and the whole of the other loan according to them its all roll overs and fees. I filled complaints with the BBB, AG, FTC, FCC and nys dept of banking. the compliant response from the BBB states that of course they did nothinig wrong and did not violate the Fair Debt Collection Practice Act and that the debt validation should be forthcoming . My question is what happens if they send me a debt validation on an illegal pdl. Am I then required to pay the amount they asked for? my loans are with Midland Finanical, CMG, lazer lending . Please advise.
Pdl's are illegal in NY and all you are morally obligated to rep
Pdl's are illegal in NY and all you are morally obligated to repay is the principle amount borrowed.
Also they can not validate the debt because they are not licensed in NY
Please read the sticky regarding dealing with illegal loans and follow those instructions.
guest is right, it cannot be validated since it is not a legal d
guest is right, it cannot be validated since it is not a legal debt.
