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Nationwide cash aka ambassador collections

Date: Mon, 07/23/2007 - 11:39

Submitted by IPDL IDIOT IN NY
on Mon, 07/23/2007 - 11:39

Posts: 78 Credits: [Donate]

Total Replies: 8


Received a call from a Mr. Hogan? from Nationwide legal and investigation department phone number 1-877-711-1199 informing me that a background investigation is being done on me for fraud for receiving funds over the internet, which is a federal offense. I did send them an email after they threatened me the first time about a month ago as posted below. Anyone else having this problem? I could see how this could scare someone half to death, but thanks to this forum, it didn't phase me. I think they violated the Fair collections Practices Act, but then again that does not apply to the original creditor right?

I previously contacted you regarding my account with Ambassador. I have since been informed that payday loans are illegal in New York State and that your fees are in violation of the NYS usary laws. I have paid $407.50 for a $350 loan, therefore my account should be marked paid in full, and any refunds due sent to my home address. The New York State Attorney General's office has been notified and I am certain you will hear from them shortly. I will also contact the FTC and the BBB if this is not resolved in a timely manner.

Responsive to the telephone call received today threatening legal action, I wish to make you aware of the following New York State Law regarding payday loans:

New York State Information

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
Regulator's Website
Complaint Form
Complaint Instructions
Online Resources:
Consumer Help and Information - Informational Brochures
http://www.banking.state.ny.us/


yep..had my rounds with them, too. I recieved the same calls.." gonna take me to court" and so forth. But, I did find out from a attorney, their loans are not legal, becuse of the outrageous % rate. It doesn't matter what state you live in.Usually with a Payday loan or, a place called Cash Call, if you ask them to send you something in writing, they will refuse. They may tell you they "are not obligated to do this". They are going to take you to court, for a lona with nearly %100? I don't think so. Keep your chin up. :)


lrhall41

Submitted by sdchargers_63 on Sun, 08/12/2007 - 05:05

( Posts: 1798 | Credits: )


Can someone tell me how I can deal with Payday loans in the state of PA?? Also....how can I deal with Cash Call ( very high %). Anyone have suggestions??


lrhall41

Submitted by sdchargers_63 on Sun, 08/12/2007 - 05:08

( Posts: 1798 | Credits: )


Well.....I barrowed, about, $300-$400 on each ( I have 3 or 4 of them ) and they were debiting my account for $80 to $90 per check ( every other week). Of course, the 'fee' din't go toward my balance at all. With Cash Call, I barrowed $2500..with the % about %99..for 2 years. I would be paying back more than double for this loan!! PLUS the fees , because of late payments, etc.


lrhall41

Submitted by sdchargers_63 on Sun, 08/12/2007 - 10:39

( Posts: 1798 | Credits: )


You will find Pennsylvania Payday Loan Law:(just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

PA law is different than most states in that the lender DOES NOT HAVE TO BE LICENSED IN PA TO LEND INTO PA, AS LONG AS THEY ARE LICENSED IN THE STATE WHERE THEY ARE LOCATED! That's how many PA consumers end up in the payday lending trap - they borrow from a lender in another state, where payday lending is allowed, and the lender is licensed there. Even if payday loans are prohibited in PA, this loophole in the law allows this practice to continue.

That is very important to keep in mind. However, with most (but not all) internet payday lenders, they aren't even licensed to do business anywhere in the US. It is important to check and see if your lenders are licensed.

In PA, this is where you check to see if your lender is licensed:

http://www.banking.state.pa.us/banking/banking/instlistquery.asp

This is where to file a complaint:

http://www.banking.state.pa.us/banking/webforms/survey.asp?

And here are instructions on filing a complaint:

http://www.banking.state.pa.us/banking/cwp/view.asp?

I hope this helps! :-)

A NOTE ABOUT CASHCALL!! Do NOT treat this company like a payday lender - they are not a payday lender. They are a legal company, backed by a bank. That's how they get away with the outrageous interest rates they charge. Until some governmental authority takes them on and takes them down, they will continue to do so. They are relentless and ruthless when it comes to collecting on past due or defaulted loans. And they will take you to court over a defaulted loan.


lrhall41

Submitted by SUEBEEHONEY70 on Sun, 08/12/2007 - 17:03

( Posts: 4583 | Credits: )