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I live in ny how do i handle these payday loan companies

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i know they illegal in ny but how do i handle them am i only responsible to pay them what i borrowed and not the interest
if lets say i borrowed 350 and payed them back 400 in just interest only do i still have to pay them back what i originally borrowed do i tell them its illegal in ny i am only paying u the prinicipal what should i do i need help i want to resolve this fast
and is its illegal in ny can they really sue me

In NY, pdls are prohibited. The apr rate for small loans in New York is capped at 25%. When you have already paid your original amount, there is no question of over-paying them.

First of all you should close your bank account. But please also read THIS before closing your account.

Then send letters to the pdl company stating that you are revoking ach authorization.

After this file a complain to New York's Attorney general.

As you have already over-paid, so you can ask for a refund and also for a PIF.

Sub: #1 posted on Sat, 08/23/2008 - 04:25

phoenix phoenix
(Posts: 1445 | Credits: )

Thanks Phoenix for your response so if i have over payed what i burrowed in just the interest alone then thats it i dont owe them no more what do i do do i call and speak to a rep or email them what should i do iam sure they will giveme a hard time can they sue me i would think not since its illegal here right do i have to worry about this and what i dont get is why do they lend to states that its illegal

Sub: #2 posted on Sat, 08/23/2008 - 11:20

ca11375 ca11375

(Posts: 38 | Credits: )

Just send them the C and D letters. I also live in New York State and I cleared all of 5 of my PDLs within 2 months. I wouldn't call them. If you can email your C and D letter, I would do that first, in the interest of time, and then you can hard copy them later. If you have paid back what they deposited into your account, you can consider your debt PIF. If you repaid more, you can ask for a refund. Not saying you will get it, but it doesn't hurt to try.

Sub: #3 posted on Sat, 08/23/2008 - 12:58

llw1995 llw1995

(Posts: 1422 | Credits: )

Here is the thread that I think Phoenix meant to post about closing your bank account: ount.html

Sub: #4 posted on Sat, 08/23/2008 - 13:25

alias1958 alias1958

(Posts: 1230 | Credits: )

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