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i didnt know pdls are illegal in ny is it the high interest that they charge is that whats illegal i assume the principal should be payed atleast like others here it has ruined my life i am thinking of closing my account ifso would it be ok to try and open in same bank but with another account number or go to totally diferent bank how would i pay them off when i get the money should i send a bank check or money order what can i do
i have the following
discount advances
quickest cash advance
cash banc
nation wide cash
cash direct express
my cash now




No, ipdl's are illegal period in NY. Here are the laws there. Please click on the link below and read that topic, there is information pertaining to NY.
http://www.debtconsolidationcare.com/paydayloan/about4967 0.html

Quote:
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

Sub: #1 posted on Sat, 08/09/2008 - 15:53

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1581.98)

I posted a response on another post but I have copied it over to here, as I didn't realize you had your own post running. This is the C and D letter that I sent to the PDLs including the state laws for NY. Please do not send this out until AFTER you have closed your bank account. Yes, you should close your account ASAP. You can open another at the same bank but please make sure that they will not link them or force it open if a debit hits it. You only need to pay back what they put into your bank account. You will need to request a mailing address from them. The C and D letter will revoke just about everything you agreed to in the first place. Could you please list the amount you borrowed from these PDLs and how much you have paid back. It is important to we can advise correctly. Don't worry, all will be okay. We can help you step by step but we need the info to get your started. Here you go. . .

To Whom it May Concern:


After doing research on internet payday loan laws in the state of New York, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of New York in general:



---------------------------------------------------------------------- ----------

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


I have contacted the New York State Banking Department and the New York State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in New York and have been advised to pay what is due according to principal amount only of the loan.


A physical address is necessary, as you are no longer authorized to debit my bank account. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

Any contact must be made through the US Postal Service or email only. I need everything in writing to keep accurate records of all communication as per instruction from the state Attorney General's Office.



I prohibit you or your affiliates from contacting me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of New York.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account from this point on. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution as my account has been flagged as having fraudulent activity.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, my state Attorney General's Office, the New York State Banking Department, as well as my State Senators, Jim Alessi and Hillary Rodham Clinton.

In regards to this matter, I expect a response from your company no later than 10 days from the date of this communication. This response may only come via US Postal Service or email. No telephone contact is permitted.


Please keep us posted and don't hesitate to ask for help.

Sub: #2 posted on Sat, 08/09/2008 - 20:27

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Be sure to read this info about closing your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-acc ount.html

Sub: #3 posted on Sat, 08/09/2008 - 21:26

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

ok here's my list
nation wide cash borrowed 350 payed 420 in fees only
quickest cash adv 300 270
cash direct exp 400 397.50
and 50 towards principal
my cash now 510 277.70
and 200 towards principal
cash banc 350 182.00
pay day max 100 0 yet this is new
please help in what should i do i also have a negative balance on my bank acc i dont know if they would let me close it yet but i will atleast see if they can stop further transactions
also those letters is emailing to them ok i am afraid of faxing from my work dont want them to be faxing anything back and am i to assume that with those letters they revoke what i agreed to and if i payed more thatn what i borrowed in fees do i still pay the full principal doing all this does it really work do they get oof your back can i trust sending a money order to them
thanks

Sub: #4 posted on Wed, 08/13/2008 - 13:13

ca11375 ca11375

(Posts: 38 | Credits: 8.57)

Most people seem to email their letters, and some of them follow up with a hard copy through USPS, certified return receipt requested. I definitely would not fax them from your employer's fax machine.

The bank will probably not let you close your account if the balance is negative. However, they will close it anyway if it stays negative for a certain period of time, which I think varies by bank. Definitely go in and talk to the branch manager about getting a hard hold put on the account.

Hopefully, someone else will be along soon to answer the rest of your questions! Good luck!!

Sub: #5 posted on Wed, 08/13/2008 - 13:20

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

so i email them the c and d letter what do i do about paying them back send them a money order from the post office they seem to want western union and since its illegal in ny what does that mean does it mean that i dont have to pay the interest just pay them the principal i borrowed how do i handle them since they will probably try and force me to pay interest also and does the c and d letter really work

Sub: #6 posted on Thu, 08/21/2008 - 12:43

ca11375 ca11375

(Posts: 38 | Credits: 8.57)

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