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I know pdls are illegal in ny,how do I know the companies are illegal or not, cashnet usa, first cash advance,payco, cash advance net work and my cashnow.I have defaulted on these loans back in june and haven't got many phone calls or emails. Just wondering if that is yet to come. I signed up w/pdl assistance and they have been good so far, I have paid them 2 payments already.I would like to try to handle the overpaid ones my self. Any info on first cash advance?




Here is the legal status information in your state. If it is illegal in your state then they are illegal.
You can do a search on the site and see what experience other have had when dealing with those companies.

The calls will come and it will be somebody being slick like. They will claim so laws you have never heard of, telling you the sheriff is on his way to get you, they are holding you paperwork blah, blah blah. Just remain calm and realize they are operation illegal and don't have a leg to stand on.
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

Sub: #1 posted on Sat, 08/30/2008 - 05:45

bdouble bdouble

(Posts: 354 | Credits: )

Hey Winn i live in ny and going through the same thing now am trying to deal with them .They are illegal and prohibited in New York State.You have to pay them back the principal you borrowed thats it.If you do a search here on new york pdl being illegal you will find alot on how to deal with them or somehere will reply to your post in what to do.

Sub: #2 posted on Sat, 08/30/2008 - 12:14

ca11375 ca11375

(Posts: 38 | Credits: )

I hope the information below will help you. :)
[quote]You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Sub: #3 posted on Sat, 08/30/2008 - 12:35

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

this site is great I am so glad I stumbled across it one nite. Thanks 4 the advise!

Sub: #4 posted on Sat, 08/30/2008 - 22:13

winilab winilab

(Posts: 5 | Credits: )

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