payday loans
Date: Tue, 12/16/2008 - 21:21
I had taken out 8 payday loans out from mycashnow.com. I reside in NY. I believe it is an internet based loan but I'm not sure.
Here is the following 8 loans:
1) 440.00 for 24 days, paid back 510.22
2) 310.00 for 28 days, paid back 467.39
3) 100.00 for 11 days, paid back 116.76
4) 600.00 for 18 days, paid back 743.64
5) 100.00 for 7 days, paid back 118.62
6) 700.00 for 18 days, paid back 850.82
7) 700.00 for 14 days, paid 242.99 but still owe 920.51
8) 710.00 for 13 days, I owe 891.75
The company that contacted me was out of nevada called credit protection depot. Is the interest rate they charge me outrageous? Can I sue for all the interest? Can I get them to waive the 2 loans because of all the interest they collected?
What should I do? How can I leagally get out?
Here is the following 8 loans:
1) 440.00 for 24 days, paid back 510.22
2) 310.00 for 28 days, paid back 467.39
3) 100.00 for 11 days, paid back 116.76
4) 600.00 for 18 days, paid back 743.64
5) 100.00 for 7 days, paid back 118.62
6) 700.00 for 18 days, paid back 850.82
7) 700.00 for 14 days, paid 242.99 but still owe 920.51
8) 710.00 for 13 days, I owe 891.75
The company that contacted me was out of nevada called credit protection depot. Is the interest rate they charge me outrageous? Can I sue for all the interest? Can I get them to waive the 2 loans because of all the interest they collected?
What should I do? How can I leagally get out?
Payday Loans are illegal in the state of New York. New York stat
Payday Loans are illegal in the state of New York. New York state law.
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 Complaint Instructions Online Resources: Consumer Help and Information ???????? Informational Brochures |
You have paid off all of these loans. For the last two that you listed you need to send them a letter stating they are illegal and you have paid the principal balance on the loan.
Here is the sample letter you can send them and tailor it to you needs and state.
Quote:
Date: Name Of PDL Your Name City, State Account # After doing research regarding Internet payday loan laws in the State of _______, 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 _____ in general: Your State Information (copy and paste state law here) I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the XXXXXX to protect my interest in this matter, per instructions from The _____ Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, 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 have notified my employer about this matter so any attempts to do so on your part will be rejected. I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office. I prohibit you or your affiliates to contact 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. Due to the fact that Internet payday loans must be licensed in the state of ____ to be a legal and binding contract, your company should NOT issue loans to ____ residents at all. I am requesting that you send me your license number which enables you to offer loans to ____ residents. The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments. I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the ____ Attorney General's Office. I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted. Sincerely, Your Name CC: Better Business Bureau Ohio Attorney General Federal Trade Commission |
Depending on the company they may mark it paid in full others may try to intimidate you but since they are not legal they really don't have a leg to stand on.
You also should place an ACH block at your bank or close your account. They will attempt to take the money out. Make sure you secure your bank account or close it BEFORE you send them the letter.
I sent mine via email but some posters mail it or do both.
You can include in the letter that since you have overpaid that you want a refund for those monies but most people are just happy to get a paid in full.
