New to the forum and have some questions

What state are you in Connie?

I live in NY.

Well duh, I see it in your first post now, sorry I missed it the first time. As long as you have your bank account closed I wouldn't become to overly concerned with any of these lenders threats, they can't do a thing about it. Also for more information, CLICK HERE to find out how to deal with illegal lenders.

:confused: What happened to my reply? I posted it hours ago.

Anyway...Right now I'm current with all of my PDLs, however, I took out more than I can comfortably handle. What I would like is to be able to consolidate them all, but I don't know if that's an option since I haven't defaulted on any of them.

And I read up on how to deal with illegal PDLs. I'm afraid that if I close my bank account and send letters to the illegal ones, it may open a Pandora's box of sorts. I've already read some posts where someone closed their account and sent letters and then started receiving calls from a collection agency. Been there with the CAs, done that and have no desire to go back.

Do what you are most comfortable with but I am here to tell you that as long as ANY of these lenders have your account information it will never be safe again, they are nothing more than criminals.

I DO want to close my account like yesterday. What I DON'T want is these PDLs sticking collection agencies on me as soon as they can't debit my account anymore. (Thanks to Creditboards.com, I'm much more knowledgeable about the tricks CAs try to pull so they don't rattle me as easily as they used to; just wasn't looking forward to being annoyed by unscrupulous CAs, kwim?)

HOWEVER, if these PDLs are doing business illegally, I really shouldn't continue to give them permission to take my money, above and beyond the principal.

So I guess my first step here is to find out if they're legal (or do you already know that they're not?) I know the first three I'm working with aren't, but I need to research the rest.

Next, I'll need to contact my bank and see what their policies are on ACH blocks, as stated in several posts I read last night until my eyes blurred. Once that's figured out, I'll block the ACH and send out the letters as stated in your link.

Then I sit back, drink a nice tall glass of iced-cold Pepsi and think to myself, "Bring it on."

Right?

[QUOTE=Icon;488658]I DO want to close my account like yesterday. What I DON'T want is these PDLs sticking collection agencies on me as soon as they can't debit my account anymore. (Thanks to Creditboards.com, I'm much more knowledgeable about the tricks CAs try to pull so they don't rattle me as easily as they used to; just wasn't looking forward to being annoyed by unscrupulous CAs, kwim?)
HOWEVER, if these PDLs are doing business illegally, I really shouldn't continue to give them permission to take my money, above and beyond the principal.
So I guess my first step here is to find out if they're legal (or do you already know that they're not?) I know the first three I'm working with aren't, but I need to research the rest.
Next, I'll need to contact my bank and see what their policies are on ACH blocks, as stated in several posts I read last night until my eyes blurred. Once that's figured out, I'll block the ACH and send out the letters as stated in your link.
Then I sit back, drink a nice tall glass of iced-cold Pepsi and think to myself, "Bring it on."
Right?[/QUOTE]

ALL payday loans are prohibited in your state, see the link below.
http://www.paydayloaninfo.org/stateinfo/NY.asp

As far as applying an ACH block, it may work the first time but not the second, third, fourth, fifth, sixth... (you get my drift), because illegal lenders change their names and debit larger and larger amounts each time until you are left with zero $$$. CLICK HERE to find out how to deal with illegal lenders.

right.all of your pdl's are illegal as pdl's are prohibited in NY.so secure that bank account,and drink that pepsi,and tell them to BRING IT ON!!!!!!!!!!!!!!!

Okay, I get that PDLs are illegal in NY. What I want to find out is whether the PDLs I'm working with are licensed/legal to be doing business in their own state, much less giving loans to people in my state. I feel I would have a little more leverage if I can prove they're running an illegal outfit from wherever, or no?

Sorry if I seem as if I'm missing something; I just want to be sure I have all bases covered.

Quote:

I just researched my PDLs to see if I could find contact addresses. Six of the 7 have literally cookie-cutter "loan documents". Two of them (Summit and Kenwood) must be run by the same people, because theirs were identical. The red flags couldn't have been any larger and in my desperation...I don't think I can remember a time in my life where I've felt more stupid than now.

The only one that actually had the contact info on the site was 1000CashOvernight. Their corporate office is located in Kingston, St. Vincent and the Grenadines (is this a real place?), but their payments go to an address in the US.

On to research some more...

Quote:

Thanks!

I've been reading these threads most of the evening. (yawn)

Just so I'm clear, even if a PDL can legally do business in their state, it's a no-no for them to knowingly (or unknowingly?) loan money to someone in a state where PDLs are not legal. Right (wrong)?

I see that 2533 Carson Street in Nevada is a popular address for more than one PDL. Ameriloan, USFastCash, and 500FastCash all have "suites" at that address. USFastCash and 500FastCash also have locations at 3531 P. St. W in Miami, OK.

Quote:

I created a spreadsheet so I could see exactly where I stand with my PDLs. Nothing like seeing it in black and white to make you realize it’s time to stop the madness.

In summary, here’s the mess I’ve made:

Ameriloan - Took out one loan for $300; paid it the following payday plus a $90 service fee. Took out another one two months later for $350 and because of the other larger ones I took out with other PDLs, had to let it renew six times. To date, I’ve paid $610 in service fees and $100 of the principal. Like I said, nothing like seeing it on paper to make you feel total sick inside.

USFastCash - talk about not having the sense enough to stop while I was ahead. Took out four loans; Loan 1 was for $400 and I paid it off plus $120 service by next day; Loan 2 was taken out two months later for $450, paid it the next payday plus a $135 service charge; Loan 3 one month later was for $500; let it renew once for $150 then paid the principal plus another $150; Loan 4 is the most recent to try to pay off all the others - $550 with a service fee of $165, the first of which I paid last Friday.

500FashCash - same amounts and scenario as Ameriloan’s.

1000CashOvernight - $300 loan taken in September; renewed 3 times for $75.

Kenwood Services - days old - $200 with a service charge of $60

Summit Group - days old - $250 with a service charge of $75

MyCashNow - days old - $360 with a service charge of $71.82. My first due date isn’t until Nov 20th.

If you’re wondering how I paid the former loans off, I borrowed from my 401K, a move I regret more than you could ever imagine.

I want to close my bank account, but it’s in between pay periods and I want to be able to pay my rent without having to wait for a paper paycheck to clear. I thought about having my paycheck direct debited into my other checking account, but I’d still have to keep some money in my first one to be able to close it and/or do an ACH block or stop payment. I couldn’t close it right after I got paid this past Friday because I’d just paid a couple of my utility bills via direct debit and I didn’t want them returned.

What a mess!

"While Payday Loans would be illegal in New York, it is only if they have a physical presence in New York and are charging more than 25% interest p.a. However, Payday Loan Companies operate over the internet and are domiciled in States that do not have any usury ceilings. When you take a payday loan you are deemed to be borrowing in that State of domicile and, therefore, the loan is legal. We recommend that you obtain the services of a lawyer to try to get you out of your predictament. If you do not have a lawyer, we recommend the NYS Lawyer Referral Service at 1-800-342-3661."

Did I ask the wrong Department?? According to this, my PDLs are legal. HOWEVER, my research determines that none of the PDLs I have are licensed in their state (unless they prove otherwise).

ask the NY AG about the legality of pdl's in NY especially internet.you did ask the wrong department.pdl's are prohibted,and what they told you,and others is what the illegal lenders say.file an AG complaint,and forward that to him as well.

Thank you, Paul. I will do that.

i noted on another thread on this.stating that the NY AG is not happy about them interpreting the law.btw glad to help.

I emailed off my letters yesterday to every PDL except 3, because I couldn't find email addresses for two of them and the other isn't due a first payment until three weeks later, so I can hold off a bit on that one.

I was in the process of following up my emails with a fax this morning, but when I tried to log into a couple of the sites to get some account info, I couldn't, and I got the message to call their 'compliance' department. Does this mean the fun's about to start?

Unfortunately, I can't close my bank account until Friday when my paycheck is deposited into my account and brings my account back into the black (right now I'm overdrawn :-( ). The best I can hope for is that I'll get to the bank and close it before the PDLs have a chance to think about debiting my account anyway.