jamos2

Hello :) Because you live in NY these loans are not legal. How much exactly did you pay on them?

i have paid:

GECC: I originally had a loan for $250, i made 4 payments of $55 then refinanced, they deposited $449.46 in my account and i've since made 2 payments of $108 each

Cashjar - borrowed $400 have since paid $500.00

Arrowhead investment - borrowed $400, made 2 payments of $120 each

NLS Cashadv(signmyloan) - borrowed $250.00, made 2 payments $76

Unitedcash - borrowed $400, have paid 400

Paycheck today - borrowed $300, i have made 4 payments of $90 each

Summit Group - borrowed $300, i have made 4 payments of $90 each

USFast cash - borrowed $350 - no payments made yet

Clearwater(sandpoint capitol) - borrowed $200 - no payments made yet


thanks in advance for any help you can give!!!!

CLICK HERE to find out how to deal with illegal lenders.

Since you live in NY state these loans are not legal in this state. So if you think that you have already over paid them then you should try and send a demand letter for a refund stating the details of payment or pay only outstanding principal amount without interest.

RE contacting the AG, NY Banking Dept., etc; does NY have a financial regulatory commission not JUST dealing with banking? I would think they do. I'm sure if you can find a contact for that agency they might be able to help you. However, as noted above, the loans you have aren't legal in NY.

i couldn't find anything on a financial regulatory commission in nys - everything i found referred me back to the ny banking dept.
when i send the pdl people the c&d letters, do i send a copy to the nys ag and nys banking dept ~ i'm just worried since they didn't seem to help on the phone. if fact the woman i spoke with in the ag's office told me that they could charge me whatever their home state allows. i asked about the 25% cap and she said she had never heard of that. if the loan was issued from florida, then their state laws apply etc...

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^^ agreed, too many people (who work for these agencies!) do not know the laws, it makes me so angry!
is your bank account secured?

Go to: www.paydayloaninfo.org
It's a consumer information website about payday loans. When I sent my letters to the pdls I had, I incorporated the part about payday loans being illegal in NJ into my letter. Here's the part for New York from the website:
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
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I would send your letters with a copy to this authority. Don't pay attention to the dweebs who answer the phones. They usually don't know anything.
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Good luck.

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thank you all for the information. i will be sending out the c&d letters, and i'll send a copy of them to the nys banking department. should i also send a copy to the nys ag?

i think you should send the copies to your AG first.don't let one person in the office who didn't know what they are talking about sway you.file the complaint with the AG first.

I also would mention the entire incident to the attorney general's office. it is unfair for them to give out false information.

okay after an hour on the phone to 3 different people.... NYS is so helpful....
they have told me to just file the complaints ... i will be doing that tomorrow along with sending my cease and desist emails... my bank account will be closed tomorrow morning as well. after i send the c&d emails i will print and snail mail them also. when i snail mail those i will also send a copy of them to the NYS banking department...am i forgetting a step in there??

update - bank account was closed and c&d letters emailed. i will be sending them a copy via snail mail tomorrow. started filling out the complaints with the AG - hopefully will get those done over the weekend.

after those are done i will send a copy of my c&d letters to the nys banking dept. - should i also include a copy of the nys ag complaints???

i wouldn't involve the bank dept.the ag complaints should be good enough.

yes i would.. to the FTC as well.