logo

Debtconsolidationcare.com - the USA consumer forum

PDL Assistance and 2 PD loans in NYS..HELP. Need fast help.

Date: Tue, 07/28/2009 - 13:23

Submitted by amrulez
on Tue, 07/28/2009 - 13:23

Posts: 27 Credits: [Donate]

Total Replies: 13


Hello , first of all I live in NY State. I have 2 payday loans outstanding.

1) Discount Advances.com

2) MY CASH NOW.com

The above 2 are the 2 companies. Between the 2 of them I only owe , with the tacked on interest , about 820.00 dollars. I have had multiple loans with both companies already this year before these latest 2 loans. I have came to the conclusion I have to stop the evil cycle as I am already up to my neck in other debts.

I went out and closed my checking account for withdrawals. It can not be reopened if an ACH debit comes in. I went online and found this company PDL Assistance to help me pay them off over a 7 month period of time. Here are my questions.

1 Can these payday loans sue me or garnish my wages here in NY? I live on long island and get paid every 2 weeks. From all I have read these are illegal loans and someone living in this state can't be taken to court or have any garnishments happen due to a payday loan. Both of these companies are not in NYS. I would appreciate some confirmation on this. Not that I am trying to blow them off , I just can't pay them any longer the way they want to be paid.

2 PDL Assistance
I just read the contract thoroughly and it seems you only have 3 days to cancel out of them doing this business for you. What does that mean? I have to pay them 150 to start the account and then 119 a month until next FEB. They didn't tell me that 30 dollars of that 119 goes to fees and they take the first 3 months of those payments to settle the fee's for what they expect will be the life of this plan. So I have to lay out pretty much 400 dollars up front over the next 4 months before they stick a single dime into an account to go towards my 2 pay day loans..meaning they won't probably even deal with these companies for that length of time since they won't have any money to negotiate. Am I reading this right?

If I decided that I no longer wanted them to handle my accounts would they now become a creditor and go after me? I mean I know they keep whatever you send them but will they be able to try and also come after me for money thats due in that contract?

Thansks for advice , I have until tomorrow to make my decision and is there any company better then PDL assistance thats a little less fanatical about getting fee's upfront?


How can I do this myself? My checking account has already been closed. On the discount advances I have already paid them back in full what they loaned me if you add principal and fee payments. Mycashnow is a new loan but I have used them 3 times this year already and they have a few hundred dollars in fee's from me over the principal spread out over the year.

What should I do first? Are both of these companies illegal loan companies besides not being in NY State and PDL's not being legal in NYS?


lrhall41

Submitted by amrulez on Tue, 07/28/2009 - 14:15

( Posts: 27 | Credits: )


I have taken the above advice and decided to cancel my contract with PDL Assistance. They were not in the office so I will call them tomorrow to make sure but its still within the 3 days of the contract being signed.

First I will have to deal with Discount advances. I have already paid them over the amount they originally lent me. What exactly do I do next? I don't want to screw this up just because I decided to do it on my own heh..

Then I will deal with mycashnow. I assume these are both the same company , and both are illegal correct? I do owe them around 520 dollars minus what they made off of me on the last loan I did with them. How do I get them to accept this , same as with their other company? I am in NYS so they can't do jack shit to me other then threaten me over the phone but I don't want to steal from anyone.


lrhall41

Submitted by amrulez on Tue, 07/28/2009 - 16:34

( Posts: 27 | Credits: )


Thank you Shazzers...so I already closed my bank account. Then tonight I cancelled PDL Assistance as I do not need their help to do my bidding. Then I used one of those form letters and inputed my lenders names and my state and its laws and also told them on 1 account I am already overpaid and won't pay anymore and the other one I will make payments to finish off what I borrowed minus overpays on earlier loans they gave me.

Now the only problem is where do i send these letters? MYCASHNOW and DISCOUNT ADVANCES , I can't seem to find their addresses. The ones on the BBB board don't seem to be the right ones. Also if its out of the country what is the best way for me to send it? USPS mail certified or UPS? I am also going to send it email to the email address they send me my alert messages for when the loan payment is coming due again.

Thanks a lot for your help. I am also going to contact the NYS Attorney Generals office to notify them of these companies.


lrhall41

Submitted by amrulez on Tue, 07/28/2009 - 18:09

( Posts: 27 | Credits: )


I followed up on the cancellation with pdl assistance. The woman who helped me was like , your making a grave mistake , even living in NY they can sue you blah blah blah even if they are an illegal company haha..I laughed and said please , just cancel the account. I know better now. Heck before yesterday I didn't even know these laws you guys told me.

Anyway I made out the letters and tomorrow morning I will email both of them to the support email address that they email me from. I will also send out copies to them both in the mail. Discount advances and mycashnow are owned by the same guy yes? Can anyone tell me the addresses for both of them? I find different ones for each company , there are like 2 or 3 mycashnows and discount advances on the BBB site. Please help me with this last request.

PS I DIDN'T LOG IN BECAUSE I AM AT WORK..THANKS FOR EVERYTHING!!!


lrhall41

Submitted by on Wed, 07/29/2009 - 07:48

( Posts: | Credits: )


I followed up on the cancellation with pdl assistance. The woman who helped me was like , your making a grave mistake , even living in NY they can sue you blah blah blah even if they are an illegal company haha..I laughed and said please , just cancel the account. I know better now. Heck before yesterday I didn't even know these laws you guys told me.

Anyway I made out the letters and tomorrow morning I will email both of them to the support email address that they email me from. I will also send out copies to them both in the mail. Discount advances and mycashnow are owned by the same guy yes? Can anyone tell me the addresses for both of them? I find different ones for each company , there are like 2 or 3 mycashnows and discount advances on the BBB site. Please help me with this last request.

PS I DIDN'T LOG IN BECAUSE I AM AT WORK..THANKS FOR EVERYTHING!!!


lrhall41

Submitted by on Wed, 07/29/2009 - 07:49

( Posts: | Credits: )


Quote:

The woman who helped me was like , your making a grave mistake , even living in NY they can sue you blah blah blah even if they are an illegal company haha..


She is highly misinformed with that information. PDLs are prohibited in NY. There is no legal action they can take unless they want to get sued :twisted:

[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
[/quote]


lrhall41

Submitted by Cool_Abyss on Wed, 07/29/2009 - 08:33

( Posts: 2936 | Credits: )


hi

she is trying to get you stay with their company by pulling her own scare tactics. believe me that you can take care of this yourself. i did and so did many people on this site and i had even more pdl's than you did and still managed to get rid of them on my own. i learned alot from this site. good luck to you :)


lrhall41

Submitted by on Wed, 07/29/2009 - 11:06

( Posts: | Credits: )


I can't believe even the PDL consolidation companys lie to you like that. I was so proud of myself from retaining what I learned on this site. I truly wish I never had taken out any pay day loans and I am still going to make sure I pay the balance of what I owe mycashnow minus the fee's and interest rates they stole from me but these people are really preying on the weak and desperate. Tomorrow it all starts for me , I am demanding they only deal with me through email and that's only the 1 company I still legit owe money too , the other one will both me I am sure because in their way of thinking I still owe them money when I have already paid when you add in my last loan over 180 dollars more to them then I borrowed.


lrhall41

Submitted by amrulez on Wed, 07/29/2009 - 11:11

( Posts: 27 | Credits: )


Tomorrow should start my pain in this process. I have the letter ready to email and mail to their office , just like the advice in that illegal pdl thread gives. Yet after reading a ton of the threads on this site it seems they will ignore all letters and attempt to collect by all means necessary. Meaning 100 calls a day to work and references and even trying to do wage assignment ( i work for the government so good luck without a court order ). I already paid Discount advances over 180 dollars in fees on my last loan and have paid them exactly what I owe them on this last loan ( with fees paid and interest and principal ) but still owe them for the fees and interest they charge when you roll over.

Then I will have the other company to deal with where I still owe them in their mind 655 from a 520 loan but they already have 160 in fee's and penaltys over the last loan i paid off and I want to take that amount off of the 520 i borrowed and pay them the difference and be even with them. I just get the feeling its not going to go to smoothly even with the letters and complaints being made.


lrhall41

Submitted by amrulez on Wed, 07/29/2009 - 20:11

( Posts: 27 | Credits: )