Help with pay day loans . . .I am in New York

Welcome llw! Many of us here know what its like to have these pdl's suck you dry of fees and you cant pay your "real" bills.

To cut right to the chase, PDL are illegal in NY.

You will find the Payday loan laws for New York here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thanks for cutting to the chase. I understand exactly what "illegal" means but how does it affect the loans that I am not entangled with. Thanks a bunch.

In other words, these companies should not be lending to NY state residents and the fees they are charging are not legal.

We do condone paying back the principal borrowed, but as long as those fees are being applied, its like digging a hole in the sand. Looks like you have already paid back the principal on two of them.

The only sure way to get them to stop debiting your account is to close it. are you in a position to do that?

Here is a link on our site to give you information to consider when closing your account:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Since I was afraid that they would get into my pension check, I have had the payday loan monies filtered through my savings account, which only have one small deposit each month. I transfer the money in whenever a payment needs to go out. However, I have received a letter from my bank saying that I have too many transactions and they have pretty much told me it needs to be closed, or changed to a non interest bearing account (like I have any money to accrue interest anyway!) so closing it won't be a problem. All of my automatic debits are through my checking account.

That is great....closing the account is the only way to stop them.

Next, you should get them a letter sent certified, return receipt. Here is a great letter and just fill in the blanks accordingly:

Is there a central location where I can find this information. I am not even sure if I will be able to find a mailing address on this "organizations." What would you suggest?

Type in the PDL name into the Search box above and you should be able to find addresses posted from other members...unfortunately we dont have a central list right now. I'll also see what I can find.

ameriloan

3531 P Street NW
Miami, OK 74355
Phone 800-362-9090

my cash now
207-1425 Marine Drive
West Vancouver, BC Canada, V7T 1B9

SERVICE CONTACT
inquiry(at)StarAdvance.com

For written requests
Coredis Enterprises
APTO. 10335-1000
San Jose, Costa Rica

Coredis Enterprises Inc.,
0832-1616
World Trade Center
Panama, Republic of Panama

Scary eh?

Thank you for all your help. I will try and locate the two additional addresses that I need. I will also be contacting my bank to close that savings account. I do have time on my side as these deductions will not come due again for another 3 1/2 weeks but what was taken out yesterday is not going to help me get through this month. I will defintely check this site often as I have found out a wealth of information already. I'll be in touch.

Please do come back soon and let us know how its going...we are here to help!! Check back soon as someone might be able to post the other two addresses that you needed.

Thanks again. I have already started working on the letters which need to be sent out. Like I said, I do have some lead time as monies will not be coming out of my account for almost a month, with the exception of Star Advance. I "morally" still owe them so what they are taking is, I guess, theirs. I will keep you posted on my progress and I will check back frequently to see what's new on the PDL front.

These posts have become very interesting and informative reading for me. I did notice on one post that Kash indicated that living in New York is a fortunate situation as PDL's are illegal in our State. Why, then, do these predators loan money to residents of NY? Don't they realize that what they are doing is wrong or is it that they think they won't get caught? How successful have others in New York been in obliterating this debts? How much support is offered by the State AG or Banking Dept. with regards to PDL's.

Question. . . how successful have others been in obliterating PDL's issued to New York residents, after the principal has been paid in full? Also, what kind of support can I expect from the powers that be in New York? i.e. Attorney General, Banking Department, etc. I have read the laws governing New York and it would appear that even at it's worst, small loans, the cap is somewhere around 25% Do these sharks not know this, or do they just not care? Are most people afraid of them and go on paying into eternity? What, in anyone's experience, is their position, once confronted with this info? Sorry for all the questions. . .

llw1995, was this your guest post? What caught my eye is what you wrote about Star Advance....What they are taking is NOT going to your principal. I am glad that you recognize that you do owe them as we always condone paying back the principal, but I can guarantee you that the $71.50 they are taking out of your account bi-weekly will not be paying down on the $400.

Guest...

About Four years ago Your AG at the time, now Governor,Eliot Spitzer went after a slew of PDLs and won!

In short he told the pdls they had no business lending to NY residents. The pdls eventually ended up paying all fees and interest back to NY borrowers.

If you do some research you will be able to get out of your jam paying only principal.

Below is One example....

http://www.consumeraffairs.com/news04/cashback_payday.html

Yes, that is my post. It's late.. . . .sorry bout that. Ido realize that what I have already paid has not been posted to my principal but I hope to change that by my next payment. The letters going out will go to Star Advance first as they will be looking for a payment mid month. I also realize that I do owe back what was deposited in my account by these sharks. I have no intention of stiffing them on what is "legally" theirs, if you can "legally" give something to someone that gave you something"illegally". At any rate, I will have plenty to keep me busy over the next few weeks. If you have any additional info on any of my questions or have anything that could "strengthen" my cause, please feel free to pass it along. Thanks a bunch.

Hi llw...no problem and come back anytime. we're here for you. It is quite a process and will take some time. Keep all of your documentation as well. Once you get going with it and start to see some of your $ available to pay your real bills,its great!

To Roadwarrior. . . thanks for the info on that article. I will be searching for similiar articles to help my cause. I do appreciate all the help that is coming my way. Have a good one. . .

llw-I live in NY and I went through PDL hell 3 years ago!! I didn't know about this website then and ended up paying way more than I should have! I was in such a state with personal things that happened to me I was scared outof my mind with what they were telling and threatening me with! I ended up working 2 jobs-both full-time just to pay them off! Every week I sent moneygrams out after they killed my bank account. I did not know at the time that it was illegal in NY. I saved every money gram receipt and when I finally made the last payments to them I wrote right on the moneygram "Paid In Full" and it felt so good!!! I know they owe me refunds, but at this point I am just grateful that they are paid. I am afraid to contact them about the refunds because who knows what they will do--hell they may do what ameriloan did the other day and call me and say my last moneygram to them was no good!!! They will try every trick in the book to get money from you--just pay them what is legally owed and nothing more!

There is a light at the end of the tunnel!! I promise you this!! Hang tough and do what these wonderful people here have told you to do--you can do this! I just wish I had known them all here 3 years ago-I would have saved myself a lot of headaches and money.

Good luck and God Bless.

i also live inb NY and went from 7 pdls to 1. The 1 that i stil have is an offshore company that justr wont give up. I now just ignore them

skippi: thanks for your encouraging words. In fact, thanks to all who have been so helpful. I know that I have a long haul ahead of me. Kash: do you know if ANY of my PDL's are licensed anywhere in this country? If not, how can I find out. Since these guys are illegal in NY how do they circumvent the law? It seems pretty simple to me. . . you do something illegal then it has no merit. Pleae keep the encouragement coming!

It reallky does not matter if they are licensed anywhere. They are not licensed to lend in your state.
This will be over for you before you know it. Just remember they are breaking the law, not you. Actually , you are done with almost half of your loans already

Thanks to all, once again, for your help. Kash. . could you tell me how I can find out if any and/or all of my PDL's are licensed, and in which state? I do know that Star and MyCashNow are not in this country, but do they have "offices" that they operate out of somewhere state side? The deeper I dig the more scary this becomes. I wonder if the powers that be understand the seriousness of this business. I did read that Obama has a cease and desist order on his platform but I wish the rest of the powers would adopt the same thing. Anyway, any help you could give me regarding my questions would be greatly appreciated. Thanks again.

If you go to the web sites they they may tell you what state they are licensed in.But please remember it does not matter where they hold licenses. It is YOUR state laws taht matter and these loans are illegal in New york. They can be licensed in amillion state,but they are illegal here.

Kash. . .thanks again. Do you know if PDL people have access to gaining account information from SS#'s? I know that banks do because my former husband's name was attached to my bank account and he defaulted on a loan of some sort. Guess what. . .they froze my account until he paid it. That is a concern of mine. These people are SO slick that it scares the .... out of me. I have a pension check going into my account each month and I am terrified that they will tap into it.

You need to close your account and open another account. we reccommend using a different bank,but you will be 100% safe if you change your account and never give the number out

Kash: got your post. I have two accounts and I probably will close both of them, just to be on the safe side. I have started working on the letter to provided for me but I have to tweak it a bit for 3 or them as I have not overpaid yet and the letter talks about refunds and responding with "paid in full" letters within a 10 day window. Hopefully I will be fully understood. I do have one more question. . . .and I know we have round and round with this but I just want to make sure I understand. According to the citation you sent me PDL's are PROHIBITED in New York. The citation also states information regarding Licensed lenders being able to charge according to contract. Does that mean that "licensed lenders" by New York State ONLY and wouldn't the small loan cap kick in? Am I also to assume (and I don't like assuming anything) that these "licensed lenders" in New York will not charge over the cap, which I believe is 25%? That leads me to another question. Are legitimate organizations, i.e. finance companies, credit cards, able to charge a rate over 25%. I ask because I KNOW that many folks are paying upwards of 30-35% on loans and cards. Please forgive me. . . I have a law enforcement/legal background (former hubby) and a "need to know" personality. Thanks again!

Credit Cards as usually exepmt to small loan usury laws.

volleyballmom: thanks for the clarification. I am assuming that finance company loans are as well?

I have already electronically filed a complaint against all 5 PDL's with my State's Attorney General. I am hoping that they will see the merit of investigating these predators. I will be working on other aspects of this situation during the week. I hope everyone had a great weekend. . . .

GOOD for you lw1995, I hope for results in your favor!