Pay Day Loan hell -- New York State
I live in NYS, and have several payday loans, which are illegal in NYS. I'm stupid, I know. They are all for $200, and have anywhere from 1-3 payments on them already of $60. I also have 1 for $700 with Nationwide Cash, which I have paid 3 times $105 on.
My question is this...I do not expect these companies to just disappear or submit to my demands easily, as per a cease and desist letter template I found on the net. I know I've seen others, in NY, say they have used the letter, and closed their bank account. Some reported that some companies get back to them rather quickly via email with the no doubt standard "We are not in your state, so we are not subject to your laws...you owe us as per the contract"...etc.
Can someone please ease my mind on this? Which is correct? If I got these loans via the internet, how exactly are they subject to NY laws without a presence here? Is it a case of the state in which the contract was signed takes precidence?(sp) How does that work?
Also...has anyone really gotten sued? These companies are in different states and even different countries(three of my loans are out of country)...are they actually sending or hiring a lawyer to sue you? Has anyone EVER actually gotten served and sued? If you live in NY and have experienced this, a response would be appreciated.
I just want to make sure that in a couple of weeks when I close out the accounts and send these cease and desist letters that I am not queuing up 9 different lawsuits. Just to be clear...I plan on making sure these companies, no matter how shady they are, get every dime of principle back. So...if you wanna chime in with "ur a deadbeat", save it. I just over my head. If I was a deadbeat, they wouldn't get squat.
Be well, friends.
Terrible With Money