Payday loan advise welcome! Thanks

Welcome fellow NY'er - I'm in the same boat as you times 15 pdl's. It is crazy but the first suggestion I have for you is to close that bank account as soon as possible. You need to get in total control of your paycheck. Once you do that you can start tackling these PDL's with the proper notifications withdrawing your agreement to ACH, wage garnishment and contact by any means other than email or US mail. File a complaint with the AG - hang tight to the fact that PDL's are prohibited here in NY. You have paid off or overpaid most of your loans. The first step is getting control of your paycheck so that you can stay on top of the must haves like food, rent and car expenses. I opened a new account at another bank, stopped direct deposit until I could move it to the new bank, went in to the old bank and explained everything I had gotten myself in to and then closed the old account completely down with no chance of anyone or anything reopening it. Like I said I just started this journey but that is where I'm at so far - I'm sure more experienced folks will be along with more advice. Good luck and keep us posted - we are all in this together.

WOW!Thanks for the quick reply and warm welcome.
I guess I am lucky. I had two loans, and paid them off right away. I then took out 4. When my paycheck started to dwindle, I tried to take out more loans to make up for the lost pay, but could not find any. I was told I had too many out and couldn't get any more.(That's the lucky part)
I read about closing the account. I guess I will go during the week.
I don't understand the prohibited in NY thing. I read on the AG website that they are prohibited, but only store front type of loan is mentioned.
Also, how can I figure out how much I am obligated to pay back according to the interest rate cap in NY?
Just trying to figure this all out :(
Thanks Again!

mysterygirl, I believe ameriloan is one of the d/b/a's for MTE Financial? Am I correct on this one anybody? If this is indeed correct, and I am almost positive it is - the information for the company on Ameriloan is:
MTE FINANCIAL
515 G S.E.
Miami, OK 74355
1-866-213-0268
Be sure to file your complaints. mperez will be of great help to you since she too is in NY. Internet pay day lending is illegal in NY.

Well - I'm still trying to figure it all out myself. One school of thought is if they are illegal in NY (which they are) then you are only libel for the principle amount of the loan. You borrowed $300 you owe $300. NY does have a small loan cap of 25% interest so in negotiations for paid in full judgements you may want to offer that instead which on $300 you would take 300 x .25 = 75 which would result in offering a maximum payback of $375 in total. Looking back on your loans you have done more than that on most right? Depending on my history with the PDL (the longer I was with them the more they made off of me) I sometimes felt that getting a PIF was more important than fighting over the overpayment which in most cases you will never see anyway. I have gotten 5 PIF's leaving only (ha ha) 10 loans I need to continue working. I am hoping that the AG will fight for refunds of my overpayments even on those I settled with. In one case I have a PIF with a PDL that I paid over $3000 on a $300 loan. This takes a lot out of you so it is ultimately up to you how much you are willing to fight but I will say whenever I start feeling overwhelmed I come here and get reminded how far I have come and that I am in the right - it kind of energizes you to keep going.

Thank You both so much.
MPerez I really hope you can get your money back. It does sound like you have worked really hard and I wish you great success. I would really like to avoid any of this going on my credit report. Does anyone know if you work out a plan with, will they still report neg. to the credit bureaus?

Yeah, Cannr - I think ameriloan is a dba for MTE . . . .

MPerez - When you are calculating interest, they way you are doing it is paying them interest for a whole year. If you want to calculate the interest for just a 2 week period, or more, here is the forumla:

Prinicple x Interest x (time period/365)

So for 25% interest on just a 2 week $300 loan it would be:

300 x .25 x (14/365) = 2.87

I wouldn't think you would owe them a full year of interest when they are loaning illegally in the first place.

Thanks Goudah - I guess I'll be playing on my spreadsheet tonight. I know some of my loans went for ever but with your calculation it will make a differnce on some. I have had a rough time this week so my negative self is saying it won't matter much in the end - they aren't going to give it back and the way collections has been going who knows how they figure those amounts out! Can you tell I'm just hoping and waiting for the AG to come to my rescue???
I hate when I get like this - I have just sat and watched caller id this morning so maybe it is time to get myself out of the house for awhile. It is a beautiful day so I think I will go for a long walk!

You should! Take a nice walk - These things can wait.

so are u guys from new york saying that people like myself from ny who has renewed like 8-10 overpaid and these pdls are legally entitled to their principal plus 25% interest fee only. i have emailed the ag and the bbb for each of my pdls and on the question that says what outcome i want i just said paid in full. am i correct. thanks MPEREZ56,cannr,goudah2424. i would like u guys to pm me if its ok

For mysterygirl, they will not go on your credit report. They are illegal companies lending illegally to residents in New York. They're not going to report an illegal loan to the credit bureau.
For finechil, if you're in New York and you've had internet pdl's, you've overpaid period. First of all, they're not allowed. Let alone be able to charge the "rollover" or "extension" fees.
For both, report to the state AG. They need to be aware. Also, just to get these pdl names out there, file with the BBB and the FTC. They'll see these companies names coming left and right and take notice.