Anyone working with NY AG

Please do not dispair! I am copying and pasting a post goudah just posted to another member regarding NY pdl. But, first, you are not wrong regarding MTE Financial. If you remember earlier posts, they will claim NOT to be the pdl. All 18 d/b/a's they use. Do not let it worry you. This is their normal tactic. Keep fighting it. They lie to the agencies. Now, I'm going to copy what was posted just moments ago. I'm hoping maybe it'll help you in some way.....mperez, we're here for you. :( Posted: 27 Jul 2007 18:58

refer banking.state.ny.us/lt000613. to know more

All of this information is from the NY Dept of Banking website. The ONLY businesses allowed to do payday loans in NY are FDIC insured banks. No other payday loan companies are allowed to lend to NY consumers.

Ok, this is disconcerting.

I received a response from Justin Lamonica at Bureau of Consumer Frauds and Protection, the same as you.

I received it last night, and don't have it with me. But it basically said that they will work as mediators between me and the IPLs and they have forwarded my complaint to them.

I will post the letter in full later on.

Don't give up Mperez. I think you should resubmit the complaint. Did you ask them for assistance in setting up payment arrangments?

Payday loans cannot be made in this state except by a bank located in another state in which said loans are legal (exportation of interest rates by banking institutions is permitted in those cases).


Cannr I can't think straight right now because I'm hysterical but is this saying INTERNET payday loans are legal and allowed to charge whatever interest they do? Or is it saying PDL companies are not banks so they can't charge anything? I'm so confused.

Don't give up Mperez. I think you should resubmit the complaint. Did you ask them for assistance in setting up payment arrangments?


PAYMENT ARRANGEMENTS??? I have paid thousands on $300 loans. I thought I would get help in getting refunds. This is just making me sick.

I'm not yelling at you I'm just so upset

It's saying that only FDIC insured banks are allowed to give payday loans.

There is a federal law that allows FDIC insured banks to import their interest rates. That is what that is referring to.

NONE of the internet payday loan companies are backed by FDIC insured banks. Most banks stopped doing the payday loan thing because of the negative backlash.

Mperez - I know what you are feeling. Your state really should be doing more, and I'm surprised, seeing how they were the "front runners" in sueing these kinds of businesses.

But listen, even without the help of your state, you can do this. Sometimes it takes a while, and you had a lot of loans, so it may take you a little longer to clear them all up, but it is absolutly possible.

All of us here want you to succeed! You cannot give up, get discouraged, anything!

And by the way, Cannr can tell you that MTE will never admit that it's any of those names . . . . They can be very difficult to work with.

Mperez, don't worry yell away!

I saw in said in their letter:

"I sympathized with your difficulty. However, we cannot assist consumers in setting up more suitable payment plans."

That is why I thought maybe you had requested that they help you in setting up payment plans. But if you have overpaid them, then obviously that is not the case. Have you overpaid all of them, or just some?

Mperez - Have you tried this site?

http://www.consumer.state.ny.us/

It looks like NY has it's own consumer protection board. They also work to settle complaints, investigations, and all that stuff. They may be able to give you more help . . . . It's at least worth a try!

I just called the hotline number that was quoted in the response. After literally crying to the girl over the phone she forwarded my call to someone else who didn't answer but I left a pleading message there. OK so it is illegal what they do and I just have to dig in and fight the fight. I just had such high hopes the AG was going to battle with me. I'm going to email the AG again and state my dissapointment in his office. His predecessor would have and did KICK BUTT, maybe that will spark something.

The ONLY businesses allowed to do payday loans in NY are FDIC insured banks. No other payday loan companies are allowed to lend to NY consumers.
mperez, now to me, this means the company has to be an FDIC insured bank. Also, in the second letter posted it states something along the lines of in order for a company to do pay day lending to New York residents, they must obtain a license from the banking "whatever".
I'm not saying I completely understand all this stuff, but these people are saying unless the company has obtained a license from the "banking agency" (or whatever), they can not do pay day lending to New York residents. And the other quote is saying no pay day loan companies are allowed to lend unless they are FDIC insured banks.
These pdl's are illegal anyway - period. They are not licensed - period.
I know you're pissed right now. And I would be too. And I'm sure the above post isn't aware how much money you've overpaid these illegal people. mperez, do not sink down in the hole of dispair. You've been doing so well. Maybe refile the complaints again. Hell, what's it going to hurt? Break them up into each individual pdl. File all complaints again. Maybe even try another agency other than the AG. The DFI maybe? The banking agency (whatever that is)? Try every single agency you can find in New York. These companies are illegal and they ripped you off for thousands of dollars. Surely to God someone has to be able to help.

The banking dept and the DFI are the same thing, just in some states they are called the Dept of Banking, and in other they are called the Dept of Finanical Institutions.

I'd check out that website i posted above too. It looks like it was a special agency set up to help consumers in NY mediate resolutions with businesses . . . . So it may be worth a shot!

Oh, goudah. Please help mperez. My heart is breaking.....

Thanks Goudah I'm on my way to check it out. And Jen I have overpaid all but four of my 15 loans. Two of those were first timers so I'm paying on them through moneywires every 2 weeks. Now that I've done two of those I'm going to ask if they would offer me a settlement to finish them. The other two are OneClick and ameriloan (both MTE) and I've been with them for years so I shudder to think of the profit they have made with me. I haven't heard from them yet so I will wait them out.

I do think you got some kind of idiot that responded to you. Why was my response from the NY AG so different. It's the same situation!

Cannr - Believe me, I'm going to do anything I can to help Mperez get out of this mess . . . .

Goudah and Cannr
Please help with the above
I too thought i was doing everything correctly , and now i am petrified. ARe these loans legal in NEW YORK
Can they do whatever they want. Do I have (also MPEREZ) any ammo to fight with, I am totally frantic and in dispair. I now feel all is lost

Do not feel all is lost - It isn't! You do have ammo to fight with! A bunch of hollow points!

Just to show you in comparison - The state I live in at the time I had all my pdl's had really crappy laws. They were allowed to charge what they wanted when they wanted. And i still managed to clear all my loans up. NY has much better laws then my state had, so you have much more ammo then I did. It is possible even when everything seems against you. These loans are illegal in NY. They cannot do whatever they want. These laws are in place to protect you, not these crappy pdl businesses. These crappy pdl's will tell you you are wrong, that you are going to get yourself into more trouble, etc . . . But they are liars. They cannot do anything to touch you.

You can do this without the help of your AG's office. It's nice to have the added muscle, but it's not absolutly necesary. You can do this. It is totally within your reach. You just have to stay strong, hold your ground, and not get intimidated by the lies that these pdl's will tell.

Mperez...please don't dispair. After everything we have read and studied we know we are right!!! My AG here in Indiana said they had no legal recourse to take the ipdls to court but they would mediate on my behalf...I too have overpaid 6 of them. We will find a way out...they are they ones that are wrong...keep your spirit strong!

kash, don't be petrified! You're in New York. They are one of the states that are fighting pdl's the hardest. Do not give up and do not be scared. Like goudah said, even without them, you can still do this. It's just nice to have them on your side (which they are) but you can still do this on your own. We are here to help you and we're not going anywhere. Please, don't get scared!