Turned me into a collection agency.

Submitted by Anonymous (not verified) on Thu, 07/18/2013 - 07:30
Forums

I live in new york, I have three pay day loans out. I have paid back the principal but they said it did not go towards my princpal and turned me into a collection agency.
1) How can I just pay on the principal when they say I owe 100s more??
2) How can a collection agency accept this illegal and ruin my credit while trying to get the money?

Welcome to the forums!!!
Payday lending is prohibited in New York. That means all lenders in this state are illegal. You owe them only the principal balance. Don’t pay back them any interest or fees. You should close down your old bank account immediately and open a new one to stop debiting money from your account.

Thu, 07/18/2013 - 09:47 Permalink