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I live in New York. I have Payday loans. Its getting to be too much and I have already paid way more than the actual loan with all these finance fees. I am thinking about closing down my bank account and opening a new one. I know that pdl's are illegal in New York but these were done over the internet and not a storefront. Can I get into serious trouble for closing my bank account? I would send these companies letters that i found on this site. I am just nervous with how much legal trouble i will be in for closing the account. Any advice would be great! Thanks!
Serious trouble for closing my bank account
Welcome to the forums!!!
Payday lending is prohibited in New York. So your lenders are illegal. You owe principal only. Don’t pay them an extra dime other than the principal. Ask them for a refund as you have already overpaid them. Close down your old bank account and open a new one.