If I am a resident of stae in which payday loans are illegal, do I still owe collection companies who bought said debts?

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If I am a resident of stae in which payday loans are illegal, do I still owe collection companies who bought said debts?

Asked on August 27, 2012 under Bankruptcy Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I urge you to contact the state Attorney General's Office as soon as you can on this matter and to speak with an attorney in your area.  Payday loans are with out a doubt illegal in New York and New York has some of the toughest laws regarding them.  It sounds as if there is some kind of scam here by the sale of the illegal loan to probably a legal collection agency.  That smoke screen needs to be cleared.  Good luck.


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