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DFS’ Settlement with National Credit Adjusters, LLC

What New York Consumers Should Know

The DFS Settlement with NCA

On May 17, 2016, the New York State Department of Financial Services (DFS) reached a settlement with National Credit Adjusters, LLC (NCA) that provides substantial relief to New York consumers harmed by payday loans.  DFS investigated NCA for collecting payday loan debts from New York consumers.  Payday loans are illegal in New York and payday loan debts are unenforceable.  Attempts to collect on payday loan debts in New York violate state and federal law.

DFS' investigation found that NCA collected payments on 4,792 payday loan debts of New York consumers.  As part of its settlement with DFS, NCA has agreed to provide refunds totaling $724,577.83 to New York consumers.  NCA will provide these refunds to more than 3,000 New York consumers on a rolling basis with payments being mailed on a monthly basis, beginning no later than June 15, 2016 and ending by May 15, 2017.

Settlement Information

Who is eligible for a refund under the DFS settlement?

When will refunds be mailed?

What happens if you don’t deposit your refund check?

Other Settlements with NCA Involving New York Consumers

The New York City Department of Consumer Affairs (DCA) reached a settlement with NCA in December, 2014 that provided refunds and other relief to New York City residents who made payments to NCA on payday loan debts.  Because the DCA settlement already provided substantial relief to consumers in New York City whom NCA collected on, DFS’s settlement focused on New York State consumers residing outside of New York City.  However, if any New York City residents were collected on for payday loans by NCA between 2007 and 2014 and did not receive a refund under the DCA settlement, these consumers can receive a refund under the DFS settlement for any interest NCA collected in excess of 16 percent by contacting either DFS or NCA by May 16, 2017. Consumers may contact DFS by calling 1-800-342-3736 or by emailing

Updated 05/18/2016

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