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 Posted: Sun Jul 06, 2008 10:04 am Subject: Payday loan form question |
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I have payday loans that I have overpaid on and from what I'm reading it seems they're ALL illegal in my state. Anywho, I want to stop them. So I've read about different letters/notices to send to these companies and I am looking for a "form letter" of sorts so I do this correctly. Does anyone have a sample letter for a "ACH revocation?" Also, what is a C7D? I read that on a post somewhere and I was just wondering.
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linusmom
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| Posted: Sun Jul 06, 2008 11:03 am Subject: |
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Hello linusmom , I think this about covers it all. lol You can omit or add to the parts which don't apply to you. 
| Quote: | Name
Address
City, State
Account #
Date
Company Name
Address
City, State
To Whom It May Concern:
It has been brought to my attention that your company is not licensed to lend in my state, therefore it makes the contract I had with you null and void. I will agree to pay the principal amount of the loan, however, I will need a physical address to send payments in the form of money orders. These are my terms, if you are not willing to accept my terms, then you will not receive any payments.
You are hereby notified that I am revoking ANY and ALL ACH transactions made by your company on any of my personal accounts. If you make any attempts to do so, I will be forced to take legal action against your company. I am also revoking any and all wage assignments I may or may not have signed with your company, my employer has been notified about this matter.
As of today ________, the only contact you may make with me is either through email, or USPS. I also demand your company and any affiliates of your company cease and desist all contact with me (except what is stated above), my employer, or any references I have listed on my account.
Your cooperation in this matter is appreciated.
Sincerely,
Your name |
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Last edited by Shazzers on Sun Jul 06, 2008 4:34 pm |
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Shazzers
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| Posted: Sun Jul 06, 2008 11:05 am Subject: |
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You might also want to add this to your letter.
| Quote: | Electronic Funds Transfer Act
907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.
[Codified to 15 U.S.C. 1693e]
[Source: Section 907 of title IX of the Act of May 29, 1968 (Pub. L. No. 90-321), as added by title XX of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3733), effective May 10, 1980]
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Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
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| Posted: Sun Jul 06, 2008 11:17 am Subject: Thank you! |
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Shazzers, you're brilliant! Thanks for your help. That sure does cover it all
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linusmom
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alias1958
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| Posted: Sun Jul 06, 2008 1:52 pm Subject: |
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I think you are referring to a C and D letter. Shazzers has provided you with the information which would be contained in such a letter. Please keep us posted on your progress.
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llw1995
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| Posted: Sun Jul 06, 2008 3:51 pm Subject: Progress so far... |
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Well, I emailed the letters out to the 5 loan companies. (or whatever you'd like to call them
I am hopeful since I have OVERPAID on all the loans. By at LEAST $100-$200 OVER what they asked for in interest. I'm not asking them to take a cut on a loan or anything, I just can't get out from under these things if they keep debiting me like they are.
So everyone keep your fingers crossed with me, if you would- I'd appreciate it. Can anyone tell me...do these letters normally make them take notice, or do they just laugh it off?
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dozer_bug
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| Posted: Mon Jul 07, 2008 11:33 am Subject: |
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I think that most of them take them seriously especially when you have notified your state's ag's office, bbb and ftc. That seems to bring them to attention real quickly.
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ladybug
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