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Posted: Tue Apr 01, 2008 7:06 pm Subject:

cnina, i just want to say good luck with your bank, i am doing the same thing as you tomorrow. Let me know how it goes and I will let you know! Take care.

cnina0224 · Posted: Tue Apr 01, 2008 7:17 pm Subject: crazy loans

i will let u know! i havent called yet. i got nerves doing it.. but it should be fine right????

cnina0224 · Posted: Tue Apr 01, 2008 8:05 pm Subject: closed my b of a account

i closed my account. i actually had a new one open but never transferred monies to it. i already changed my direct deposit so that i dont have it transferred to the old account. i will now make sure that all these companies are illegal, send my letters out and hope for the best! it was easy to close. they asked me why but maybe since i had one still open, they didnt really bother me on it. I asked them specifically if it was linked to the other account and they said it is not.

Posted: Tue Apr 01, 2008 8:16 pm Subject:

cnina0224 · Posted: Tue Apr 01, 2008 8:18 pm Subject: crazy loans

thanks SO much. honestly, i didnt think there was a light at the end of this tunnel. i was praying that something would happen right..and now i know im going to the rigth direction. yes please help me make sure these pdl places are all illegal. i hope they all are!!! Smile

Posted: Tue Apr 01, 2008 8:20 pm Subject:

I came here in the same boat....dont worry, with support and help here, you'll get through! Very Happy

cnina0224 · Posted: Tue Apr 01, 2008 8:26 pm Subject: thank you

it means a lot. i asked my dad and he was like 'co sign a loan to pay off these payday loans?" umm no.. close ur account! tell them u cant pay them.. file BK.. but if they are illegal, and i can write a letter and they wont harass me.. thats awesome.

Posted: Wed Apr 02, 2008 8:23 am Subject:

cnina-
Here is a letter for you with the California specifics. Only send this once your account is closed, which I believe you have already taken care of. In the 4th paragraph where you see <or>, choose the scenario that fits.

Date

Name and address of the PDL

After doing research on internet payday loan laws in the State of California, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of California in general:

California State Information
Citation:
Cal. Fin. Code Â§Â§ 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

After finding out that your internet payday loans are illegal, your company should actually not issue loans to California residents at all.

I have contacted the California Office of Financial Institutions and the California State Attorney Generalâ€™s Office regarding your internet payday loans and was informed they are indeed illegal in California and was advised to pay what is due according to principle amount only of the loan.

I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in California. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and the California Attorney General's office. <OR> I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan. <OR> I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan and send me a refund of $XXXX.

<OPTIONAL>

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from the California Attorney General's Office.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the State of California.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and the California Attorney General's Office.

I expect a response from your company no later than XX DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Please respond by XX DATE, regarding this matter by US Postal mail or by email only.

Your name

CC:
Better Business Bureau
California Attorney General
Federal Trade Commission

cnina0224 · Posted: Wed Apr 02, 2008 9:19 am Subject: crazy loans

so are all the loans illegal then??

i just want to make sure before sending it. i closed my account and i realized CTC is a pending loan as well. i remember reading somewhere that Cash transfer centers was illegal, and that i would have to do a wage assignment?

Posted: Wed Apr 02, 2008 9:41 am Subject:

I think that is only the case if you signed a voluntary wage assignemnt? Do you know if you did? If so, you have to send a letter, or give a letter to your payroll dept. revoking andy voluntary wage assignments with them and also one to them when your account is closed.
The only way they can garnish your wages is by going to court, and they will not do that if they are not licensed to loan money? Right...Others can tell you better.

Posted: Wed Apr 02, 2008 9:42 am Subject:

All of your loans are illegal.

With CTC, when you took out the loan, they had you sign a Voluntary Wage Assignment document. These are fully revokable, and the letter I posted above has Wage Assignment revokation language in it.

cnina0224 · Posted: Wed Apr 02, 2008 10:15 am Subject: crazy loans

okay so do i need to give anything to my payroll dept then? or do i basically just send these letters out today including CTC.

Guest · Posted: Wed Apr 02, 2008 10:26 am Subject:

The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in California

how so i calculate this?

Posted: Wed Apr 02, 2008 10:39 am Subject:

cnina0224 · Posted: Wed Apr 02, 2008 11:05 am Subject: crazy loans

soo okay. they lent me 700. do i calculate that amount or 300 in my letter?
i mean what do i say it the legal amount they can charge to the loan?

cnina0224 · Posted: Wed Apr 02, 2008 12:00 pm Subject: excerpt for payday services

okay did i do THIS excerpt right?

I have currently paid 775.00 DOLLARS on my 750.00 DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of 123.53 DOLLARS even if your internet pay day loan was legal in California. I have paid 775.00 DOLLARS on this loan by your debits of my bank account and owe 0 DOLLARS to have this paid in full. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan.

i wrote this because 1. max loan is 300 2. the amount charged is off of a 700 dollar loan..

so since its finance fee is off a 700 dollar loan, and max amount is 300.. did i word this right? or should i put the calculation of PDL interest for 300?? help!

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