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 Posted: Wed May 16, 2007 10:09 am Subject: Payday Cashlink |
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I received this e-mail from Payday Cashlink today. I owe them $120.00, but I have closed my account. I sent them 3 letters informing them that I closed my account (2 by e-mail and 1 by fax) and this is what they sent me when they tried to take money out on Monday: How should I respond??
| Quote: | Dear XXXXXXXXX,
Is there some reason your payment was returned NSF?
Your signed loan agreement states that you agree to pay this loan off in full and/or with refinance installment payments. Your payment is now overdue.
Please remit full payment or contact our customer center at 866-663-6918 if you have any questions or concerns regarding this account advisement.
Failure to send the full amount or make payment arrangements will result in your account being turned over to collections. Your prompt attention is required to resolve this issue.
Sincerely,
Payday Cashlink Customer Care Center
Toll Free: (866) 663-6918
Toll Free Fax: (484)906-8776
Email Address: info(at)paydaycashlink.com
website: paydaycashlink.com |
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 10:52 am Subject: |
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This is what I have written. I have not sent it yet. Please let me know what you think.
| Quote: | To Whom It May Concern:
Yes, there is a reason why my payment was returned NSF. I have closed my checking account. I have sent you 3 e-mails and 1 fax regarding my loan with your company. I have recently become aware of my rights as a consumer and I have also researched the laws in my state regarding payday loans. Let me reiterate for you:
Legal Status: Legal
Citation:
Fl. Stat. Ann. § 560.401 et seq.; Rule 69V-560.901-912
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes
Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
http://www.flofr.com/
According to Florida law, you have violated the "no rollover" clause by allowing my loan to renew 2 times. In addition you are not even licensed in Florida to do business, therefore making this whole transaction illegal. That is besides the point. The point is that you have deducted a total of $180.00 from my checking account ($90.00 on 4/2, and $90.00 on 4/16/07) I have bank statements to verify these debits. My original loan amount was $300.00. If I am doing the math correctly, that means LEGALLY I owe you $120.00, which I am more than willing to pay. What I will NOT do is allow you to debit any more fees from checking account. Had I not become aware of my rights and the laws in Florida, I might have allowed you to continue debiting my account, causing GROSS overpayments. I understand that I have taken out a loan and that I am responsible for paying back that debt. I will pay you what I legally owe you, and not a penny more.
I am also filing a complaint with the Florida Attorney General regarding this transaction and your company. I am also revoking your right (for the third time) to garnish any of my wages. I understand that wage garnishment is voluntary and that i can revoke it. I am also revoking your right to contact me at work or to contact any of my references. If you need to contact me, I will respond only through e-mail and US Mail. My employers and references do not deserve to be harrassed by you or any of the other companies you may be doing business with. I am being completely cooperative in my communications with you and I expect the same.
I will pay the $120.00 that I legally owe you, but I will only send payment through Moneygram or US Mail. I WILL NOT give you access to any of my banking account information. My former bank is aware of the issue and will return any further debits from you as NSF.
I would appreciate a response within 24 hours. Let us resolve this matter amicably so that we can all get on with our lives.
Sincerely,
Kelly Thomson |
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 1:12 pm Subject: |
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Your letter is perfect. I think you should send it because you are stating the laws and are willing to pay the outstanding balance. Send a copy of this letter to your DA's office also.
Do you have their money gram receiver code? If yes, send the balance along with this letter. They might be quick in marking your account PIF rather than doing long correspondences for no valid reasons.
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BKP
Joined: 19 Oct 2005
Posts: 241
Debtcc Points: 3532
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| Posted: Wed May 16, 2007 1:15 pm Subject: |
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Unfortunately I do not have that information. I have the money to send them, but I will only send what I owe.
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 1:20 pm Subject: |
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See the customer care number in their email and ask for their money order information. Don't tell them who you are. Just tell them that your friend wants to pay a loan and is asking for the money order info. And use a payphone, not your home number.
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BKP
Joined: 19 Oct 2005
Posts: 241
Debtcc Points: 3532
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| Posted: Wed May 16, 2007 1:28 pm Subject: |
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They will give you that information?? Even if you dont have a loan with them>??
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 1:48 pm Subject: |
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Just got this back...what now??
| Quote: | Mrs/Ms.,
I do remember recently speaking to you, I am Andre' with the Collections Dept. I have reviewed your email and I think that you are oblivious to the fact that in your Original Loan Documents it does states that you are obligated to pay refinance charges as well as a 50.00 paydown on the loan after the fifth refinance. Which is the 90.00 refinance plus the 50.00 paydown Stated In Your Documents.So yes, by law you are required to payback what is due to this company. Not doing so WILL result in taking legal action which the cost of court fees would be soley upon you to situate. We are a licensed loan company with national credibility,So therefore saying we ARE authorized to do business in the state of Florida as well as the other 48 states minus Georgia. You missed your payments and therefore you are obligated to pay the fees that come with (those) returned transactions. Your current balance is 415.00 and your next due date is May 28,07 with a payment of 115.00.
Failing to make payment, will result in legal action as well as garnishment of payroll which we are Authorized to do.If you have any questions feel free to call me at 1-866-663-6918 ext 706.
Your original loan amount was 300.00 not 500.00 and YES payments do rollover, however long you let the payment sit, then it will continue to accumulate more interest which will be paid either by your complete cooperation or by letting the courts get involved and retrieving our finances that way. So how would you like to handle this matter? |
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 1:53 pm Subject: |
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I just looked at the email addresses and they are all yahoo and hotmail accounts. This guy emailed me from a yahoo account and CC'd 3 other people. Does that seem weird?
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 1:59 pm Subject: |
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Help...I'm really scared now.I looked online and did not see anything about them being licensed in my state. They are saying that they ARE licensed and that they CAN garnish my wages...what do I do?? HELP!!!
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 2:22 pm Subject: |
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I just went to paydaycashlink.com and THIS is what it says at the BOTTOM!!!!
Loans are currently not available to residents of Colorada, Nevada, Pennsylvania, Oregon, Florida, New York, North Carolina, Georgia, Idaho or West Virginia. PUEDE USTED SOLICITAR UNA SOLICITUD DE PRÉSTAMO EN ESPAÑOL
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 3:11 pm Subject: |
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I know it can be scary being threatened with legal action, but try not to worry. This company isn't going to sue you . . . . They would have to be licensed to sue you and recover the money. They aren't going to want to set foot in court because they are dirty.
I encourage you to look at some of the older threads . . . . Many here have been threatened with a lawsuit by a pdl, but you won't find any that came back and posted that the company sued them.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Wed May 16, 2007 3:44 pm Subject: |
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This is what I have written so far...
| Quote: | Excuse me Andre, but I just went to your website, paydaycashlink.com and this is what I see:
"Loans are currently not available to residents of Colorada, Nevada, Pennsylvania, Oregon, Florida, New York, North Carolina, Georgia, Idaho or West Virginia. PUEDE USTED SOLICITAR UNA SOLICITUD DE PRÉSTAMO EN ESPAÑOL" This is DIRECTLY from your website under "Questions and Answers"!
NOT AVAILABLE in FLORIDA???!!! According to your OWN website, you illegally loaned money to me, as I live in Florida and have since loan origination. So how can you say that "we ARE authorized to do business in the state of Florida as well as the other 48 states minus Georgia" when your own website says that you do not lend in 9 other states??????...YOUR OWN WEBSITE says that you do not lend in Florida. Therefore the whole transaction is not valid and I should not have to pay you anything more than what I owe, which is $120.00. I will be contacting my attorney general's office tomorrow to file a formal complaint against your company. |
Any suggestions on anything else I can add?
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 3:50 pm Subject: |
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Sounds good to me . . . . Just be sure to file the complaints . . . .
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Wed May 16, 2007 4:08 pm Subject: |
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Can I use the information from their website about loans not being available in Florida against them?
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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| Posted: Wed May 16, 2007 4:45 pm Subject: |
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They didn't say they were licensed. They said they were "authorized." A lot of payday lenders follow what they call the single-state model. They get a license in one state, claim they're doing business there and make you sign a contract that that state's laws apply to the loan. No court has ever upheld this model and, even if they did, your contract doesn't apply to the attorney general or the banking authorities. They can still enforce their state laws if they are properly motivated.
I can all but guarantee that this company doesn't have the cajones to go to a Florida court and run the risks (Florida recently threw an illegal storefront lender in jail!) of a decision going against them. And even if they get a default judgment somewhere else they would still need a Florida judge to domesticate it before they could garnish your wages.
So breathe easy, go over to the Florida AG's website and start typing!!!
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FreakyFriday
Joined: 13 May 2007
Posts: 384
Debtcc Points: 5057
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| Posted: Wed May 16, 2007 5:51 pm Subject: |
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So how should I respond to this letter?? They may be authorized, but their websit specifically states that loans are not available to residents in FLorida, Georgia and about 8 other states! Should I consult my AG first before I respond to the e-mail? I was ready to pay them whatever they asked, just to get them off my back, but now that he has sent me this e-mail, I want to fight them! Can someone help me draft a letter in response??
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Bublefan1
Joined: 10 May 2007
Posts: 188
Debtcc Points: 2962
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