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Ashes

I'm going a few rounds with Payday Yes as they haven't received my payment for July (the only one I didn't send certified, long story). I had started to respond then I found that a Desist and Refrain Order had been filed against them in June of this year! (I tried to post the link but it won't let me!)

Not sure if I'm the CA resident they're referring to in the order, but my loan was originated in January 2008 and I did file complaints with everyone. It sure helped me in the response I fired back to them since they threatened to make my settlement agreement null in void!

I feel so vindicated, I hope this brings some comfort to others by showing that you can take on these guys and win!!

Posted: Wed Aug 06, 2008 3:09 pm Subject:

Posted: Wed Aug 06, 2008 3:12 pm Subject:

PDF can be viewed here

Ashes · Posted: Wed Aug 06, 2008 3:47 pm Subject:

Awesome Goudah, thanks for posting it! = )

Posted: Wed Aug 06, 2008 4:01 pm Subject:

Ashes, thanks for posting this! It made me go look at that site and I found some new cease and desist orders for some of the companies I am dealing with and I think that will be a huge help!!!!!

Guest · Posted: Wed Aug 06, 2008 4:16 pm Subject:

im fighting with one of there dba's epayday loan. i sent them letter requesting pif and refunds havent heard a peep/

Posted: Wed Aug 06, 2008 4:18 pm Subject:

that was me that did that post abouve

Ashes · Posted: Wed Aug 06, 2008 5:07 pm Subject:

The guy tried to say if the payment wasn't received by tomorrow the agreement would be null in void - this is what I wrote back:

Dear Mr. Cecil,

Payment was mailed on July 25th, 2008 as promised. I do not know why you have not received it, as you should have by now. Incidentally, you've been sent three payments prior to this one - April 2008, May 2008, and June 2008.

I cannot control the mail and cannot track it down as this payment was sent via regular mail. Per the money order receipt, an inquiry form 6401 for a replacement money order cannot be filed until 60 days have passed since the original purchase date.

Given the above information the only thing I can do is proceed with my next payment on August 25th, 2008 and if the July 2008 payment still has not been received by September 25th, 2008, make a final payment at that time. I will then have to go through the steps required to get the money returned to me for the lost money order.

Before you threaten to make the settlement agreement null in void, let me remind you of this fact. Payday Yes was not, and still is not, licensed to lend in the state of California. In fact, a Desist and Refrain Order was filed against your company on June 27th, 2008, you can see it for yourself here:

(link to PDF of order)

I'm doing the right thing by paying back what I borrowed, despite the fact that your company is illegally doing business in the state of California. I will complete all my payments as promised but I will not be bullied or intimidated and I will not hesitate to provide copies of this correspondence to the California State Attorney General's office, Better Business Bureau, and Federal Trade Commission.

Posted: Wed Aug 06, 2008 5:11 pm Subject:

Add the TX AG to that list in regards to:

Loren R. Cook and Associates, Ltd., LLP
2500 Wilcrest, Suite 201
Houston, TX 77042

Posted: Wed Aug 06, 2008 5:13 pm Subject:

Awesome news!!And this leads back to what I really believe: how can our government agencies know there's a problem and deal with it unless we tell them about it? In this case, someone made a complaint and the government acted.

Guest · Posted: Wed Aug 06, 2008 9:02 pm Subject:

Is Payday-yes the same company as paydayloanyes. If so, I believe Cashnet500 is one of their dba's also.

Posted: Thu Aug 07, 2008 4:26 am Subject:

Ashes that's a very good letter you wrote, I'm not at all certain why payday yes has it in their heads that they can make these idol threats, they should be grateful you are paying them back at all, since they have no legal ground to stand on to sue you.

Posted: Thu Aug 07, 2008 6:39 am Subject:

No, Payday Loan Yes is different from Payday Yes.

Ashes · Posted: Thu Aug 07, 2008 8:47 am Subject:

Thanks Shazzers. I did receive a reply this morning that is obviously a form letter he copied and pasted into an email, as the font is different and all his information is still at the bottom in addition to being part of the letter. I've copied and pasted it here. I'm still amazed that despite an order against them they still think they can enforce a loan agreement that was illegal in the first place. It's quite laughable actually...

Re: Payday Yes Loan No.: ******

Dear (Name Removed):

Thank you for sending your payment as promised. I will give it a few more days, since you have confirmed that it was sent. I do appreciate your integrity in paying us at least partially the amount you owe per your contract.

In response to your statement that Payday Yes is not licensed in the state of California, we note that Payday Yes is licensed in its home state of Delaware to provide short-term consumer loans. Payday Yes does not conduct business in the State of California, thus no part of this transaction would make Payday Yes subject to its legislative or regulatory jurisdiction. You received documents in compliance with Delaware state law at the time of your loan fully describing how the finance fees are applied and your three repayment options, as well as the frequency with which they are applied. Contained therein is a description of how the fees and principal were applied to your loan, as well as the loan renewal process. Additionally, your loan documents contain a choice of law clause, recognized by all fifty states, clearly designating Delaware law as governing the transaction and the documents also provide all disclosures required by Delaware and federal law. You agreed to the terms of the loan agreement with electronic signatures in multiple places, and you also committed to binding arbitration to resolve any disputes arising out of the loan transaction. These documents were emailed to you at the time your loan was processed and additional copies are available via our website. All information regarding the nature of the debt and applicable fees is enclosed therein.

Thank you in advance,
Brad Cecil
Payday Yes Recoveries Department
1-800-420-8025
recoveries (@) paydayyes.com

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