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 Posted: Wed Apr 04, 2007 5:28 pm Subject: Letter to Payday Loan Company |
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Sarah,
Can you send me a copy of the letter template you faxed to this payday company? I want to send a letter
to a company called authorized payday, they are outside of Michigan Laws. If you could PM me a copy of a letter, that would be great.
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jmac5680
Joined: 03 Jan 2007
Posts: 11
Debtcc Points: 472
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| Posted: Thu Apr 05, 2007 5:02 am Subject: |
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That's great news  Thanks for sharing. It will show others on the forum that there is a light at the end of the tunnel.!!!
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CowampChicken
Joined: 20 Dec 2005
Posts: 3675
Debtcc Points: 36194
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| Posted: Thu Apr 05, 2007 5:37 am Subject: |
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Yes, it was encouraging.
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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| Posted: Thu Apr 05, 2007 5:46 am Subject: |
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This is what I said:
| Quote: | Friday, March 30, 2007
Payday Select
Attn: Customer Support
[THEIR ADDRESS]
To Whom It Concerns:
RE: Loan ID: [LOAN ID]
Upon closer inspection of my account, it has come to my and my attention that my original loan was for $300, and so the maximum chargeable fees are $42. I therefore only owed your company $342. I have paid $542.32 for this loan in excess, unlawful interest fees, an excess totally $200.32. Instead of expecting a refund from you for $200.32, I expect my account to be marked paid in full. If you do not mark my account paid in full within the next 48-hours, I will be filing a complaint with my State Attorney General. As mentioned in my previous letter to you, your company must comply with the laws of the state in which your customers are residing. Here is a copy of Michigan ’s deferred presentment transactions laws [PUT YOUR STATES LAWS AND YOU WILL NEED TO FIGURE OUT HOW MUCH IS LEGAL AND HOW MUCH YOU PAID]:
Lenders shall not loan more than $600 to a consumer in one (1) deferred presentment transaction (payday loan). Lender shall not enter into a transaction with the customer who already has an open account with them or more than one open loan with other licensees.
MI offers certain slabs for maximum chargeable fees; the structure goes like this:
· 15% for first $100
· 14% for $101 - $200
· 13% for $201 - $300
· 12% for $301 - $400
· 11% for $401 - $500
· 11% for $501 - $600
Apart from this, the lender can charge database verification fees.
Loan term may not be extended beyond 31 days. Renewal is not allowed in Michigan ; however, licensee can extend the loan terms provided no fees are charged for this. Note: There should be a written agreement of the transaction and licensee shall not include any confession of judgment there.
What if the check returns?
Lender can charge $25 as NSF charge; no criminal prosecution can be taken against the customers based on return check.
Michigan
2005 Mich. Pub. Acts 244 (enacted 11/28/05)
I appreciate your prompt attention to this matter.
Sarah Reed
[YOUR ADDRESS] |
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SarahR
Joined: 05 Apr 2007
Posts: 151
Debtcc Points: 2444
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