I just want to thank everyone at this site for all the help I've received. On November 10, 2006, I took out a loan with paydayservices.com for $300. The loan was finally paid off in March and I told myself I would never take out another of these loans. I ended up hitting another rough spot financially and took out another loan this past April. These loans were paid on time each payday but it was making things extremely hard for me financially, and I was have a hard time paying my other bills.
Last month, I discovered this site and realized that this company was operating illegally in my state. I also calculated that I paid a total of $975 for the first loan, and $500 so far for the second loan. I sent the company an e-mail and a certified letter letting them know they were in violation of my state laws and requested a refund of $785 for the over payment. I waited a week to see if they would respond. When they didn't, I contacted the SC Dept of Consumer Affairs and filed a complaint. On Monday, I received the following letter:
Quote:
We are in receipt of your complaint dated July 19, 2007 and believe that the facts are somewhat different than those in your letter.
I would however, like to share with you the terms of your loan. You received documents in compliance with Utah state law at the time of your loan fully describing how the finance fees are applied and your three (3) repayment options (these are all available for your review should you require them). Contained therein is a description of how the fees and principal are applied to your loan, as well as the loan renewal process. You agreed to the terms of this agreement via electronic signatures. In addition, you received the following forms (we have all of these within our files):
• Form 1 – Completed Application with your ESignature
• Form 2 – Loan Note and Disclosure with your ESignature detailing an itemization of your Annual Percentage Rate (APR), finance charge, amount financed, and Total of Payments.
• Form 2b – Loan Supplement with your ESignature indicating your understanding of your new loan terms, your renewal terms, and default terms.
• Form 3 – ACH Authorization with your ESignature authorizing Payday Services to credit your account with the loan proceeds as well as debit your account for the repayment of the loans and/or fees to Payday Services.
On Monday, July 23, 2007, as US Operations Manager for Payday Services, I was made aware of this issue through a complaint received from the State of South Carolina, Department of Consumer Affairs and it is our desire to resolve this matter with you.
Settlement Offer:
Even though your contracts clearly show that you agreed to the renewal of your loan, it is our strong desire to resolve this issue with you and, as such, are willing to settle the account in full. Your loan is now marked as paid in full and no further obligation is pending.
I appreciate your willingness to resolve this issue and regret its occurrence.
I e-mailed her back yesterday, reiterating my state laws and letting her know that if they chose to do business with SC residents, they are bound to SC laws. When I checked my email this afternoon, this is what I discovered.
Payday Services is responding to your e-mail dated July 24, 2007. On July 25, 2007 I have afforded you the relief requested by refunding $785.00, in an effort to accommodate your request without legal obligation to do so.
Once again, thank you to everyone on this great site! _________________ Register today to encash debtcc points.
Wow, that is terrific. I swear I wouldn't have known anything about state laws and loans if it weren't for this board.
Way to go getting a big chunk of change back.
Hooray! I am happy for you. That is very encouraging to all those that visit this site! That refund will come in handy, too! _________________ He is your friend, your partner, your defender, your dog. You are his life, his love, his leader. He will be yours, faithful and true, to the last beat of his heart.
annette, this is amazing! You got such a great refund! You are an inspiration to everyone! Thank you for sharing your success story. A lot of people need to read good news to be inspired to continue on with the fight. You did great. Congratulations to you.
Hello everyone. I am new to this but I have a couple of questions. I thought I was the only one in debt with online pyaday loans but I guess not. I feel like these companies have been ripping me off. I have been paying so much money renewing these loans and feel like I am not getting anywhere. I live in ALabama and our percentage rate is 17.5 % . What do I need to do so I can settle this issued with these companies. What website do I need to look @ .Please help. Thanks _________________ Register today to cash in debtcc points.
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