revolving PDL door in NC

I have read of the many posts here. I have had several PDLs and finally 2 weeks ago I had enough. My account was overdrawn $900.00 and I knew I had to do something. I have paid thousnads of dollars in interest fees. I did not plan on closing my account and got another loan from one click cash.
I know I am morally obligated to pay it but after realizing that I paid over $1000 for a previous loan I was surprised and angry.
I found a letter on your website and modified it with the information from North Carolina Statutes. This is the letter I sent them.

Sorry for the long post



[quote][quoPreferred Cash Loans dba One Click Cash
customerservice(at)oneclickcash.com
compliancedepartment(at)oneclickcash.com
2533 N Carson St, Ste 5024
Carson City, NV 89706
Phone: (800) 230-3266
Fax: (800) 803-9136


To Whom It May Concern:

As of September 22, 2006 I do not authorize Preferred Cash Loans dba One Click Cash, nor any representative, parent company, affiliate, or subsidiary of Preferred Cash Loans dba One Click Cash, to withdraw any funds from the checking account under the name of XXXXXXXX. I hereby revoke your right to use the wage assignment no such permission was granted or signed.


Your company is in violation of North Carolina Consumer Finance Act. Chapter 53 – Article 15

te§ 53?190. Loans made elsewhere.
(a) No loan contract made outside this State in the amount or of the value of ten thousand dollars ($10,000) or less, for which greater consideration or charges than are authorized by G.S. 53?173 and G.S. 53?176 of this Article have been charged, contracted for, or received, shall be enforced in this State. Provided, the foregoing shall not apply to loan contracts in which all contractual activities, including solicitation, discussion, negotiation, offer, acceptance, signing of documents, and delivery and receipt of funds, occur entirely outside North Carolina.
(b) If any lender or agent of a lender who makes loan contracts outside this State in the amount or of the value of ten thousand dollars ($10,000) or less, comes into this State to solicit or otherwise conduct activities in regard to such loan contracts, then such lender shall be subject to the requirements of this Article.
(c) No lender licensed to do business under this Article may collect, or cause to be collected, any loan made by a lender in another state to a borrower, who was a legal resident of North Carolina at the time the loan was made. The purchase of a loan account shall not alter this prohibition. (1961, c. 1053, s. 1; 1967, c. 769, s. 2; 1969, c. 1303, s. 13; 1973, c. 1042, s. 8; 1979, c. 706, s. 2; 1989, c. 17, s. 11.)


Your claim that the contract I signed is only governed by the law in which your company resides is unsubstantiated. Your company solicited, accepted, and transacted business with a citizen of North Carolina. Thus you are subject to the laws of this state.

I am offering Preferred Cash Loans dba One Click Cash an opportunity to settle this account. On a previous loan of $300.00 I paid $1015.00. This is in violation of the North Carolina Consumer Finance Act Chapter 53-Article 15

]§ 53?173. Maximum rate of interest and fee; computation of interest; limitation on interest after judgment; limitation on interest after maturity of the loan.
OptionsHTML is ON(a) Maximum Rate of Interest. – Every licensee under this section may make loans in installments not exceeding three thousand dollars ($3,000) in amount, at interest rates not exceeding thirty?six percent (36%) per annum on the outstanding principal balance of any loan not in excess of six hundred dollars ($600.00) and fifteen percent (15%) per annum on any remainder of such unpaid principal balance. Interest shall be contracted for and collected at the single simple interest rate applied to the outstanding balance that would earn the same amount of interest as the above rates for payment according to schedule.
BBCode is ONSmili(a1) Maximum Fee. – In addition to the interest authorized in subsection (a) of this section, a licensee making loans under this section may collect from the borrower a fee for processing the loan equal to five percent (5%) of the loan amount not to exceed twenty?five dollars ($25.00), provided that such charges may not be assessed more than twice in any 12?month period.
(b) Computation of Interest. – Interest on loans made pursuant to this section shall not be paid, deducted, or received in advance. Such interest shall not be compounded but interest on loans shall (i) be computed and paid only as a percentage of the unpaid principal balance or portion thereof and (ii) computed on the basis of the number of days actually elapsed; provided, however, if part or all of the consideration for a loan contract is the unpaid principal balance of a prior loan, then the principal amount payable under the loan contract may include any unpaid interest on the prior loan which have accrued within 90 days before the making of the new loan contract. For the purpose of computing interest, a day shall equal 1/365th of a year. Any payment made on a loan shall be applied first to any accrued interest and then to principal, and any portion or all of the principal balance may be prepaid at any time without penalty.
(c) Limitation on Interest after Judgment. – If a money judgment is obtained against any party on any loan made under the provisions of this section neither the judgment nor the loan shall carry, from the date of the judgment, any interest in excess of eight percent (8%) per annum.
(d) Limitation of Interest after Maturity of Loan. – After the maturity date of any loan contract made under the provisions of this section and until the loan contract is paid in full by cash, new loan, refinancing or otherwise, no charges other than interest at eight percent (8%) per annum shall be computed or collected from any party to the loan upon the unpaid principal balance of the loan.
(e) Repealed by Session Laws 1989, c. 17, s. 3.
(f) Repealed by Session Laws 2001?519, s. 3. (1961, c. 1053, s. 1; 1969, c. 1303, ss. 13, 17?22; 1973, c. 1042, s. 3; 1975, c. 110, s. 1; 1979, c. 33, s. 2; 1981, c. 561, ss. 1?3; 1983, c. 68, s. 1; c. 126, s. 13; 1989, c. 17, s. 3; 2001?519, s. 3.)


I was able to go back with my online bank account to verify the information.

I reside in North Carolina, and have for the entire course of the loans I’ve received from you. My instinct is to charge Preferred Cash Loans dba One Click Cash for the finance charges incurred over the course of my loans.

However, I am willing to forgo the money I feel I am owed if Preferred Cash Loans dba One Click Cash is willing to zero out my current loan. Thus, I am expecting Preferred Cash Loans dba One Click Cash to mark the account paid under the name XXXXXXXX “paid in full”.

All telephone communication to my home or place of employment, and references are to cease and desist. All correspondence as of today shall be in written form through e-mail or written letter through the United States Postal Service.

At no time will Preferred Cash Loans dba One Click Cash any representative, parent company, subsidiary, or affiliate of Preferred Cash Loans dba One Click Cash, place any derogatory mark on my credit report with any credit bureau, nor any other check writing database, such as Teletrack or an equivalent database. If Preferred Cash Loans dba One Click Cash does not abide to the settlement conditions stated above, I will have no choice but to file a civil suit against Preferred Cash Loans dba One Click Cash for the monetary damages that I am entitled to per North Carolina.

I would like to thank you in advance for your prompt attention and cooperation in the matter. I would also like a reply concerning this letter and my account prior to October 30, 2006.

Please be advised that a formal complaint has been filed with the North Carolina Attorney General's Office on September 29, 2006.

Sincerely,


This is the reply I received today:

XXXXXXX:

We have received your letter. we recognize the cut and past job from postings being currently circulated on the Internet. These form letters/templates are not correct and we will not review your account from this kind of fax.

The people using/creating these forms on the internet are wholly uniformed, and do not realize the damage that can be done to a person and their credit by ignoring these debts, or assuming, because you read something on the internet-you don't have to pay.

Your account is currently being prepared to go to a 3rd party collector for the full amount due. They WILL report this debt to one or more credit bureaus.

If you have an ACTUAL complaint regarding the handling of YOUR account, we will be happy to review it at the time we receive such from you.

*****YOU HAVE PAID ZERO ON THIS LOAN, AND WE WILL UNDER NO CIRCUMSTANCES REDUCE YOUR BALANCE OR CONSIDER YOU PAID IN FULL************YOU WILL BE SENT TO AN OUTSIDE COLLECTION AGENCY FOR THE FULL AMOUNT NOW DUE OF $480.00********************

The terms and conditions were available to you from the moment of application and you have been a customer before. There is a 48 hour window in which to cancel the contract without incurring any fee. We also provided you with an account summary well before each debit which explained all the terms once more, and all the options for repayment. If you had wanted to avoid additional fees, you needed to pay on the 1st due date, or soon thereafter.

YOU came to OUR website, you ASKED for the funds to be deposited to YOUR bank account, for your own use. You were well aware of the terms and the contract you actually signed to receive this deposit. I am sure you were quite happy and pleased with our company when you received your funds. To claim now that you were unaware of the terms does not make sense, and any complaint we receive, we will include a copy of the signed loan document that proves our point.

One Click Cash Compliance Department
Fax: 1-800-491-6913
Email: (compliancedepartment@oneclickcash.com)
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E-MAIL Disclosure:

The preceding electronic mail messages ("e-mail") and any attachments contain information that may be confidential, legally privileged, and/or contain nonpublic personal information about consumers subject to the restrictions of the Gramm-Leach-Bliley Act. You may not directly or indirectly reuse or redisclose such information for any purpose other than to provide the services for which you are receiving the information. Unauthorized interception of e-mail is a violation of federal criminal law. If you are not the intended recipient of this e-mail, you may not read, disclose, print, copy, or disseminate the information contained herein. In the event that you have received this e-mail in error, please reply to the sender of the e-mail only and delete the original and all copies of this transmission (including any

attachments) without reading or saving in any manner.
[/quote]

I want to tell them that they are morally obligated to not take advantage of consuers and to legally abide by each state's law. I realize that I am morally obligated to repay my loan but as soon as I see my refund from my other loan I will send payment for this one.

Any comments


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