PayDay OK: Internet loan company

I sent them out a response letter yesterday and a money order, see blog entyr today for view of letter and some ideas I have for many caught up in the payday loan cycle

I received this email from PayDay Ok sometime in the past 2 days (it goes to an old email addy)

Anyhow I am not sure how to respond so any input would be appreciated. I never sent them an email, I just sent the letter at the bottom of this post. Their balance due is different from the one I have and stated in my letter to them. We are apart about $40

[quote]Thank you for your recent email. We have reviewed your request for a payment plan and offer the following:

Your total balance due is $112.86. This balance is minus the $30.00 received to date.

The payment plan is:

Payment (1) $56.43 ???????? due 12/15/2006
Payment (2) $56.43. ???????? Due 01/15/2007


Please be advised that in order for this payment plan to be honored,
you agree to submit to PayDay OK the above outlined payments on the date
indicated. Prior to your due date, we will attempt to contact you so
please respond to this email with current contact information.

Remember, whichever payment type you select, PayDay OK must receive the
funds by the due date listed above. If at any time a payment is not
received according to the above schedule, your account will be removed
from Special Handling and placed in the normal collection process.

Acceptable payment methods are: Money Order, Credit Card or Western
Union Quick Collect.

For Money Orders, please mail the money order to:

PayDay OK
Attn: Customer Support
2207 Concord Pike #606
Wilmington, DE 19803

For credit card payments, please call our Customer Support department
at: 866.612.4506 and provide them with:

Credit Card Type - Credit Card Number - Credit Card Expiration Date -
Name as it appears on the card. Please do not send credit card
information via email.

For Western Union Quick Collect, request Western Union????????s BLUE form and
provide them with the following information:

Pay To: PayDay OK Code City: PayDay One State: TX

If you have additional questions, please feel free to contact me at the
toll free number listed below.
Phone 817-546-2707
FAX 866-416-5027



Thank You,

PayDay OK Special Handling
Shteam(at)paydayone.com
paydayok.com
866.612.4506
866.416.5027- FAX
Business Hours: M-F 8-7 CST/Sat 10-2

We would love to hear your opinions about our online customer service
process. Click on this link and let us know how we're doing:
surveymonkey.com/s.asp?u=78352431049

CONFIDENTIALITY NOTE: Privileged and Confidential. This e-mail, and any
attachments thereto, is intended only for use by the addressee(s) named
herein and may contain privileged and/or confidential information. If
you have received this e-mail in error, please notify me immediately by
a return e-mail and delete this e-mail. You are hereby notified that
any dissemination, distribution or copying of this e-mail and/or any
attachments thereto, is strictly prohibited. Thank you.

This was the letter I sent them:

Friday November 24, 2006

Payday OK
2810 Sudderth Drive Suite 211
Ruidoso, NM 88345

Account #

To whom it may concern;

Thank you so much for your letter of November 10, 2006 and follow-up documents. I have researched your claim against my banking statements and have come to this conclusion in regards to the amount of my debt owed to your company.

On you?????????????????re your documents the following is stated:

Origination Date 6/7/2006
Due Date 6/30/2006
Amount Financed $200
apr 260.72%

According to my financial/banking records the following activity took place

5/16 deposit Payday OK $200
May 30 2006 ACH withdraw in the amount of $71.43 by Payday OK
June 8, 2006 ACH withdraw in the amount of $71.43 by Payday OK


According to Citation:

Tenn. Code Ann. ??????????????????45-17-101 et seq. and Tenn. Comp. R. & Regs. ?????????????????? 0180-28-.01
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:




Also according to the State of Tennessee Deferred Presentment Act the following law applies:

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Thus according to this law Payday OK can only charge me $17.65/$100 so my finance charge would be $35.30 since you loaned me $200. I deduct that from what I paid in roll over fees and then applied that balance to my principal.

$142.86-35.30=107.56 $200-107.56=$92.44
(The following math equation comes into play)

Plus I have sent Payday OK 2 money orders for $10 each, so my balance with you all is now $72.44. Please accept this money order for $10 and each month you will receive a payment from me until this amount of $72.44 is paid in full.

Thank you for your time and prompt attention to this matter[/quote]

[color=red]Links made inactive per forum rules-Jason[/color]

That looks fine to me Ashley. :D

Ashley it looks good to me to. KYSIDE38 :D