Loan Point USA/Geneva-Roth
Date: Wed, 10/24/2007 - 11:05
In April of 2007 I took a loan out for $300 from Loan Point USA (claiming Utah law) . From April of 2007 to August 2007 the lender proceeded to take $90 out of my account. In September of 2007 I closed my account. After several times of telling these people not to debit my account $90, they still debit a closed account producing a negative balance and triggering NSF fees. So today I sent a letter that reads:
Quote:
Quote:
Dear Sir, Madam Please suspend all debits from account number on file. Bank of America account number xxxxxxxxxx This account is closed. There are usury laws in the State of New York. I took a loan out for $300 on April 6, 2007. $90 was taken out of my checking account per pay period from April of 2007 to August 2007 totaling $810 to borrow $300. I paid the $300 back plus an additional $510 from fees alone. Your company continue to debit my account despite my request that you stop. You are in violation of my rights under the FDIC Fair Consumer Protection Act. This type of lending is illegal in the State of New York. The apr % far exceeds the cap required by the state. (N.Y. Banking Law § 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code § 190.40.) This type of lending also violates State of Utah debt limits law of loan term limits and rollovers permitted. (Can not extend or renew loan more than 12 weeks from original loan date) (I had no knowledge of this before taking this loan). Please note that I have sent a compliant to the Utah Department of Financial Institutions. The loan amount of $300 in lieu of the fees alone paid the balance, and therefore should be voided. I will not pay this. If I default on this loan, than so be it. Please read the attachment: TITLE VIIIâ€â€DEBT COLLECTION PRACTICES: § 808. Unfair practices. As is my rights. Please consult with your legal or compliance department. Any correspondence by you to me will be made by mail at the above address, if you pursue further collection efforts. |
Sounds good. I would also send them a letter revoking any wage a
Sounds good. I would also send them a letter revoking any wage assignment that you may have signed.
Even if you did not sign one cover yourself.
