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FYI...UPDATE

Date: Sun, 02/10/2008 - 13:11

Submitted by clove6
on Sun, 02/10/2008 - 13:11

Posts: 26 Credits: [Donate]

Total Replies: 12


For those of you who may have IPDL's out with these companies, here is a list of addresses someone sent me. I'm trying to resolve my own debt with them and have closed my account. Hope this may be of help.
They are also not licensed in any state that I'm aware of.

# 1. Cash Advance USA, dba Aero Advance Financial, Inc. cashadvance.com. They are located @ 6910 Santa Teresa Blvd., San Jose, CA 95119. They said they were out of FL but wouldn't offer an address.

# 2. GFS, Global Financial Services, 877-280-3359 is located @ 1005 Terminal Way, Suite 110, Reno, NV, they also are known as snappypayday.com. I believe that BIG is also part of their organization. The emails are identical.

#3. Payday-Loan-Yes.com 800-550-6051 is located @ P.O. Box 29729, Elkins Park, PA 19027


clove6-On another thread you were looking for a C&D letter....here is a letter specific to PDL's that does it all!

Quote:

DATE

Name and Address of PDL

After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE'S NAME in general:

INSERT YOUR STATE LAWS HERE


I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.

I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.

I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.



I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than XXXXX, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Please respond byXXXXX, regarding this matter by US Postal mail or by email only.





Your name
Account Number


cc:


lrhall41

Submitted by volleyballmom on Sun, 02/10/2008 - 16:34

( Posts: 4143 | Credits: )


Excellent letter...I'm going to use it and tweak it to my situation. I've been paying 4 of the 5 IPDL's for over a year, and feel that they have collected enough money from me, otherwise I would have a moral obligation. It makes me sick to think how much I've paid them but it's water under the bridge now. I'm hoping this letter will make them realize they do not have a leg to stand on. I'm more concerned about the 4 store front loans I have outstanding that will go into default this Fri. since my checking account is closed. Kash said they have to work with me if they belong to the CFSA and settle for 4 installments but the are in MS and I'll have to make 2 of them give me the written loan agreement that they always keep themselves. I have copies of the other 2 and they may be more co-operative. My worst nightmare is being prosecuted for a bad check. I'm trying to get my ducks in a row in the next few days...
Thanks Volleyball Mom!


lrhall41

Submitted by clove6 on Sun, 02/10/2008 - 16:51

( Posts: 26 | Credits: )


sorry... :oops: T

he Community Financial Services Association of America is the only national organization dedicated solely to promoting responsible regulation of the payday advance industry and consumer protections through CFSA????????s Best Practices. As such, we are committed to working with policymakers, consumer advocates and CFSA member companies to ensure that the payday advance is a safe and viable credit option for consumers.

In a nutshell, a "best practices" group. If the storefront pay day loan that you have is a CFSA member, ask for the EPP (Extended Payment Plan) that will allow you to pay off the loan in 4 installments. You would need to ask for this no later than the close of the business day prior to the loan being due, or sooner.


lrhall41

Submitted by volleyballmom on Sun, 02/10/2008 - 17:08

( Posts: 4143 | Credits: )


CFSA Best Practices and Guidelines for Extended Payment Plans
Subject to applicable state laws, each member shall provide an Extended Payment Plan (???????EPP???????) for customers who are unable to repay a loan. The member shall adopt a plan that offers the customer at least the following provisions:

You [the customer] may opt into an EPP to pay an outstanding loan if you are unable to repay your loan when due. Any outstanding fee will be included in the amount subject to EPP.

You must invoke the EPP by close of business on the last business day before the loan due date by returning to the office where you obtained the loan or by using whatever method you used to obtain the loan. To invoke the EPP, you must sign an amendment to your loan agreement reflecting the new payment schedule.

You may pay the transaction balance in four equal payments coinciding with your periodic pay dates.

We will not begin collection activities while you are under an EPP as long as you meet all obligations under the EPP.

There is no charge for you to enter into an EPP. However, if you default on an EPP, we may charge you an EPP fee and accelerate payment on the balance remaining, as authorized by applicable law.


lrhall41

Submitted by volleyballmom on Sun, 02/10/2008 - 17:12

( Posts: 4143 | Credits: )