PDL Revocation Letter
Date: Thu, 05/21/2009 - 14:25
Hi I am working on sending my letters to the payday companies, but my bank also requires a copy. Before I send it out can someone please give it a look over. I would greatly Appreciate it. The only thing I am iffy about is the contact of employer and wage information as I am currently unemployed and receiving benefits.
I am from NY and have 3 Loans
Paydaymax - Currently in Collections with Professional Debt Mediation, inc - $300, $240 paid. (claim i owe $600 settlement)
US Fast Cash - $200, $125 paid.
PDL Loan Center now doing business as Loan MGT Services (as of last week) - $300, $160 paid
I am in a payment agreement with all of these companies however the total payments equal above and beyond what has been borrowed.
Date: 5/22/09
To: PDL Loan Company Here
My Name
City, State
Acct or SS #
After doing research regarding Internet payday loan laws in the State of New York, 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 New York in general:
New York State Information
Legal Status: Prohibited
Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law § 340 et seq. A check cashier licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law §373. Criminal law sets the usury cap at 25%. N.Y. Penal Code § 190.40.
Small Loan Rate Cap
25% per year
I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with BANK to protect my interest in this matter, per instructions from The New York Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages for your collection purposes.
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 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.
Due to the fact that Internet payday loans must be licensed in the state of New York to be a legal and binding contract, your company should NOT issue loans to New York residents at all. I am requesting that you send me your license number which enables you to offer loans to New York residents.
The legal amount that could have been charged to my loan is the principal amount, even IF your Internet payday loan were legal anywhere in the U.S. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments.
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the New York Attorney General's Office.
I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
Name
Acct or SS#
CC:
Better Business Bureau
New York Attorney General
Federal Trade Commission
I am from NY and have 3 Loans
Paydaymax - Currently in Collections with Professional Debt Mediation, inc - $300, $240 paid. (claim i owe $600 settlement)
US Fast Cash - $200, $125 paid.
PDL Loan Center now doing business as Loan MGT Services (as of last week) - $300, $160 paid
I am in a payment agreement with all of these companies however the total payments equal above and beyond what has been borrowed.
Date: 5/22/09
To: PDL Loan Company Here
My Name
City, State
Acct or SS #
After doing research regarding Internet payday loan laws in the State of New York, 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 New York in general:
New York State Information
Legal Status: Prohibited
Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law § 340 et seq. A check cashier licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law §373. Criminal law sets the usury cap at 25%. N.Y. Penal Code § 190.40.
Small Loan Rate Cap
25% per year
I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with BANK to protect my interest in this matter, per instructions from The New York Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages for your collection purposes.
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 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.
Due to the fact that Internet payday loans must be licensed in the state of New York to be a legal and binding contract, your company should NOT issue loans to New York residents at all. I am requesting that you send me your license number which enables you to offer loans to New York residents.
The legal amount that could have been charged to my loan is the principal amount, even IF your Internet payday loan were legal anywhere in the U.S. I am willing to pay the principle amount of the loan only, however, this is only if you provide me with a physical address where I can send payments.
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the New York Attorney General's Office.
I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
Name
Acct or SS#
CC:
Better Business Bureau
New York Attorney General
Federal Trade Commission
what i said on my letters also was i stated how much principal i
what i said on my letters also was i stated how much principal i borrowed and to date i have paid $$ amount and i am only obligated to pay the principal amount of $$. I put the actual money amounts in there.