It works!!!! Don't give up hope!

This is great to hear. I know everyone here needs to hear of this kinds of things happening. It gives us all more strength to fight them. Keep it up..

Could you please post a sample of the letter you sent out?

Here is a sample letter that I sent to the company who agree to my settlement. I removed any privacy information. They agreed to one payment due on Jan 22nd, instead of the two I requested. But, they waived all interest. Also, I checked with one of my other PDLs and I can no longer sign into my account, is this possibly good news?? I had asked them for a refund.

Letter:

December 28, 2009

[FONT=Times New Roman]Company Information[COLOR=black][FONT=Verdana][/FONT][/COLOR][/FONT]

My information:
Email:
Account #:

To Whom it May Concern:

Effective immediately, I hereby revoke authorization to XXXXXXX or any representative, parent company, affiliate, or subsidiary of XXXXXX, to withdraw any funds electronically from my checking account ending in, XXXX in the name of XXXXXXX. The account has been frozen to all further activity from this company, so any attempts to debit this account will be returned. I also revoke any wage assignments that may be involved from your company or any of your affiliates. I have notified my employer about this matter so any attempts to do so on your part will be rejected. 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.

I have become aware that since such time as I have been affiliated with your company, upon research of Ohio State law, I have discovered that XXXXXXXX is not legally authorized to lend to residents in Ohio. The information below pertains to the laws for the State of Ohio.

Citation: Ohio Rev. Code Ann. 1321.35 et seq.

1321.36 Short term lender license required - out-of-state transactions.
(A) No person shall engage in the business of making short-term loans to a borrower in Ohio, or, in whole or in part, make, offer, or broker a loan, or assist a borrower in Ohio to obtain such a loan, without first having obtained a license from the superintendent of financial institutions under sections 1321.35 to 1321.48 of the Revised Code. No licensee shall make, offer, or broker a loan, or assist a borrower to obtain such a loan, when the borrower is not physically present in the licensee’s business location.
(B) No person not located in Ohio shall make a short-term loan to a borrower in Ohio from an office not located in Ohio. Nothing in this section prohibits a business not located or licensed in Ohio from lending funds to Ohio borrowers who physically visit the out-of-state office of the business and obtain the disbursement of loan funds at that location. No person shall make, offer, or broker a loan, or assist a borrower to obtain a loan, via the telephone, mail, or internet.
Effective Date: 2008 HB545 09-01-2008
Loan Terms:
Maximum Loan amount = $500
Loan Term = Minimum 31 days
Maximum finance Rate and Fees: 28% annual interest
Finance change for 14-day $100 loan: $1.08
APR of 14-day $100 loan = 28%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One, four per year
Rollovers permitted: None
Cooling-off period: 2 loan limit in 90 days
Repayment Plan: Yes, 60 days, no fees
Criminal Action: Prohibited

Due to the fact that internet payday loans must be licensed in the state of Ohio to be a legal and binding contract, your company should NOT issue loans to Ohio residents at all. I am requesting that you send me your license number which enables you to offer loans to Ohio residents.

The legal amount that could have been charged to my loan is the principal amount. 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 am willing to make two payments of $125 each, the first to be due on the 15th of January, 2010, and the final payment to be made on the 15th of February, 2010 Once my final payment is received I expect XXXXXXXX, to immediately mark my account Paid in Full. Further, at no time will XXXXXXX, nor its representative, parent company, subsidiary, or affiliate, place any derogatory mark on my credit report with any credit bureau, nor with any check writing database such as Teletrack or equivalent. In the event you decide to affect one, I hereby revoke any wage assignment you may attempt to implement on this account.

To reiterate, please accept this as formal revocation of any authorization for you to make any debits from this date forward. The checking account of record, ending in XXXXX, in the name of XXXXX, will no longer honor any form of debit from you. I expect you to provide me with a payment address to mail in my payments within 5 business days from the receipt of this letter. Once you have received my final payment. I will except a letter stating that my account is "Paid in full" via United States Postal Services at my home address (XXXXXXXX, OH XXXXX) or E-mail (XXXXXXXX). Once again, 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.

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the Ohio Attorney General’s Office.

Sincerely,


XXXXXXX

cc:
Better Business Bureau
Ohio Attorney General
Federal Trade Commission

you can also file a complaint with www.ic3.gov. this is a interent crime website that works on internet fraud with the government. I am not sure how much they will help but it wont hurt.

Thanks for the letter.

I'm Ohio also. May I ask do you have a loan from PayDayOne? I have one from them and not sure how to handle them. I know they are operating as a "CSO" which is legal in Ohio. I ask about a repayment plan but they refused although I wasn't in default.

No sorry I don't, but maybe someone else can help you out.