Question about Letter
Date: Tue, 06/29/2010 - 12:53
Hey folks,
First off I wanted to thank everyone here for all of their help and suggestions.
Secondly I have written a letter based on templates and info from this site. I was wondering if someone would mind glancing over it just to make sure I haven't overlooked anything (I will fill in the personal details after).
Thank you!
Date:
Name Of PDL
Your Name
City, State
Account #
After doing research regarding Internet payday loan laws in the State of NH, 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 NH in general:
Legal Status: Legal (-Low Cost)
Citation:
N.H. Rev. Stat. Ann. 399-A:1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-30 days
Maximum Finance Rate and Fees: 36% annual interest
Finance Charge for 14-day $100 loan: $1.38
APR for 14-day $100 loan: 36%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such)
Cooling-off Period: 60 days
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action: Prohibited
Per the NH Banking Dept:
All small loan lending with consumers located in NH requires licensure. In addition, payday and title lenders must maintain an office in the state of NH which is accessible to consumers. The penalty for not being licensed is an absolute bar to collecting any of the money leant.
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 the bank to protect my interest in this matter, per instructions from The NH 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 or contact my employer for your collection purposes. 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.
Due to the fact that Internet payday loans must be licensed in the state of NH to be a legal and binding contract, your company should NOT issue loans to NH residents at all. I am requesting that you send me your license number which enables you to offer loans to NH residents.
The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day 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 NH 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,
Your Name
CC:
Better Business Bureau
Ohio Attorney General
Federal Trade Commission
First off I wanted to thank everyone here for all of their help and suggestions.
Secondly I have written a letter based on templates and info from this site. I was wondering if someone would mind glancing over it just to make sure I haven't overlooked anything (I will fill in the personal details after).
Thank you!
Date:
Name Of PDL
Your Name
City, State
Account #
After doing research regarding Internet payday loan laws in the State of NH, 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 NH in general:
Legal Status: Legal (-Low Cost)
Citation:
N.H. Rev. Stat. Ann. 399-A:1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-30 days
Maximum Finance Rate and Fees: 36% annual interest
Finance Charge for 14-day $100 loan: $1.38
APR for 14-day $100 loan: 36%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such)
Cooling-off Period: 60 days
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action: Prohibited
Per the NH Banking Dept:
All small loan lending with consumers located in NH requires licensure. In addition, payday and title lenders must maintain an office in the state of NH which is accessible to consumers. The penalty for not being licensed is an absolute bar to collecting any of the money leant.
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 the bank to protect my interest in this matter, per instructions from The NH 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 or contact my employer for your collection purposes. 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.
Due to the fact that Internet payday loans must be licensed in the state of NH to be a legal and binding contract, your company should NOT issue loans to NH residents at all. I am requesting that you send me your license number which enables you to offer loans to NH residents.
The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day 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 NH 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,
Your Name
CC:
Better Business Bureau
Ohio Attorney General
Federal Trade Commission
Very good! You may have to send it more than once, to get their
Very good! You may have to send it more than once, to get their attention.
Thanks Shazzers, as I said, this was based on all of the help yo
Thanks Shazzers, as I said, this was based on all of the help you folks here provide, so thank you so much :-)
I haven't heard anything back from them yet, no phone calls and no emails, so we'll see. But thank you for the heads up about maybe needing to send it again.
