payday loan - revoking ach authorization
Date: Thu, 03/31/2011 - 20:25
hey all, like many on here i got my self sucked into the evil payday loan cycle and now am paying fees after fees with not to much left after I get paid. Stupid mistake but I can't beat myself up about it. Times got hard with my husband not working and i had no choice!!! I closed my acct as I was thinking about using a consolidation co. but chances are they will be able to withdrawl regardless. What is your advice on sending the below letter to my lenders, and what can they do if I do. I want to pay these off just not the fees and on plans. One of the companies SAGAMORE, when i asked for a repayment plan said id have to pay a 75 fee still plus 50 towards the loan til it was paid it off. crazy..
heres the letter!
[COLOR=black]I hereby revoke any and all ACH debit 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 of America to protect my interest in this matter, per instructions from the IL 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. [/COLOR]
[COLOR=black]I demand that any contact be made through email only( myemail). I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General Office. I also 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. [/COLOR]
[COLOR=black]Due to the fact that Internet payday loan lenders must be licensed in the state of IL to be a legal and binding contract, your company should NOT issue loans to IL residents at all. I am requesting that you send me your license number which enables you to offer loans to IL residents. (Alternatively, you can point out at any violation.)[/COLOR]
[COLOR=black]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. [/COLOR]
[COLOR=black]I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the IL Attorney General Office. [/COLOR]
[COLOR=black]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.[/COLOR]
[COLOR=black]Sincerely,[/COLOR]
heres the letter!
[COLOR=black]I hereby revoke any and all ACH debit 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 of America to protect my interest in this matter, per instructions from the IL 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. [/COLOR]
[COLOR=black]I demand that any contact be made through email only( myemail). I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General Office. I also 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. [/COLOR]
[COLOR=black]Due to the fact that Internet payday loan lenders must be licensed in the state of IL to be a legal and binding contract, your company should NOT issue loans to IL residents at all. I am requesting that you send me your license number which enables you to offer loans to IL residents. (Alternatively, you can point out at any violation.)[/COLOR]
[COLOR=black]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. [/COLOR]
[COLOR=black]I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the IL Attorney General Office. [/COLOR]
[COLOR=black]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.[/COLOR]
[COLOR=black]Sincerely,[/COLOR]
The letter that you've written is good enough to be sent to the
The letter that you've written is good enough to be sent to the payday lender. But, whether or not they will follow what you've said, will be their discretion. In most cases, it has been noted that the payday lenders do not follow the borrowers instruction. I just hope that your payday lender follows what you've said.
