HELP!!!.... with response to National PDL
Date: Mon, 07/30/2012 - 12:44
[FONT=Candara][LEFT]Following is the letter I received from National Payday Loans, after I sent them the 'Illegal Payday' lender letter on this site. I have paid $270 of the $300 principle balanced, am willing to pay the $30 I still owe on the principle.
[SIZE=5][/SIZE]
Any suggestions on a response would be appreciated. I think I know what to say, but want to be clear and take the advice of those of you that have been through this.
[SIZE=5][/SIZE]
Thanks so much!![/FONT][FONT=Candara][/LEFT]
[/FONT][FONT=Candara][SIZE=3][FONT=Candara][SIZE=3][LEFT][/SIZE][/FONT][/SIZE][/FONT][FONT=Candara][SIZE=3][FONT=Candara][SIZE=3]
Your complaint refers to the laws of Illinois. However, your loan with the Company is governed by the laws of a U.S. federally recognized Indian Tribe which created and owns 100% of the Company. As such, and as provided in your signed loan documents, the Company???s operations and your loan are governed by the Tribal law of a sovereign U.S. Indian Tribe and not by the State law of Illinois. Moreover, you signed a legal contract stating that you had read all documents and reviewed the Loan Note and Disclosure before accepting the terms of the loan. The disclosure clearly indicates that the Company is lending under Tribal law subject to Tribal sovereignty and your loan is not governed by U.S. State laws. You signed and agreed to the terms of the loan and repayment process, and thus were not in any way misled or unaware of terms of the loan.
[SIZE=2][/SIZE]
From reading your complaint letter, it is clear that much of the information supplied in your complaint is derived from a form or template that does not apply to your particular loan. It is strongly advised that consumers not fall prey to ???cookie cutter??? forms that often contain statements that are not true and/or do not apply to their circumstances. Please note that a failure to repay the loan in accordance with a consumer???s signed loan agreement is a default and could subject such consumer to collection action and adverse credit history reports. It is also quite possible that such a defaulting consumer will be deemed ineligible to be approved for another payday loan from the Lender or any other payday lender unless such delinquent loan is paid in full as agreed.
[SIZE=2][/SIZE]
While it may be appealing to consumers to seek what appears to be an ???easy way out??? of their debts, there is no such thing if the debt is substantiated by a legal, signed contract. The money was loaned to you by the Lender in [/SIZE][/FONT][/SIZE][/FONT][SIZE=2][FONT=Candara]good faith with the understanding that you would abide by the terms detailed in your loan contract with regard to repayment[/FONT]. [FONT=Candara]The Lender upheld its end of the agreement by crediting the funds to your account in a timely manner to allow you to meet your immediate financial emergency. The Loan Note and Disclosure that you e[/FONT][FONT=Candara]???[/FONT][/SIZE][FONT=Candara][FONT=Candara]signed, and thereby agreed to, is very detailed and clear so as not to cause any confusion to you.
[SIZE=2][/SIZE]
Since you have revoked your authorization to us to debit your account, no debits will be attempted from this date forward by the Lender until an agreement has been reached. However, the fact is that you borrowed $300.00 and agreed to pay $390.00 back with the finance fee, acknowledging your understanding that new finance fees would be
assessed on each due date that your loan renewed when you did not request to make a partial payment toward your principal balance or pay your loan off. To date, you have paid only your $90.00 finance fee on your due dates ??? you have made no attempt to pay anything toward your principal to lower your balance.
[SIZE=2][/SIZE]
Although this is a payday loan for which finance fees are assessed on every due date, in order to resolve this matter quickly, we will, nevertheless, agree to waive the new finance fee assessed on 7/16/12 if you immediately repay $300.00 which is the amount of unpaid and outstanding principal that you borrowed. Upon receipt of your agreement to this offer and payment of the $300.00 in principal, we will close the account at no further penalty to you and will not report any adverse information about you to any outside reporting agencies concerning your payment history with us in connection with your loan.
[SIZE=2][/SIZE]
If you will contact us to let us know when we can debit the principal amount noted above, we can resolve this matter without further collection action. If your response is not received within seven (7) days of the date of this letter, the offer will become null and void
and collection efforts will resume for the entire amount due, including all finance fees and collection fees due at that time.
[SIZE=2][/SIZE]
Thank you for your time and consideration in this matter.
Respectfully,
Compliance Department[/LEFT]
[/FONT][/FONT][FONT=Candara-BoldItalic][FONT=Candara-BoldItalic][LEFT][SIZE=2]Email: [email]compliance@execlinkmail.com[/email][/SIZE]
Fax: (866) 882[/FONT][/FONT][SIZE=2][FONT=Candara-BoldItalic]???[/FONT][FONT=Candara-BoldItalic][FONT=Candara-BoldItalic]5762[/LEFT]
[/FONT][/FONT][/SIZE][FONT=EngraversMT][COLOR=#000081][FONT=EngraversMT][COLOR=#000081][FONT=EngraversMT][SIZE=2][COLOR=#000081][LEFT]National payday loan[/LEFT]
[/COLOR][/SIZE][/FONT][/COLOR][/FONT][/COLOR][/FONT]
[SIZE=5][/SIZE]
Any suggestions on a response would be appreciated. I think I know what to say, but want to be clear and take the advice of those of you that have been through this.
[SIZE=5][/SIZE]
Thanks so much!![/FONT][FONT=Candara][/LEFT]
[/FONT][FONT=Candara][SIZE=3][FONT=Candara][SIZE=3][LEFT][/SIZE][/FONT][/SIZE][/FONT][FONT=Candara][SIZE=3][FONT=Candara][SIZE=3]
Your complaint refers to the laws of Illinois. However, your loan with the Company is governed by the laws of a U.S. federally recognized Indian Tribe which created and owns 100% of the Company. As such, and as provided in your signed loan documents, the Company???s operations and your loan are governed by the Tribal law of a sovereign U.S. Indian Tribe and not by the State law of Illinois. Moreover, you signed a legal contract stating that you had read all documents and reviewed the Loan Note and Disclosure before accepting the terms of the loan. The disclosure clearly indicates that the Company is lending under Tribal law subject to Tribal sovereignty and your loan is not governed by U.S. State laws. You signed and agreed to the terms of the loan and repayment process, and thus were not in any way misled or unaware of terms of the loan.
[SIZE=2][/SIZE]
From reading your complaint letter, it is clear that much of the information supplied in your complaint is derived from a form or template that does not apply to your particular loan. It is strongly advised that consumers not fall prey to ???cookie cutter??? forms that often contain statements that are not true and/or do not apply to their circumstances. Please note that a failure to repay the loan in accordance with a consumer???s signed loan agreement is a default and could subject such consumer to collection action and adverse credit history reports. It is also quite possible that such a defaulting consumer will be deemed ineligible to be approved for another payday loan from the Lender or any other payday lender unless such delinquent loan is paid in full as agreed.
[SIZE=2][/SIZE]
While it may be appealing to consumers to seek what appears to be an ???easy way out??? of their debts, there is no such thing if the debt is substantiated by a legal, signed contract. The money was loaned to you by the Lender in [/SIZE][/FONT][/SIZE][/FONT][SIZE=2][FONT=Candara]good faith with the understanding that you would abide by the terms detailed in your loan contract with regard to repayment[/FONT]. [FONT=Candara]The Lender upheld its end of the agreement by crediting the funds to your account in a timely manner to allow you to meet your immediate financial emergency. The Loan Note and Disclosure that you e[/FONT][FONT=Candara]???[/FONT][/SIZE][FONT=Candara][FONT=Candara]signed, and thereby agreed to, is very detailed and clear so as not to cause any confusion to you.
[SIZE=2][/SIZE]
Since you have revoked your authorization to us to debit your account, no debits will be attempted from this date forward by the Lender until an agreement has been reached. However, the fact is that you borrowed $300.00 and agreed to pay $390.00 back with the finance fee, acknowledging your understanding that new finance fees would be
assessed on each due date that your loan renewed when you did not request to make a partial payment toward your principal balance or pay your loan off. To date, you have paid only your $90.00 finance fee on your due dates ??? you have made no attempt to pay anything toward your principal to lower your balance.
[SIZE=2][/SIZE]
Although this is a payday loan for which finance fees are assessed on every due date, in order to resolve this matter quickly, we will, nevertheless, agree to waive the new finance fee assessed on 7/16/12 if you immediately repay $300.00 which is the amount of unpaid and outstanding principal that you borrowed. Upon receipt of your agreement to this offer and payment of the $300.00 in principal, we will close the account at no further penalty to you and will not report any adverse information about you to any outside reporting agencies concerning your payment history with us in connection with your loan.
[SIZE=2][/SIZE]
If you will contact us to let us know when we can debit the principal amount noted above, we can resolve this matter without further collection action. If your response is not received within seven (7) days of the date of this letter, the offer will become null and void
and collection efforts will resume for the entire amount due, including all finance fees and collection fees due at that time.
[SIZE=2][/SIZE]
Thank you for your time and consideration in this matter.
Respectfully,
Compliance Department[/LEFT]
[/FONT][/FONT][FONT=Candara-BoldItalic][FONT=Candara-BoldItalic][LEFT][SIZE=2]Email: [email]compliance@execlinkmail.com[/email][/SIZE]
Fax: (866) 882[/FONT][/FONT][SIZE=2][FONT=Candara-BoldItalic]???[/FONT][FONT=Candara-BoldItalic][FONT=Candara-BoldItalic]5762[/LEFT]
[/FONT][/FONT][/SIZE][FONT=EngraversMT][COLOR=#000081][FONT=EngraversMT][COLOR=#000081][FONT=EngraversMT][SIZE=2][COLOR=#000081][LEFT]National payday loan[/LEFT]
[/COLOR][/SIZE][/FONT][/COLOR][/FONT][/COLOR][/FONT]
You just reply that you are not a member of their sovereign nati
You just reply that you are not a member of their sovereign nation, therefore their laws don't apply to you. Tell them that you will repay the principal balance only, meaning NO fees, NO interest and, if they don't like that, you'll pay nothing.
Period.
Note how the message is worded, they don't explicity tell you th
Note how the message is worded, they don't explicity tell you the loan is legal. They basically admit it is not enforceable and say their only real recourse is selling it to collections or stopping you from taking out other payday loans. In fact, they make clear "was lended to you in good faith" as in the loan is illegal.
Stick to your guns... Tell them that you are only bound by the l
Stick to your guns... Tell them that you are only bound by the laws in your state and you are making one final offer to pay your "Principal" amount only and if they refuse you will consider your account paid in full. I did this and they came back with approval. Don't let them scare you!
Update please
I am very curious about any updates on this. I am getting the same exact response from USAFastCash. Please let everyone know what happens. Thank you.
Continued.....
Sorry about the above message. Had trouble copying & pasting and it ended up pasting 3 times! :)
Has anyone had experience with Holiday LLC Payday Loans?....., or Mambo Cash? I have not heard from them at all after the letter and revoking ACH.
Thanks.