Payday Loan Correspondence Help
Date: Wed, 08/01/2012 - 13:00
Hi Everyone,
I've browsed here for awhile and have found a lot of helpful information. I finally took the steps to close my bank account and I'm very happy I did. Now I was hoping for some more help as they are trying to contact me even after I sent the ???revoking ACH withdrawal??? letter. How should I respond? I really want my refunds too although I don???t expect to receive them???
Thanks in advance I know it???s a lot to read!
So my letter was this:
[FONT=Times New Roman]Dear Lender,
It has come to my attention that payday lenders must be licensed by the state of Virginia in order to offer loans to its residents. Since your company has no license in my state, the loan contract I have with you is not valid. Although I am not legally required to do so, I am willing to repay the principal balance of this loan. To date, I received a deposit of $350 on 5/24/2012, and have had withdrawals of $445 debited from my account. This results in an overpayment of $95
At this time I am requesting a return email acknowledging that my loan has been paid in full. Also, I would like a refund of the $95 overpayment. A refund check of $95 should be mailed to me at this address:[/FONT]
******* (My address)
[FONT=Calibri]I am also revoking authorization for ACH withdrawals and any wage assignment I may have signed. I have given a copy of these revocations to both my bank and my employer. Any future attempts to collect funds in this manner will be blocked. If I do not receive a refund I will be filing a complaint with the Virginia State Corporation Commission.[/FONT]
[FONT=Times New Roman]Please respond to this email with acknowledgment that my account has been satisfied in full. Details of when I can expect the refund check, as discussed above, should also be included in the email.[/FONT]
[FONT=Times New Roman] [/FONT]
[FONT=Times New Roman]Sincerely[/FONT]
*****
Then they responded:
While we appreciate your response in regards to your outstanding loan, we would also like to make you aware of the fact that you voluntarily entered into this loan agreement, and it is in no way misleading. We strongly believe in complete honesty and transparency in our business; we believe this is necessary to help build strong relationships with our clients.
Greenlight Funding Group, LLC provided full disclosure at the time of loan, outlining the terms of the loan as well as applicable fees and the fee schedule for the loan. We also informed you that if after 24 hours of signing the agreement that you are not in agreement and do not wish to keep the loan, we will gladly reverse the transaction without any fees within 24 hours after the loan has been funded. In addition, we encourage all of our clients to call us and ask questions if they do not understand any of the terms on our website.
Our goal is to provide the best customer service to each and every one of our clients that comes to us with a short term cash emergency quickly and efficiently to help them get thru their financial crises.
Greenlight Funding is eager to resolve your loan dispute in a fair and equitable manner. We would ask that you honor your loan agreement and submit the balance of $195.00 of your principle payment to close out the loan.
You may make your payment online with credit/debit card at ****
OR
Please remit final payment to:
Greenlight Funding Group, LLC
P.O. Box 8736
Prairie Village, KS 66208
Please include your name and the last 4 digits of your social security number to match your loan records.
I've browsed here for awhile and have found a lot of helpful information. I finally took the steps to close my bank account and I'm very happy I did. Now I was hoping for some more help as they are trying to contact me even after I sent the ???revoking ACH withdrawal??? letter. How should I respond? I really want my refunds too although I don???t expect to receive them???
Thanks in advance I know it???s a lot to read!
So my letter was this:
[FONT=Times New Roman]Dear Lender,
It has come to my attention that payday lenders must be licensed by the state of Virginia in order to offer loans to its residents. Since your company has no license in my state, the loan contract I have with you is not valid. Although I am not legally required to do so, I am willing to repay the principal balance of this loan. To date, I received a deposit of $350 on 5/24/2012, and have had withdrawals of $445 debited from my account. This results in an overpayment of $95
At this time I am requesting a return email acknowledging that my loan has been paid in full. Also, I would like a refund of the $95 overpayment. A refund check of $95 should be mailed to me at this address:[/FONT]
******* (My address)
[FONT=Calibri]I am also revoking authorization for ACH withdrawals and any wage assignment I may have signed. I have given a copy of these revocations to both my bank and my employer. Any future attempts to collect funds in this manner will be blocked. If I do not receive a refund I will be filing a complaint with the Virginia State Corporation Commission.[/FONT]
[FONT=Times New Roman]Please respond to this email with acknowledgment that my account has been satisfied in full. Details of when I can expect the refund check, as discussed above, should also be included in the email.[/FONT]
[FONT=Times New Roman] [/FONT]
[FONT=Times New Roman]Sincerely[/FONT]
*****
Then they responded:
While we appreciate your response in regards to your outstanding loan, we would also like to make you aware of the fact that you voluntarily entered into this loan agreement, and it is in no way misleading. We strongly believe in complete honesty and transparency in our business; we believe this is necessary to help build strong relationships with our clients.
Greenlight Funding Group, LLC provided full disclosure at the time of loan, outlining the terms of the loan as well as applicable fees and the fee schedule for the loan. We also informed you that if after 24 hours of signing the agreement that you are not in agreement and do not wish to keep the loan, we will gladly reverse the transaction without any fees within 24 hours after the loan has been funded. In addition, we encourage all of our clients to call us and ask questions if they do not understand any of the terms on our website.
Our goal is to provide the best customer service to each and every one of our clients that comes to us with a short term cash emergency quickly and efficiently to help them get thru their financial crises.
Greenlight Funding is eager to resolve your loan dispute in a fair and equitable manner. We would ask that you honor your loan agreement and submit the balance of $195.00 of your principle payment to close out the loan.
You may make your payment online with credit/debit card at ****
OR
Please remit final payment to:
Greenlight Funding Group, LLC
P.O. Box 8736
Prairie Village, KS 66208
Please include your name and the last 4 digits of your social security number to match your loan records.
I would simply respond: At the time I signed the loan agreeme
I would simply respond:
At the time I signed the loan agreement, I understood the terms. However, since that time I have discovered that your company is not licensed in my state and therefore not allowed to offer loans in my state. The laws of VA apply in this matter. I am not bound by your contract. Please mark the account as paid in full and promptly send me a refund of the overpayment.
Thanks for all your help Ohiogal! I've learned a lot off your po
Thanks for all your help Ohiogal! I've learned a lot off your posts alone, you really are amazing!
