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I need your opinion

Date: Wed, 05/19/2010 - 05:47

Submitted by jmorec
on Wed, 05/19/2010 - 05:47

Posts: 8 Credits: [Donate]

Total Replies: 5


I posted a thread awhile ago before I was registered.

I have 3 PDLs out with VIPloanshop, Cashadvance and Paydaymax. I have already sent my ACH revoke letters and closed my account without any problems. Just got an email from Cash Advance requesting that I contact them regarding my account. This is the letter I am sending back to them. I just need opinions on what, if anything, needs to be added or changed, before I send it. I also intend to send similar letters to VIPloanshop and Paydaymax. I have yet to hear from either company regarding my loan.

Also, what do I need to do to contact the AG and FTC? Do I just go to their websites and file a complaint?

Thanks for all of you help!! These forums are a godsend!

After doing research regarding Internet payday loan laws in the State of Maryland, 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 Maryland in general:

Maryland State Information
Legal Status: Prohibited
Citation:
Consumer loan act applies. Md. Code Ann. Com. Law II 12-301 et seq.
Small Loan Rate Cap
2.75% per month; 33% per year.

Upon further investigation into my finances, I have taken out two loans with your company, totaling $600, since January 26th, 2010. As of April 30th, 2010 I have paid $570 in principal and fees. Pursuant to the above mentioned law, I am only obligated to pay the principal of this illegal loan. Therefore, I am willing to pay $30 to your company to settle this account as Paid in Full. Please provide me with a physical address so that I may send you your payment. I will NOT send any payment via any other method.


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 appreciate a quick resolution to this matter.


I realize I missed a payment. . . Here is the updated letter. I am only posting the section I changed.

Upon further investigation into my finances, I have taken out two loans with your company, totaling $600, since January 26th, 2010. As of April 30th, 2010 I have paid $660 in principal and fees. Pursuant to the above mentioned law, I am only obligated to pay the principal of this illegal loan. Therefore, I will only accept my account being marked Paid in Full. I am also requesting a full refund in the amount of $60, the amount I overpaid your company for this illegal loan.


lrhall41

Submitted by jmorec on Wed, 05/19/2010 - 06:19

( Posts: 8 | Credits: )


hello there,if you paid the principle in fees on these three loans then you owe nothing more.who is the lender you sent that to?just know that PAYDAYMAX and VIPLOANSHOP will be bears to deal with.yes btw file AG,and FTC complaints against all three places.i'm guessing your account is secure right?because if not these three will debit you out of existence when they receive the letters.also check you AG website some do allow online complaints,while others don't.


lrhall41

Submitted by paulmergel on Wed, 05/19/2010 - 06:25

( Posts: 15514 | Credits: )