cash spot

They are not legal, as far as I can find. They use American Consumer Credit, as their "Lender". I faxed them a letter stating that I wanted to make arrangements to pay them by mail, and they called me, said they wrote off my loan, so I don't owe them. Strange....cuz I've never paid them anything, not even the principal. Not sure what to do now. I did request they send this to me in writing. We'll see what happens.

sdolan1 thanks- would you happen to have thier address and what letter did you use.

This is the letter I faxed to them. Although I have received nothing from them in writing, I did receive a phone call from them telling me that they had written off my loan.

Wishing you luck in getting out of PDL HELL!!

February 10, 2009


Thecashdude.com
American Consumer Credit, LLC
42 Reads Way, Suite 124
New Castle, DE 19720
Phone Number: (866) 443-9968

Fax Number: (866) 443-9969

Reference: Loan Number: (Your Loan Number)

Gentlemen,
I currently have a loan with your company coming due 2/11/09 which I received through the website Cashdude.com. When I tried to access their website recently, I was dismayed to find that the domain name is for sale. This leads me to believe that there may be a problem with this payday loan. I just recently had another payday loan company drain my checking account and want to be sure it doesn???t happen again.
After doing extensive (belated) research regarding Internet payday loan laws in the State of California, I have found that your Internet payday loans may actually be illegal. I have also found the following laws to be true applying to payday loans in the state of California in General.
California State Information
(Here I entered the Link for California PDL rules and regulations)
On the advice of my bank and the California Attorney General, I am sending you this" cease and desist" letter, to protect my interests.
I hereby revoke any and all ACH authorizations with your company and/or any of your affiliates from debiting any of my personal accounts, per Federal Law Regulation E section 205.10 preauthorized transfers.
Per instructions from The California Department of Finance I have closed my account with (Ypur Bank Name) to protect my interest in this matter.
I also revoke any and all wage assignments, which 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 the US Postal mail or email only. I will need everything in writing to keep accurate records of all communications as per instructions 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 if any, listed on my loan.
Due to the fact that Internet payday loans must be licensed in the state of California to be a legal and binding contract, I am requesting that you send me your license number which enables you to offer loans to California residents.
Even IF your internet payday loan is legal in California, the legal amount that can be charged to my loan is the principal amount plus 15%.
I will make arrangements with you to pay the principal (plus 15% or $45.00 assuming you are legal in California), On receipt of your license number allowing you to make loans to California, and after I have verified that you are indeed a legal payday loan company in California, I will forward you the balance due. But I will only do so, if you will give me a street address where I can mail the payments to. I I have already had one unscrupulous pay day loan company compromise my bank account, and do not intend to have it happen twice
If you are not legal to do business in California, I owe you only the principal, which I will make arrangements to pay, again, assuming you give me a street address where I can mail payments to. Under no circumstances will I release any Bank or Credit Card account numbers.
I also must inform you that I will be filing complaints with the Better Business Bureau, The Federal Trade Commission, and the California Attorney General???s Office, as the rate you are charging for the $300 loan is in excess of the amount allowable by California law. I???m sure they will be contacting you about this matter in the near future.
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
California Attorney General
Federal Trade Commission
(Your place of Employment)
(Your Bank)

thanks for the information, i just send faxed them over the letter because I keep getting calls from supposely collection account, and when I ask to have a mailing address they get very rude.