Help please!
Date: Tue, 06/26/2012 - 12:28
[COLOR=#244061]After I sent this letter:[/COLOR]
[COLOR=#244061][FONT=Calibri][/FONT][/COLOR]
[COLOR=#244061]06/26/2012[/COLOR]
Great Rock Financial
3051 Sand Lake Road
Crandon, WI 54520
Re: Loan Number: xxxx
It has come to my attention that payday lenders must be licensed by the state of California 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. Also, under California law:
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
- the maximum loan amount a consumer can borrow in a payday loan is $300. The principal amount you lent me is $500.
- the maximum fee you can charge is $45. Your fee is $150.
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 JP Morgan Chase to protect my interest in this matter, per instructions from the California 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 attempt to do so on your part will be rejected.
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
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 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.
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. To date, I received a deposit of $500, and have made 2 payments of $150 leaving a balance due of $200.
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the California Attorney General Office.
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
I expect a response from your company regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.
[FONT=Calibri][COLOR=#244061][Codified to 15 U.S.C. 1693e][/COLOR][/FONT]
[COLOR=#244061]An inquiry submitted via email regarding your loan with Great Rock Financial has been received. Great Rock Financial is a legal U.S. business, licensed in Wisconsin. This company does not solicit California customers nor has it ever claimed to be operating in California. This loan was funded at your request after you submitted your application and acknowledged your acceptance of the terms of the agreement, including that this loan “shall be governed by all applicable federal laws and all laws of the jurisdiction in which the lender is located, regardless of which state you may reside.†[/COLOR]
I received this answer:
[COLOR=#244061][FONT=Calibri]On May 14, 2012, you took a loan with our company. At that time, you spoke with a Customer Service Representative and requested to pay only the fee amout of $150 on your first due date of May 15th. During that conversation our representative reiterated to you that the fee amount will be the same on your following due date, as the fee does not reduce your principal balance, and you told the rep that “[you knew] thatâ€. You then called on June 5th stating you were going to have difficulty making your payment scheduled for June 15th. Because it is our goal to make your lending experience as pleasant as possible, we offered to skip your June 15th due date; however, a double fee would be due on your June 29th due date. You agreed to this arrangement. Now, after skipping your last due date, and with a double fee looming, you have sent an email to us with incorrect information in an attempt to renege on your agreement with Great Rock Financial.[/FONT][/COLOR][COLOR=#244061]We have attempted to work with you so that you can repay your debt with our company, and there has been no attempt made in deviation of your wishes or the terms indicated in the agreement. [/COLOR]
[COLOR=#244061][FONT=Calibri][/FONT][/COLOR]
[COLOR=#244061][FONT=Calibri][/FONT][/COLOR]
[COLOR=#244061]Could you please help me answer?[/COLOR]
[COLOR=#244061]Thx![/COLOR]
[COLOR=#244061][FONT=Calibri][/FONT][/COLOR]
[COLOR=#244061]06/26/2012[/COLOR]
Great Rock Financial
3051 Sand Lake Road
Crandon, WI 54520
Re: Loan Number: xxxx
It has come to my attention that payday lenders must be licensed by the state of California 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. Also, under California law:
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
- the maximum loan amount a consumer can borrow in a payday loan is $300. The principal amount you lent me is $500.
- the maximum fee you can charge is $45. Your fee is $150.
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 JP Morgan Chase to protect my interest in this matter, per instructions from the California 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 attempt to do so on your part will be rejected.
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
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 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.
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. To date, I received a deposit of $500, and have made 2 payments of $150 leaving a balance due of $200.
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the California Attorney General Office.
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
I expect a response from your company regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Sincerely,
907. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.
[FONT=Calibri][COLOR=#244061][/COLOR][/FONT]
(b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.
[FONT=Calibri][COLOR=#244061][Codified to 15 U.S.C. 1693e][/COLOR][/FONT]
[COLOR=#244061]An inquiry submitted via email regarding your loan with Great Rock Financial has been received. Great Rock Financial is a legal U.S. business, licensed in Wisconsin. This company does not solicit California customers nor has it ever claimed to be operating in California. This loan was funded at your request after you submitted your application and acknowledged your acceptance of the terms of the agreement, including that this loan “shall be governed by all applicable federal laws and all laws of the jurisdiction in which the lender is located, regardless of which state you may reside.†[/COLOR]
I received this answer:
[COLOR=#244061][FONT=Calibri]On May 14, 2012, you took a loan with our company. At that time, you spoke with a Customer Service Representative and requested to pay only the fee amout of $150 on your first due date of May 15th. During that conversation our representative reiterated to you that the fee amount will be the same on your following due date, as the fee does not reduce your principal balance, and you told the rep that “[you knew] thatâ€. You then called on June 5th stating you were going to have difficulty making your payment scheduled for June 15th. Because it is our goal to make your lending experience as pleasant as possible, we offered to skip your June 15th due date; however, a double fee would be due on your June 29th due date. You agreed to this arrangement. Now, after skipping your last due date, and with a double fee looming, you have sent an email to us with incorrect information in an attempt to renege on your agreement with Great Rock Financial.[/FONT][/COLOR][COLOR=#244061]We have attempted to work with you so that you can repay your debt with our company, and there has been no attempt made in deviation of your wishes or the terms indicated in the agreement. [/COLOR]
[COLOR=#244061][FONT=Calibri][/FONT][/COLOR]
[COLOR=#244061][FONT=Calibri][/FONT][/COLOR]
[COLOR=#244061]Could you please help me answer?[/COLOR]
[COLOR=#244061]Thx![/COLOR]
Tell them that at the time you were making payment arrangements
Tell them that at the time you were making payment arrangements and agreeing that you understood the terms, you didn't know that those terms are illegal and that they have no license to do business in your state.
Futher, explain to them that, technically, since the contract is unenforceable, you're not required to repay them anything but, morally, you wouldn't feel right not paying back what was deposited.
So, they can either make arrangements for you to repay the $200 principal amount that you feel you owe them, or they can go f%$# themselves and be happy with the $300 they already have.
