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Hello All I have 3 pay Day loans here in Iowa and

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Hello All I have 3 pay Day loans here in Iowa and the following 3 letters are my planned course of action after I close my account. I have talked to the Iowa Dept of Banking and none of these 3 companies are licensed in Iowa Any advice on my planned course of action would be greatly appreciated.

Letter #1

Dear VIP,

It has come to my attention that payday lenders must be licensed by the state of Iowa 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 $480 , and have had 4 bi-weekly withdrawals of $150 debited from my account. This results in an overpayment of $120.

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 $120 overpayment. A refund check of $120 should be mailed to me at the address you have on file.

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.
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.

Sincerely,

Letter #2

Dear Integrity Advance,

It has come to my attention that payday lenders must be licensed by the state of Iowa 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 $500 , and have had 1 bi-weekly withdrawal of $120 debited from my account. This results in a payment of $120.

At this time I am requesting a return email acknowledging that my loan has had 1 payment of $120 . Also, I would like it know that the remaining principal of $380 will be paid at $95 per month over the next 4 months. These payments will be made in the form of money orders.

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.
Please respond to this email with acknowledgment. Sincerely,


Letter #3

Dear Cash Cure,
It has come to my attention that payday lenders must be licensed by the state of Iowa 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 $500 , and have had 4 bi-weekly withdrawals of $159 debited from my account. This results in an overpayment of $36.
At this time I am requesting a return email acknowledging that my loan has been paid in full.
I also revoking authorization for ACH withdrawals and any wage assingment I may have signed. I have given a copy of these revocatlons to both my bank and my employer. Any future attempt to collect funds in this manner will be blocked.
Please respond to this ernail with acknowledgment that my account has been paid in full.
Sincerely,

This is my planned course and help or other ideas appreciated! Sincerely




Read the content of your letters. They are absolutely fine. You're walking on the right path. Now, let me tell you what will happen next. You'll receive letters from the 3 lenders. They will claim that federal laws and state laws are not applicable on them. You have read the loan agreement and therefore should act accordingly. They follow only tribal laws. So they are not required to follow Iowa state laws.

Don't panic. Once you receive the letters, inform us. We will tell you what to do next.

Sub: #1 posted on Mon, 11/26/2018 - 03:24

Nick Jonas Nick Jonas

(Posts: 96 | Credits: )

You have already paid the principal amount so don't panic. They can't take any legal action against you.

Sub: #2 posted on Fri, 11/30/2018 - 05:32

sanderspatricia29 sanderspatricia29

(Posts: 824 | Credits: )

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