I am trying to do letters to the illegal companies:
United Cash Loans
One Step Cash
I am a little confused though and don't think this sounds like it is the right letter. Remember, I live in PA so even those these companies are illegal, pdl's are legal in PA.
Here is what template I am using, any help would be appreciated:
515 G SE
Miami, OK 74354-8224
fax 1-800-671-0131 or 1-866-344-9701
After doing research on internet payday loan laws in the state of PA, 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 PA in general:
Pennsylvania State Information
Legal Status: Prohibited
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, Ã‚Â§ 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. Ã‚Â§ 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year
Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions
Your company should actually not issue loans to PA residents at all as you are not licensed in PA
I have contacted the PA Office of Financial Institutions and the PA State Attorney GeneralÃ¢â‚¬â„¢s Office regarding your internet payday loans and was informed they are indeed illegal in PA and was advised to pay what is due according to principle amount only of the loan.
The legal amount that could have been charged to my loan is the principal amount of $XX even if your internet pay day loan was legal in YOUR STATE. I only owe $XXX to have this paid in full as your company has exceeded the maximum loan amount and has exceeded the maximum finance rate and fees. I am willing to pay the amount of $XXX to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office.
I demand a physical address to mail payments to, as you are no longer authorized to debit my bank account. You must provide me with a physical address to mail my payments. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.
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 state 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. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.
You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. 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 am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.
I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.
I expect a response from your company no later than DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.
Better Business Bureau
Federal Trade Commission
YOUR STATE State Attorney General
YOUR STATE DFI
This letter just doesn't sound like it would be the right one for PA residents. It's very late, 2:00 AM so maybe I'm losing it.
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Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.