Pd Loans
Date: Fri, 11/07/2008 - 05:28
Hi there this is the letter I sent to all my eight internet pd loan companies, am I on the right track? just wait for a response from them, what is the next step? should I call them and set up a payment plan?
[quote]This letter is to inform you that I am revoking any and all wage assignments I may or may not have signed with your company. I am also revoking all of your rights to any and all ACH transactions to any and all of my personal accounts. You may only contact me through email or USPS. I will not accept any other form of communication from you. I would be most happy to set up payment arrangements with you, however, I will need a physical address to send my payments to, in the form of a money order ONLY. Payday Loans of America will not contact my employer, family, friends, or any of the references listed on your loans. I'm also aware that Payday Loans of America
is illegal and unlicensed to lend to consumers in the State of Oregon.
I will pay back the principal amount of the loan ONLY, via USPS with money orders only.
Quote:
Electronic Funds Transfer Act
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.
(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.
[Codified to 15 U.S.C. 1693e]
Quote:
Oregon State Information
Legal Status: Legal
Citation:
54 Or. Rev. Stat. Ann. § 725.600 et seq.
Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: Min. 31 days
Maximum Finance Rate and Fees: 36% apr interest, $10/$100 fee up to $30
Finance Charge for 14-day $100 loan: $13 for 31 day loan
APR for 14-day $100 loan: 156% APR for 31 day loan
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Two (renewals)
Cooling-off Period: 7 days after prior loan expires
Repayment Plan:
Collection Limits:
Collection Fees: One $20 NSF fee + additional bank charges
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Oregon Department of Consumer & Business Services
Address: Division of Finance & Corporate Securities, 350 Winter St. NE, Rm. 410 Salem OR 97301
Phone: (503) 378-4140
Fax: (503) 947-7862
Regulatory Contact: Charles Donald,, Supervising Examiner, Non-depository Programs
[/quote]
Please reply,
Samantha Thomas
[quote]This letter is to inform you that I am revoking any and all wage assignments I may or may not have signed with your company. I am also revoking all of your rights to any and all ACH transactions to any and all of my personal accounts. You may only contact me through email or USPS. I will not accept any other form of communication from you. I would be most happy to set up payment arrangements with you, however, I will need a physical address to send my payments to, in the form of a money order ONLY. Payday Loans of America will not contact my employer, family, friends, or any of the references listed on your loans. I'm also aware that Payday Loans of America
is illegal and unlicensed to lend to consumers in the State of Oregon.
I will pay back the principal amount of the loan ONLY, via USPS with money orders only.
Quote:
Electronic Funds Transfer Act
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.
(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.
[Codified to 15 U.S.C. 1693e]
Quote:
Oregon State Information
Legal Status: Legal
Citation:
54 Or. Rev. Stat. Ann. § 725.600 et seq.
Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: Min. 31 days
Maximum Finance Rate and Fees: 36% apr interest, $10/$100 fee up to $30
Finance Charge for 14-day $100 loan: $13 for 31 day loan
APR for 14-day $100 loan: 156% APR for 31 day loan
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Two (renewals)
Cooling-off Period: 7 days after prior loan expires
Repayment Plan:
Collection Limits:
Collection Fees: One $20 NSF fee + additional bank charges
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Oregon Department of Consumer & Business Services
Address: Division of Finance & Corporate Securities, 350 Winter St. NE, Rm. 410 Salem OR 97301
Phone: (503) 378-4140
Fax: (503) 947-7862
Regulatory Contact: Charles Donald,, Supervising Examiner, Non-depository Programs
[/quote]
Please reply,
Samantha Thomas
That is a good start, but make sure to file complaints with the
That is a good start, but make sure to file complaints with the FTC, OR Attorney generals office, and contact Oregon Department of Consumer and Business services.
If you have not closed your checking account, you need to do it
If you have not closed your checking account, you need to do it asap. As soon as they recieve your letter, they will go into your account and take everything. They are illegal and NOTHING will stop them. That is why we advise closing your account prior to ant letters being sent.Please be sure you close that account asap
