The battle with Cash Cure will now begin
Date: Mon, 10/08/2012 - 08:04
Ok. So I have sent cash cure this email. Lets see what they respond.
Dear Cash Cure,
I have done some research on payday loans and I have learned that since I am a resident of New York, where payday loans are illegal, the contract with your company in enforceable.
New York State Information
Legal Status: Prohibited
Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law § 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law § 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code § 190.40.
Small Loan Rate Cap
25% per year
I received a loan for $600 on 6/22. I have made the following payments: $63.55 on 10/3, $134.73 on 9/5, $134.73 on 8/22, $51.60 and $148.40 on 8/8, $148.40 on 7/25 and $159on 7/25. That totals $816.86. I have paid back what I borrowed from your company.
I am revoking ACH authorization which I am allowed to do per er Federal law, Regulation E Section 205.10 Preauthorized transfers.
I expect to receive a refund of $216.86. This is the amount I have overpaid your company.
Please reply within 5 days with copies of my loan being PAID IN FULL and with a date that I will receive my refund.
Thank you,
Sharon Paciulan
Loan 92813
Dear Cash Cure,
I have done some research on payday loans and I have learned that since I am a resident of New York, where payday loans are illegal, the contract with your company in enforceable.
New York State Information
Legal Status: Prohibited
Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law § 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law § 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code § 190.40.
Small Loan Rate Cap
25% per year
I received a loan for $600 on 6/22. I have made the following payments: $63.55 on 10/3, $134.73 on 9/5, $134.73 on 8/22, $51.60 and $148.40 on 8/8, $148.40 on 7/25 and $159on 7/25. That totals $816.86. I have paid back what I borrowed from your company.
I am revoking ACH authorization which I am allowed to do per er Federal law, Regulation E Section 205.10 Preauthorized transfers.
I expect to receive a refund of $216.86. This is the amount I have overpaid your company.
Please reply within 5 days with copies of my loan being PAID IN FULL and with a date that I will receive my refund.
Thank you,
Sharon Paciulan
Loan 92813
You also need to revoke voluntary wage assignment. You do not h
You also need to revoke voluntary wage assignment.
You do not have to explain the laws to them...they know them. They just choose to ignore them. Cash Cure is a DE based lender. You may or may not get a refund.
Ah, thank you! I forgot to do that! I sent the same letter but w
Ah, thank you! I forgot to do that! I sent the same letter but with revoking wage assignment. Thanks!
And, I know they know the law, but I send them a copy of it so they know that I know the law! Ya know? So they don't think I'm a moron and don't know what I am talking about!
Thanks for the tips/advice! I wonder when/if I get a response.
Oh, yeah, I don't imagine I will get a refund from any of these companies, but I thought I'd ask. Doesn't hurt, right? :)
