Letter from Cash Yes - please read and help!
Date: Mon, 12/17/2012 - 08:37
Rec'd this email from Cash Yes saying that since i found them on the internet - im obligated to pay - again i live in New York. I have absolutely no problem paying the principal which was $200. They want 2 payments of 162.50 - which is obviously more than 200 bucks. Please read and advise. what should i say when i contact them.
December 14, 2012
Cash Yes
P.O. Box 1469
Belize City Belize
Re: Your Cash Yes Loan # *********
Dear Jennifer:
I am writing on behalf of Cash Yes in response to your recent email. Cash Yes strives to assist consumers with their short term cash needs and is concerned that you were disappointed with your most recent experience.
Please be advised, however, that your loan was made pursuant to Cash Yes's license in its home country of Belize under the International Financial Services Commission Act of Belize, Chapter 272. Cash Yes's contracts, including the loan agreement you signed, clearly designate Belize law as governing its transactions and provide all disclosures required by Belize and U.S. federal law. Cash Yes has no physical presence in the state of New York, and does not solicit New York consumers via mail, telephone, or email; therefore, we are not subject to its regulatory jurisdiction. In order to obtain a loan from Cash Yes, a New York consumer must log on to the internet and access Cash Yes's website, just as you did. You received documents in conjunction with your loan fully describing how the finance fees are applied and your repayment options, and you agreed to these terms, including the applicability of Belize (not New York) law to the transaction, with electronic signatures in multiple places. Should you require another copy of your documents, or if you need clarification on points referenced in the documents, please contact us. A careful review of those documents should resolve your concerns regarding the terms applicable to your loan.
We intend to continue our efforts to collect the loan balance from you.
However, we do understand that the current economic situation has adversely affected many people. We are currently willing to accept your offer to make the two payments of $162.50 for 1/11/2013 and 1/25/2013 to have this loan paid in full. Please contact us at 1-866-568-1422 at your earliest convenience to discuss credit card payments. It is in your best interest to make arrangements with us directly, as your loan may be sold in the future to a third party collection agency. Those agencies are empowered to take legal action to collect the debt, and once they purchase your account from us, the nature of their actions is not within our control.
Thank you for the opportunity to clarify this matter and address your concerns.
Sincerely,
Cash Yes
and another thing
just want to add one more thing. I never contacted them ....they actually called me asking if i wanted the loan - and then we did the application.
Reiterate to them that as a
Reiterate to them that as a resident of NY that you are bound by the laws of your state of residency, which means they must be licensed in your state to do business. Tell them you will pay principal only and by money order, ask for address where you can send payments. Make sure you have closed your bank account and open a new one not tied to closed account.
