Help with PDL - Wells Fargo Customer

Good evening,

I have 7 loans currently out, having been caught in the cycle of ahving to get a new one to pay an old one. Only one is licensed in my state (California) CashnetUSA. I have contacted them and they put me on an extended payment plan of four payments totaling $300 which is within my state's regulations.

It's the other 6 I'm worried about.

The first is UnitedCashLoans - to date I have paid $135 on a $450 loan

The second is OneClickCash - to date I have paid $120 on a $400 loan

The third is AdvanceMeToday - to date I have paid $664 on a $400 loan

The fourth is Lakota Cash - to date I have paid $330 on a $550 loan.

The fifth is Action Payday - to date I have paid $225 on a $500 loan

The sixth is CashKingAdvance. - to date I have not paid anything as I learned a few days ago that they are not licensed in my state. I have however used their "services" in the past and paid them a lot of money.

I have gone to my bank and they blocked my account, and assured me that no charges at all can go through. They also assured me that I would not be charged any overdrafts or stop payment fees as the account is blocked.

They opened a new account for me that is not linked to the old one.

They advised that I wait until after I notify the "lenders" of my ach recovations before I close the account, but assured me again that any attempts to debit or process an ach through the account will be futile. They also stated that once the account is closed it cannot be forced back open by any debits or ach attempts.

I bank with Wells Fargo.

I found the following letter and modified it somewhat. I believe it was one of OHIO Girl's letters, although I have seen a few different ones.

Can anyone tell me if this will suffice for the "lenders"?

Thank you all for your time and consideration. This forum has taken so much pressure off of me I can't thank you enough.


08/02/2012
My name
Modesto, CA.

United Cash Loans
3531 P Street NW Miami, OK 74355

Re: { UnitedCashLoans-}

After researching Internet payday loan laws in the State of California, I have found that your Internet payday loan activity is actually illegal. I have also learned the following laws apply to payday loans in the State of California in general,
California State Information:

Legal Status: Legal

Citation:
Cal. Fin. Code §§ 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

I hereby revoke any and all ACH debit authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with Wells Fargo to protect my interest in this matter, per instructions from the California Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, 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 have notified my employer about this matter so any attempts to do so on your part will be rejected.

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 Attorney General Office. I also 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.
Due to the fact that Internet payday loan lenders must be licensed in the state of California to be a legal and binding contract, your company should NOT issue loans to California residents at all. I am requesting that you send me your license number which enables you to offer loans to California residents.

The legal amount that could have been charged to my loan is the principal amount, even if your Internet payday loan were legal anywhere in the U.S. I am willing to pay the principle amount of the loan only if any is actually owed, however, this is only if you provide me with a physical address where I can send payments.

I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the California Attorney General’s Office.

I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email.

No telephone contact is permitted.

Sincerely,

My name

CC:
Better Business Bureau
California Attorney General
Federal Trade Commission
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]