This is the reply I got from PPD lender
Date: Thu, 05/31/2012 - 14:44
How should I handle this?
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Our loans are not illegal in the state of Maine. If they were, we would not loan to residents of Maine. There are several states that we refuse to loan to, due to various state legislation. Maine is not one of those states.
I have emailed you a copy of the original loan agreement that you electronically signed, as well as the binding ACH Authorization Agreement. On the contract, you agreed to be governed under the state laws of Delaware, not Maine. Our very own ACH Authorization Agreement states that you have the right to revoke our right to submit an ACH debit to your account, but it must be submitted at least three business days prior to your due date. By the time you submitted this letter, we had already attempted to make an ACH debit to your checking account.
Pluto Marketing will be willing to mark your account ???paid in full??? and email you a letter for your records confirming that if the following stipulations are met:
-The total balance of $1,000.00 is paid in full. If the payment from today is returned, you will have to pay $1,000.00. If it clears, you will have to pay $900.00.
-You send written confirmation that you will not file any formal complaints, as you threatened, to any of the agencies listed in your letter.
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Our loans are not illegal in the state of Maine. If they were, we would not loan to residents of Maine. There are several states that we refuse to loan to, due to various state legislation. Maine is not one of those states.
I have emailed you a copy of the original loan agreement that you electronically signed, as well as the binding ACH Authorization Agreement. On the contract, you agreed to be governed under the state laws of Delaware, not Maine. Our very own ACH Authorization Agreement states that you have the right to revoke our right to submit an ACH debit to your account, but it must be submitted at least three business days prior to your due date. By the time you submitted this letter, we had already attempted to make an ACH debit to your checking account.
Pluto Marketing will be willing to mark your account ???paid in full??? and email you a letter for your records confirming that if the following stipulations are met:
-The total balance of $1,000.00 is paid in full. If the payment from today is returned, you will have to pay $1,000.00. If it clears, you will have to pay $900.00.
-You send written confirmation that you will not file any formal complaints, as you threatened, to any of the agencies listed in your letter.
How much did you borrow from them??? Maine Laws Maine Payday Lo
How much did you borrow from them???
Maine Laws
Maine Payday Loan Laws
State Legal Status
Lending of payday loans are prohibited in the State of Maine. But permission is granted for supervised lenders.
Interest Rate Cap on Small Loans
- 30% p.a interest rate up to an amount of $2000 or a fee of $5 for an amount up to $75;
- $15 for an amount ranging from $75.01 to $249
- $25 for an amount $250 and above
- add-on interest
File your Complaint and get Information
- Regulator - Maine Office of Consumer Credit Regulation
- Address - Department of Professional and Financial Regulation, 35 State House Station Augusta ME 04333
- Phone - (207) 624-8527
- Fax - (207) 582-7699
- Regulatory Contact - William N. Lund Director
Payday lending is prohibited in Maine. You are liable only for t
Payday lending is prohibited in Maine. You are liable only for the principal. No need to pay any interest or fees. Close your bank account asap. Ask them for a refund, if you have overpaid them. Look at this page to know about how to deal with illegal lenders:
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
