settlement letter

PaydayYes
501 Silverside Rd Ste 125
Wilmington, DE 19809
888-468-0509
Fax #: (Company fax)
To Whom It May Concern:
As of today November 30, 2006 I do not authorize PaydayYes, nor any representative, parent company, affiliate, or subsidiary of PaydayYes, to withdraw any funds from the checking account under the name of xxxxx. XXX, account number XXXXXX, located at xxxxxxx. Your company is in violation of Cal. Fin. Code ???????? 23000 to 23106 laws:
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
*********************************************************
Your claim that the contract that I signed is only governed by the law of the state in which your company resides is unsubstantiated. There is specific Federal case law that refutes your claim. Your company solicited, accepted and transacted business with a citizen of the State of California, thus you are subject to the laws of this state including the licensing requirements laws. I have paid you a total of $50.00 in interest and fees, and $250.00 in principal, on a $250.00 loan. Thus, I am expecting PaydayYes to mark the account under the name of xxxxx ???????paid in full????????. At no time will PaydayYes, any representative, parent company, subsidiary, or affiliate of PaydayYes, place any derogatory mark on my credit report with any credit bureau, nor any other check writing database, such as Teletrack or an equivalent database. If PaydayYes does not abide to the settlement conditions stated above, I will have no choice but to file a civil suit against PaydayYes for the monetary damages that I am entitled to per California law, and all legal fees that I acquire during the course of such a civil suit. I will also formally complain to, and request that the Attorney General of California, Bill Lockyer, file criminal charges against PaydayYes for its illegal lending practices to the consumers within the State of California. All correspondence as of today November 30, 2006, shall be in written form either through the email address, xxxxxx, or via The United States Postal Service. Please acknowledge receipt of this letter, and acknowledge acceptance of, and willingness to adhere to the settlement described above, in writing, within 24 hours of receipt. If I do not receive this acknowledgement within 24 hours, I will begin the legal proceedings described above.
Sincerely,
(Don????????t forget to sign)
xxxxx
cc: xxxxx

RE: Notice of Revocation

Ms. Urie:

We are in receipt of your complaint and believe that the facts are somewhat different than those in your e-mail.

I would however, like to share with you the terms of your loan. You received documents in compliance with Utah state law at the time of your loan fully describing how the finance fees are applied and your three (3) repayment options (these are all available for your review should you require them). Contained therein is a description of how the fees and principal are applied to your loan, as well as the loan renewal process. You agreed to the terms of this agreement via electronic signatures. In addition, you received the following forms (we have all of these within our files):

??????? Form 1 ???????? Completed Application with your ESignature
??????? Form 2 ???????? Loan Note and Disclosure with your ESignature detailing an itemization of your Annual Percentage Rate (apr), finance charge, amount financed, and Total of Payments.
??????? Form 2b ???????? Loan Supplement with your ESignature indicating your understanding of your new loan terms, your renewal terms, and default terms.
??????? Form 3 ???????? ACH Authorization with your ESignature authorizing Payday Yes to credit your account with the loan proceeds as well as debit your account for the repayment of the loans and/or fees to Payday Yes.


On Thursday, November 30, 2006, as Call Center Manager for Payday Yes, I was made aware of this issue through a fax received and it is our desire to resolve this matter with you.

Settlement Offer:

Even though your contracts clearly show that you agreed to the renewal of your loan, it is our strong desire to resolve this issue with you and, as such, are willing to agree to your request to settle the account in full. Your loan is now marked as paid in full and no further obligation is pending.

I appreciate your willingness to resolve this issue and regret its occurrence.

Sincerely,


Char Drury
Call Center Manager
Payday Yes