sample letter

Can you tell me if this letter would be adequate to send to the payday lenders to inform them that I will only be paying the principal amount since payday loans are illegal in the state of GA??

3 Answers

Thanks SOAPLADY for your help. I did close my bank account today. I sent each payday lender a letter that you suggested .. Thanks again


Dont even bother telling them not to do an ACH debit....illegal lenders do not care. My sure your account is closed.

 

Dear Illegal PDL

I am a resident of the state of GA and payday loans are illegal in my state of residence. I am not subject to your tribal laws.Therefore I only owe you the remainder of the principal on this loan. (Insert balance calculation)  I am also revoking my voluntary wage assignment. My bank account is closed and I will send a money order for the remaining balance on this account.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

this is the letter 

Dear Madam/Sir:

 

I am sending this e-mail to inform you that I have learned that any payday loans are illegal in the state of GA (the state that I reside in) and that I am only required by law to pay you the principle amount of my loan (62020151) which was in the amount of $800.00 I am also making you aware that you are not to debit my checking account any longer. I have made payments totally $236.30, therefore I only owe $563.70 which I intend to pay. I will send a letter outlining the amount I can pay and when I can make the payments. The current address I have for you is 93 Mock Rd Suite 600 PO BOX 255 Box Elder, MT 59521 if this is incorrect then please e-mail me a correct address to send the payments too. I have notified my employers that they should not honor a wage assignment from your company if I in fact signed such an agreement. I will also be forwarding you letters about revoking the wage assignment and the request for your to not debit my checking account. I will correspond with your company via e-mail or regular mail only, so that I will have a record of our transactions.

 

 

Thank You,

 

Karen Weldon

 

 


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