BASIC LETTER ONE COMPANY ONE LOAN

This is concerning loan number 6041727.

I have been in touch with the Texas Attorney General and have learned that you are not licensed to lend in the State of Texas and the contract between your company and myself is null and void.

As of today I revoke any previous authorization to COMPANY NAME, any parent company, affiliate, or subsidiary of COMPANY NAME, to withdraw any funds from the checking account under the name of YOUR NAME , account number YOUR ACCOUNT NUMBER , located at YOUR BANK NAME.

In lieu of your blatant disregard for the laws of the State of Texas, I am offering you the opportunity to settle with me, in accordance with The State of Texas Code: 7 Texas Admin. Code 1.605; Texas Finance Code Ann. 342.251 et seq. and 342.601 et seq.

I am willing to pay back the principal of the loan (which is not required) plus interest charges that are approved by the State of Texas which is $10 PER $100 a month for a total of TOTAL AMOUNT . If you approve of this settlement, I am expecting COMPANY NAME to mark the account under the name of YOUR NAME paid in full, and at no time will COMPANY NAME, any representative, parent company, subsidiary, or affiliate of COMPANY NAME 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.

All correspondence as of today DATE shall be in written form either through the email address I provided to you at the time of the application, or via The United States Postal Service. If COMPANY NAME does not abide to the settlement conditions stated above, I will have no choice but to file a civil suit against COMPANY NAME for the monetary damages that I am entitled to per Texas law, 349.001 Liability for Contracting for, Charging, or Receiving Excessive Amount, which is twice the amount of the interest charged and reasonable attorney's fees set by the court 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 Texas, ATTORNEY GENERAL'S NAME, file criminal charges against COMPANY NAME for its illegal lending practices to the consumers within the State of Texas. 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.

LETTER FOR ONE COMPANY THAT YOU HAVE HAD MULTIPLE LOANS WITH

As of today Date, I do not authorize COMPANY NAME, nor any representative, parent company, affiliate, or subsidiary of COMPANY NAME, to withdraw any funds from the checking account under the name of name on your bank account, account number your bank account number, located at your bank name.
I have spoken with someone in the Texas Attorney General's Office and your company is in violation of 7 Tex. Admin. Code § 1.605; Tex. Fin. Code Ann. §§ 342.251 et seq. and 342.601 et seq.
In the past year I have had the following loans with your company:
DATE OF LOAN AND AMOUNT
Interest paid on this loan for TIME PERIOD AND AMOUNT
Overcharge AMOUNT OF OVERCHARGE
DATE OF LOAN AND AMOUNT
Interest paid on this loan for TIME PERIOD AND AMOUNT
Overcharge AMOUNT OF OVERCHARGE

I checked my bank statements as far back as DATE YOU CHECK BACK TO and I paid interest of at least INTEREST AMOUNT on a LOAN AMOUNT loan. The overcharge is at least OVERCHARGE AMOUNT on this loan. I have all bank statements from 2005 that I can provide to the courts if your company decides not to settle this debt.

In lieu of your disregard for the laws of the State of Texas, I am offering you the opportunity to settle with me, in accordance with The State of Texas Code: 7 Texas Admin. Code 1.605; Texas Finance Code Ann. 342.251 et seq. and 342.601 et seq.

As of today, I have paid a total of TOTAL INTEREST AND FEES (see breakdown above) in interest and fees on NUMBER OF LOANS loans totalling TOTAL AMOUNT OF ALL LOANS. I have been overcharged TOTAL OVERCHARGE. Thus, I am requesting your company to mark the account in your name "paid in full, and at no time will COMPANY NAME, any representative, parent company, subsidiary, or affiliate of COMPANY NAME 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.

All correspondence as of today date shall be in written form either through the email address I provided to you at the time of the application, or via The United States Postal Service. If COMPANY NAME does not abide to the settlement conditions stated above, I will have no choice but to file a civil suit against COMPANY NAME for the monetary damages that I am entitled to per Texas law, 349.001 Liability for Contracting for, Charging, or Receiving Excessive Amount, which is twice the amount of the interest charged and reasonable attorney's fees set by the court 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 Texas, ATTORNEY GENERAL'S NAME, file criminal charges against COMPANY NAME for its illegal lending practices to the consumers within the State of Texas. 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.

MORE THAN ONE LOAN WITH SISTER COMPANIES

This letter is for companies that you have had more than one loan from, currently have a loan with, and also have had loans and currently have a loan with one of their sister companies.

Date

NAME OF COMPANIES

Email addresses and addresses for each company

To Whom It May Concern:

As of today DATE, I do not authorize NAME OF COMPANY or NAME OF SISTER COMPANY, nor any representative, parent company, affiliate, or subsidiary of NAME OF COMPANY or NAME OF SISTER COMPANY, to withdraw any funds from the checking account under the name of Name on Bank Account , account number your account number, located at name of bank.

First, I realize that NAME OF COMPANY and NAME OF SISTER COMPANY are both licensed under NAME OF PRIMARY COMPANY in the State of Texas, but I have spoken with someone in the Texas Attorney General's Office and your companies are in violation of 7 Tex. Admin. Code § 1.605; Tex. Fin. Code Ann. §§ 342.251 et seq. and 342.601 et seq.

I will be specific on my loans when quoting this:
Maximum Loan Amount: Loan Term: 7-31 days
1. NAME OF COMPANY continuously renewed my AMOUNT OF LOAN loan from FROM AND TO DATES OF LOAN for a total interest charge of INTEREST AMOUNT on a AMOUNT OF LOAN loan. An Overcharge of at least OVERCHARGE AMOUNT
2. NAME OF COMPANY has renewed my current loan FROM AND TO DATES OF LOAN for a total interest charge of INTEREST AMOUNT on a AMOUNT OF LOAN balance. An overcharge of at least OVERCHARGE AMOUNT.
3. 2ND COMPANY has renewed my current loan FROM AND TO DATES for a total interest charge of INTEREST CHARGE on a LOAN AMOUNT balance. An overcharge of at least OVERCHARGE AMOUNT.
Maximum Finance Rate and Fees: $10 per loan
48% annual interestFinance Charge for 14-day $100 loan: $12APR for 14-day $100 loan: 309%
Debt Limits:Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Your company has loaned me 2 AMOUNT OF LOANS loans with 1ST COMPANY AND SECOND COMPANY .
§342.501. OBLIGATION UNDER MORE THAN ONE CONTRACT. (a) An authorized lender may not induce or permit a person or a husband and wife to be directly or indirectly obligated under more than one loan contract at any time for the purpose or with the effect of obtaining an amount of interest greater than the amount of interest otherwise authorized under this chapter for a loan of that aggregate amount with a maximum interest charge computed under Section 342.201(a), Section 342.201(e), Section 342.252, or any combination of those sections.
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Your company allowed rollovers for the following periods
NUMBER OF MONTHS COMPANY ONE
NUMBER OF MONTHS COMPANY ONE
NUMBER OF MONTHS COMPANY TWO
§342.254. NO OTHER CHARGES AUTHORIZED. (a) On a loan made under this subchapter a lender may not contract for, charge, or receive an amount unless this subchapter authorizes the amount to be charged.
§349.001. LIABILITY FOR CONTRACTING FOR, CHARGING, OR RECEIVING EXCESSIVE AMOUNT.
(a) A person who violates this subtitle by contracting for, charging, or receiving interest or time price differential greater than the amount authorized by this subtitle is liable to the obligor for an amount equal to:
(1) twice the amount of the interest or time price differential contracted for, charged, or received; and
(2) reasonable attorney's fees set by the court.
(b) A person who violates this subtitle by contracting for, charging, or receiving a charge, other than interest or time price differential, greater than the amount authorized by this subtitle is liable to the obligor for an amount equal to:
(1) the greater of:
(a) three times the amount computed by subtracting the amount of the charge authorized by this subtitle from the amount of the charge contracted for, charged, or received; or
(b) $2,000 or 20 percent of the amount of the principal balance, whichever is less; and
(2) reasonable attorney's fees set by the court.
In lieu of your open disregard for the laws of the State of Texas, I am offering COMPANY ONE AND COMPANY TWO the opportunity to settle this situation. I do not want to have to take this to court but I am very prepared to do so.
I have paid a total to:
COMPANY ONE
Interest and fees of TOTAL INTEREST
Overcharged TOTAL OVERCHARGE interest and/or fees
Principal - AMOUNT OF LOAN
Principal Owing - BALANCE OF LOAN
COMPANY TWO
Interest and fees of TOTAL INTEREST
Overcharged TOTAL OVERCHARGE interest and/or fees
Principal - LOAN AMOUNT
Principal Owing – BALANCE OF LOAN
In light of these circumstances, I am expecting COMPANY ONE AND COMPANY TWO to mark the accounts under the name of your name "paid in full" immediately and send a refund check in the amount of REFUND AMOUNT mailed to my address of record.
At no time will COMPANY ONE or COMPANY TWO, or any representative, parent company, subsidiary, or affiliate of COMPANY ONE and COMPANY TWO, 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 COMPANY ONE and COMPANY TWO do not abide to the settlement conditions stated above, I will file a civil suit against COMPANY ONE and COMPANY TWO for the monetary damages that I am entitled to per Texas Fin. Code Ann. §§ 349.001 et seq. 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 Texas, ATTORNEY GENERAL'S NAME, file criminal charges against COMPANY ONE and COMPANY TWO for its illegal lending practices to the consumers within the State of Texas.
All correspondence as of today date , shall be in written form either through the email address, your email address , which I provided to you at the time of the application, 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,


your name
Cc: your bank account

What this blog is about

I created this blog for Texans that are in the Payday Loan Cycle. The following are template letters that can be used to send to Internet Payday Loan Company's.