Cease and Desist letter to payday loan company
Q: Where can I have Cease and Desist letter template for payday loan companies? Can't find any. I have had payday loan issues for a year, paying as little as possible. Now, I started paying my debts back in earnest to all 4 payday loan companies. Comes out to $140 a month and I should be done in 15 months, including fees, interest, etc. I owe close $1,800 altogether, $450 a piece. I sent certified letters to all 4 with detailed explanations that this is what I am planning to do and they'd better take it. If not they won't see a dime. I hit a rather rough patch 2 years ago and had to use payday loans. Now I am in great financial shape but being smarter, they will never be able to get anything unless I am willing to pay. I figured that $300 in interest is enough for them on $1,800 loans total. Each is going to get its $75 share in interest. They made their money on me. Of course, they do not like it.
Now I need some sort of Cease and Desist letter. I want them to stop calling my home and my cell which they had since I had to cancel my land line. They do not know my work number. I do not want to talk to them on the phone, period. They do not like my proposal, they can send me a letter, but no calling. I have already told several times to each of these payday loan companies that this is as good as they get it, period. I can change my both phone numbers, I can even disconnect my home line, but before I would do that, I want to have payday loan shops shut up.
A: I suspect that the reason you can not find templates or samples is because Cease and Desist clause is only applicable to the collection agencies since only a debt collection agency is bound to follow the Fair Debt Collection Practices Act. Not the original creditor which is what a payday loan company is your case. Besides, Cease and Desist forces debt collectors to stop all forms of contact with a debtor, written included. You can try the following letter which asks your payday loan companies to refrain from calling you.
Letter to payday loan companies to cease and desist all phone calls.
Date
Your Name
Your Address
Re: payday loan account with {payday loan company name}
Dear Mr./Mrs.
This letter is in response to the annoying and incessant phone calls I have been receiving from your payday loan company from the day you received the certified letter with my final offer to repay the money I borrowed. I want you to stop calling all the numbers you have on my file. If you have concerns, send me a letter.
Understand that my offer you received on {MM/DD/YYYY} is final. I am willing to repay the principal $450 I borrowed from you plus roughly $75 in interest in 15 months as was explained in detail in above mentioned letter. If you don't agree, please feel free to contact me in writing only. However, I must emphasize again that this is the only and final deal I am willing to offer for the reasons explained in my initial offer letter, so you may as well save the postage.
If I am to get any more phone calls from the day you receive this letter, I will stop paying you altogether. Rest assured, you will not be able to collect anything afterwards because of the steps and precautions I have taken.
Thanks.
Here it is, straight to the point, not very polite but guess what? I think it will work.
Sun Aug 22, 2010 01:08PM | Copyright: www.bad-credit-advisor.com | More in Payday Loan | Comments (0)
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