WOOHOO paydayok considers me paid in full

*THIS IS NOT AN ATTEMPT TO COLLECT A DEBT*

PayDay OK is sorry you are unsatisfied with its service. We will consider your loan paid in full.

Thank You,

PayDay OK Special Handling Team


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PayDayOK

Regarding: Loan ID: 58592550

To Whom It May Concern:

This letter is to inform you that any further payments to Pay Day OK will not be honored by my banking institution. As of today, February 22, 2007, I do not authorize Pay Day OK, nor any representative, parent company, affiliate, or subsidiary of One Pay Day OK, to withdraw any funds from the checking account under the name of name, account number xxxxxxxxxx, located at National City Bank.

I reside in Pennsylvania, and have for the entire course of the loan I received from you.
According to Pennsylvania state statutes Pay day OK is in violation of Pennsylvania’s small loan rate cap which states that loan fees are limited to $9.50 per $100 per discount or 24% per year. Which means, that the loan I have with Pay Day OK in the amount of $500.00, by Pennsylvania state law should only have been charged $47.50 in interest for a principal of $500.00?

I had previously had a loan with Pay Day OK in the amount of $300.00, by Pennsylvania state law should only have been charged $28.50 in interest for a principal of $300.00. In reality I paid $436.37 which is $136.37 more than what is legally allowed to be charged by Pennsylvania state law.

As of February 22, 2007 Pay Day OK must cease to charge my bank account and zero out my current loan balance because the initial deposit made to my account has been met with debits already previously paid. I am expecting Pay Day Ok to mark the account under the name of myname as ‘paid in full’ Furthermore, when taking out this loan with Pay Day Ok, I was unaware of the Pennsylvania state law that governed this transaction. During this time I borrowed a total principal of $300.00. For that amount borrowed I paid back $436.37 to Pay Day Ok for the first loan. By law, I was only required to pay $28.50 in fees and the $300.00 principal originally borrowed. That is $136.37 more than I was required to pay according to Pennsylvania’s small loan rate cap. My second loan has a principal of $500.00. For that amount borrowed I paid back $364.29 to Pay Day Ok for the second loan. By law, I was only required to pay $47.50 in fees and the $500.00 principal originally borrowed. I would be willing to drop the request for a refund from the overpayment of the first loan if you agree to mark the second loan as ‘Paid In Full’.

At no time will Pay Day Ok any representative, parent company, subsidiary, or affiliate of Pay Day Ok, 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 Pay Day Ok does not abide to the settlement conditions stated above, I will have no choice but to formally complain to, and request that the Attorney General of PA, Tom Corbett file criminal charges against Pay Day Ok for its illegal lending practices to the consumers within the State of Pennsylvania. My banking institution has provided me with bank statements verifying these loans and the amounts debited from my account proving how much I overpaid.
All correspondence as of today, February 22, 2007, shall be in written form either through the email address, email addy I provided to you at the time of the application, or via The United States Postal Service, to address. 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. I hereby also revoke your right to use the wage assignment that I signed upon application of the small loan. You no longer have my permission to use this wage assignment. I also revoke your right to call my employer, any reference, or any phone number besides the following phone.

Sincerely,

name
cc: bank