Payday Yes PIF!!!! I am soooo happy!!!!!

May 17, 2007

Ms. XXXXXX

We are in receipt of your complaint dated May 10, 2007 which was received via fax on May 11, 2007 and believe that the facts are somewhat different than those in your letter.

I would however, like to share with you the terms of your loan. You received documents in compliance with Delaware 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, May 17, 2007, as US Operations Manager for Payday Yes, I was made aware of this issue through a letter 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 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.