Cash Yes

Is anyone familiar with the lender Cash Yes. I tried contacting them in reference to my loan and this is the email they sent me.


December 29, 2009

(Name removed)


Re: Your Cash Yes Loan #19719640

(name removed)

I am writing on behalf of Cash Yes in response to your recent email. Cash Yes strives to assist consumers with their short term cash needs and is concerned that you were disappointed with your experience.

Please be advised, however, that your loan was made pursuant to Cash Yes’s license in its home country of Belize under the International Financial Services Commission Act of Belize, Chapter 272. Cash Yes’s contracts, including the loan agreement you signed, clearly designate Belize law as governing its transactions and provide all disclosures required by Belize and U.S. federal law. Cash Yes has no physical presence in the State of Connecticut, and does not solicit Connecticut consumers via mail, telephone, or email. In order to obtain a loan from Cash Yes, a Connecticut consumer must log on to the internet and access Cash Yes’s website, just as you did. You received documents in conjunction with your loan fully describing how the finance fees are applied and your repayment options, and you agreed to these terms, including the applicability of Belize (not Connecticut) law to the transaction, with electronic signatures in multiple places. Should you require another copy of your documents, or if you need clarification on points referenced in the documents, please contact us. A careful review of those documents should resolve your concerns regarding the terms applicable to your loan.

We intend to continue our efforts to collect the balance owed on your loan. However, we do understand that the current economic situation has adversely affected many people, and we are always wiling to discuss settlement arrangements with our customers who have fallen on hard times. We encourage you to work with us by contacting us at 1-866-568-1422 at your earliest convenience. It is in your best interest to make arrangements with us directly, as your loan may be sold in the future to a third party collection agency. Those agencies are empowered to take legal action to collect the debt, and once they purchase your account from us, the nature of their actions is not within our control.

Thank you for the opportunity to clarify this matter and address your concerns.

Sincerely,
Cash Yes
----- Original Message -----
From:
[FONT=arial]To: [EMAIL="info@cashyes.com"]info@cashyes.com[/EMAIL] [/FONT]
Sent: Tuesday, December 29, 2009 2:24 PM
Subject: Fwd: Cease and Desist - Immediately (FINAL ATTEMPT)


Customer Service,

This will be my final attempt to contact your organization in reference to this matter. I have not received a response from your company in regards to my email below. It has been 11 days since I first contacted your company in regards to this matter. Please contact me via the instructions in my email, again this will be my final attempt in contacting you.



----- Forwarded Message -----
From:
To: [EMAIL="info@cashyes.com"]info@cashyes.com[/EMAIL]
Sent: Tuesday, December 22, 2009 1:38:54 PM GMT -05:00 US/Canada Eastern
Subject: Fwd: Cease and Desist - Immediately


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p { margin: 0; } [COLOR=#000000]Customer Service,
It has come to my attention during my recent research, that PayDay Loans are in fact illegal in the state of Connecticut. Please see my letter below in regards to this matter. Please take this to be a very serious matter.



December 18, 2009

Cash Yes



After doing research regarding Internet payday loan laws in the State of Connecticut, I have found that your Internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the State of Connecticut in general:

Legal Status: Prohibited

Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.§ 36a-563

Small Loan Rate Cap
30.03% or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest

I hereby revoke any and all ACH authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with the Bank of America to protect my interest in this matter, per instructions from The Connecticut Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected and reported to Connecticut Attorney General's Office on behalf of my employer.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General's Office. I prohibit you or your affiliates to contact me via telephone at my place of employment or my home
telephone number. I also prohibit you from calling my references listed on my loan.

Due to the fact that Internet payday loans must be licensed in the state of Connecticut to be a legal and binding contract, your company should NOT issue loans to Connecticut residents at all. I am requesting that you send me your license number which enables you to offer loans to Connecticut residents.

The legal amount that could have been charged to my loan is the principal amount, even IF your Internet pay day loan were legal anywhere in the U.S.. To my records, I have already paid back the principle amount of the loan, and demand all finance charges to be credited back to me.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and the Connecticut Attorney General's Office.

I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Sincerely,

(name removed)

CC: Better Business Bureau
Connecticut Attorney General
Federal Trade Commission
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