My response from OneClickCash
Date: Wed, 07/11/2007 - 12:52
My response from OneClickCash
In reference to your email I've copied and pasted this exert from the loan note and disclosure contract that you signed.
Governing Law: Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the Lender is located, regardless of which state you may reside, and by signing below or by your electronic signature, you hereby contractually consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lenders is located over all matters related to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency.
The laws your speaking of would apply if we were based in New York. But we're web based so we can practice in all 50 states except, Kansas, West Virginia and Georgia. Therefore the contract is still valid.
The account balance is $455 with the next due date on 7/13. This is your 1st pay down date so were set to debit a total of $155. Since your unfamiliar with the repayment process allow me to explain how we came to this balance and hopefully it'll clear things up.
Since it's a payday loan if you don't request to pay in full on the very first due date you're charged extra finance. The first 4 debits, unless you say otherwise would have just been for the finance charges, which did not affect the balance. It's on the 5th renewal that the loan starts to pay down automatically by $50 increments in addition to the finance charge. Per every $50 that gets applied the finance charge will also drop by $15 increments. The pay down continues until the loan is paid in full. Keep in mind all these terms were presented to you prior to receiving the funds and you did sign saying you agreed to all the above listed terms. An account summery and the full terms have been sent in a separate email. Any additional questions please call customer service at 1800-230-3266.
How should I reply to this???
Governing Law: Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the Lender is located, regardless of which state you may reside, and by signing below or by your electronic signature, you hereby contractually consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lenders is located over all matters related to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency.
The laws your speaking of would apply if we were based in New York. But we're web based so we can practice in all 50 states except, Kansas, West Virginia and Georgia. Therefore the contract is still valid.
The account balance is $455 with the next due date on 7/13. This is your 1st pay down date so were set to debit a total of $155. Since your unfamiliar with the repayment process allow me to explain how we came to this balance and hopefully it'll clear things up.
Since it's a payday loan if you don't request to pay in full on the very first due date you're charged extra finance. The first 4 debits, unless you say otherwise would have just been for the finance charges, which did not affect the balance. It's on the 5th renewal that the loan starts to pay down automatically by $50 increments in addition to the finance charge. Per every $50 that gets applied the finance charge will also drop by $15 increments. The pay down continues until the loan is paid in full. Keep in mind all these terms were presented to you prior to receiving the funds and you did sign saying you agreed to all the above listed terms. An account summery and the full terms have been sent in a separate email. Any additional questions please call customer service at 1800-230-3266.
How should I reply to this???
They cannot pick and choose what laws they follow, regardless of
They cannot pick and choose what laws they follow, regardless of where they are located.
This is a common first response . . . .
Are they following the laws of their state??? probably not, mine
Are they following the laws of their state??? probably not, mine don't follow my state or their state laws!!
I just e-mailed them back again telling them exactly what you sa
I just e-mailed them back again telling them exactly what you said Goudah, that they cannot pick and choose what state's laws they follow.
I told them I was in the process of filing a complaint with my AG and to please mark my account PIF.
No response yet.