Sample Letters
Here is an example of a letter you should send to a PDL you have not paid off. Feel free to modify it to your needs, this is just what I used (except I forgot the revoking wage assignment in my original).
Not PIF PDL Letter
Company Name
Company Address
Company Phone Number
Date
Your Name
Your Address
ACCT # ……. [account number or LoanID they gave you]
To Whom It May Concern:
My name is [enter name here], my account number is [repeat account number]. I am hereby revoking your authorization of any further ACH debits by your company [enter company name here] from my bank account at [enter your bank’s name], account number [enter bank account number], as allowed by Federal Law (EFTA at 15 U.S.C 1693a(9)). I wish to make other payment arrangements in accordance with the laws of [your state].
I am also revoking any wage assignment I may or may not have signed. Wage assignments are voluntary and I am notifying you that I will not be volunteering.
As you are not licensed by the State of [your state], you are not allowed to give payday loans in this state [put in some legal jargon, here is my example - (Oregon Law (54 Or. Rev. Stat. Ann. ยง 725.600 et seq.))]. I will finish repaying the principal in full with a money order. For [amount] borrowed on [date], [amount] has already been debited from my account ([individual amount] on [date] and [date]…[etc]) leaving my balance with you [amount]. [my example specifically - For $300 borrowed on June 5th, $180 has already been debited from my account ($90 on 6/21 and 7/5) leaving my balance with you $120.]
I will be contacting you by [phone/email/fax whatever else you plan on sending] as well with the above information. A copy of this letter will also be sent to [your bank’s name].
Please do not call me or my references. I wish that all further communication to be conducted via direct mail or email. I will be contacting you, and my debt will be settled.
PAY DUE ATTENTION TO THIS LETTER
Sincerely,
[don’t forget your signature after printing]
[your name typed]
The Federal Legal jargon refers to PDLs with automatic ACH debits, and the State ones you can get from Paydayloaninfo.org. Any suggestions or any grave mistakes you’ve found please let me know! Thanks