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Need some critique-Letter to Mobiloans

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Hi everyone,
I'm about to send my letter to Mobiloans and was wanting to get some help. Thanks goes to OhioGal for the format. Please let me know if I am on the right track or need to add/delete something. Not sure if I should make the payment arrangements or just try to get them to PIF it?

Dear Mobiloans,

It has come to my attention that payday lenders must be licensed by the state of Texas in order to offer loans to its residents. Since your company has no license in Texas, the loan contract I have with you is not valid. Although I am not legally required to do so, I am willing to repay the principal balance of this loan. To date, I received a deposit of $600 on June 21, 2013, and have had 1 withdrawal of $185 debited from my account on July 19, 2013. This results in a principal balance of $415. I also have had a grand total of $690 in fees charged to me in 2013, which shows an overpayment on this account of $275.
I am willing to make monthly payment arrangements to pay the prinicpal balance of my account as follows. These payments will be made via credit card:

8/16/13 - $100.00
9/13/13 - $100.00
10/11/13 - $100.00
11/8/13 - $115.00

I am also revoking authorization for ACH withdrawals and any wage assignment I may have signed. Any future attempts to collect funds in this manner will be blocked. I also revoke authorization for you to contact myself or any references that are listed on my application or account. All communication shall be written for the benefit of your company and myself. Also, I request my account to be deactivated.

Please respond to this email with acknowledgment that my account has been satisfied in the above manor.
Personal Information Removed




I'm confused and want to clarify -- you borrowed $600 - Have you only paid $185? if so then you would owe - $415 towards the principal balance and would want to set up a payment arrange that is on your terms only..what is this sentence about,"I also have had a grand total of $690 in fees charged to me in 2013, which shows an over payment on this account of $275." - you don't care about fees unless you have paid them - how much have your paid to date? i don't suggest paying them via credit card - money order is the best, cheapest route for you!! - Lets clear this up and your letter should be OK... You don't want to put that you owe and that there has been an over payment....


Sub: #1 posted on Mon, 07/22/2013 - 08:34

HelpinAZ HelpinAZ
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(Posts: 1873 | Credits: 288.1)

Hi HelpinAZ,

Thanks for your response. The thing is I would take $600, then pay say $660 when it was due. Next time, take $600 then pay back $725 total, etc. Continuous cycle.

Can I try to get them to put those past fees towards this loan balance or not? And, thanks for the tip about money orders as well...I def. change that!


Sub: #2 posted on Mon, 07/22/2013 - 09:26

michaeldhetrick michaeldhetrick

(Posts: 64 | Credits: 9.09)

I would figure up what you paid in fees and deduct from the principal balance.. so in reality you were paying off and re borrowing? That is why we look at total borrowed and then total paid to date.. easier to figure out if owe or due a refund.. Try to figure this out and we will have the answer... but should not put both in one letter, they will just use against you... thinking you don't understand.. we don't want that to happen - I am guessing you may not owe anything - but will need to know the above first to answer for sure.


Sub: #3 posted on Mon, 07/22/2013 - 18:24

HelpinAZ HelpinAZ
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(Posts: 1873 | Credits: 288.1)

HelpinAZ,

You are correct in me paying off the balance and then reborrowing. So, what I described in the letter is the last loan transaction and the first payment I've made towards that transaction. In your opinion, is it worth trying to get them to credit the previous fees/charges from other loans to the principal here or just get them to agree to the principal payments and be done?


Sub: #4 posted on Mon, 07/22/2013 - 18:57

michaeldhetrick michaeldhetrick

(Posts: 64 | Credits: 9.09)

Pay by POSTAL MONEY ORDER....do not pay by credit card. Mail them the payment at YOUR convience.


Sub: #5 posted on Mon, 07/22/2013 - 19:16

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17209 | Credits: 4746.15)

they won't agree to anything,but the principle plus interest.however since they are illegal you do deduct interest paid on previous loans to this one.don't look for an illegal lenders approval.that's insane!you take every 125.00 overpayment and deduct that from the 600.00 currently out.never pay an illegal a penny more than they are entitled to.that is a win for them.


Sub: #6 posted on Mon, 07/22/2013 - 19:28

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

Thanks SoapLady..I will be doing that for sure instead of by the credit card (I was going to use a prepaid card anyways). Should I just not give dates and say I will pay them when I want?

Paulmergel - should I just not try to do payment arrangements and get them to PIF it based on the previous fees I was assessed?


Sub: #7 posted on Mon, 07/22/2013 - 19:40

michaeldhetrick michaeldhetrick

(Posts: 64 | Credits: 9.09)

OK - I'm gonna try one more time to explain.. you take the total of all borrowed - every single one.. then you add up all you have paid total and subtract from the amount borrowed.. if you over paid you ask for a refund - but demand a PIF -- if you still owe on principal then you tell them how and when you will pay and when the agree you pay - if they don't agree to what you say then they get nothing..


example -- say you borrowed $600 4 times - that would be $2400 - then you paid back $660, $725, $725 and then one payment on last one of $185 = $2235 - then you would still owe $165 only... hope this helps it make more sense...


Sub: #8 posted on Mon, 07/22/2013 - 19:47

HelpinAZ HelpinAZ
Moderators
(Posts: 1873 | Credits: 288.1)

OK, sorry HelpinAZ for being such trouble....

Just figured it up for 2013. I have had 5 loans for $600 each ($3000).

I've paid them a total $3745 out of my checking account as of today.


Sub: #9 posted on Mon, 07/22/2013 - 20:36

michaeldhetrick michaeldhetrick

(Posts: 64 | Credits: 9.09)

they owe you.close your account and follow the steps in helpinaz's signature.


Sub: #10 posted on Mon, 07/22/2013 - 20:39

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

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