A “Sample Letter To Revoke Arbitration Agreement With Payday Lender” is a written notice. It tells a payday lender you’re canceling an arbitration agreement. You’d use this if you no longer want to settle disputes through arbitration. It’s common when you feel arbitration favors the lender.
Need to write such a letter? Don’t worry. We’ve got you covered.
This article provides sample letters. Use them as templates. Tailor them to your specific situation. Make writing your letter easy.
Sample Letter To Revoke Arbitration Agreement With Payday Lender
**Sample Letter To Revoke Arbitration Agreement With Payday Lender**
[Your Name]
[Your Address]
[Your City, State, Zip Code]
[Date]
[Payday Lender’s Name]
[Payday Lender’s Address]
[Payday Lender’s City, State, Zip Code]
**Subject: Revocation of Arbitration Agreement**
Dear [Payday Lender’s Name],
This letter serves as formal notification that I am revoking my consent to the arbitration agreement related to my payday loan, account number [Your Account Number].
I am exercising my right to revoke this agreement within the permissible timeframe as outlined in the agreement itself or as provided by applicable law.
I wish to resolve any future disputes in a court of law. Therefore, I will not participate in any arbitration proceedings related to this loan.
Please confirm in writing that you have received this revocation and that it is now part of my account record.
Sincerely,
[Your Signature]
[Your Typed Name]
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How to Write Letter To Revoke Arbitration Agreement With Payday Lender
Subject: Unilateral Revocation of Arbitration Agreement – Account [Your Account Number]
Begin your letter with a succinct subject line. Specify that you are unilaterally revoking the arbitration agreement. Including your account number expedites the process by ensuring your lender can swiftly identify your file. This preemptive clarity can obviate unnecessary delays.
Salutation: Addressing the Lender with Professionalism
Opt for a formal salutation. “Dear [Payday Lender Name]” or “To Whom It May Concern” are both suitable. Avoid colloquial greetings; maintaining a professional tone underscores the seriousness of your intent. This initial formality sets the stage for the substantive content that follows.
Body: Clearly Articulating Your Revocation
- State your full name and address.
- Reference the original payday loan agreement date.
- Explicitly declare your unequivocal revocation of the arbitration agreement.
- Cite any applicable legal bases, if known (though not mandatory).
- Mention the account number associated with the loan.
The body of your letter constitutes the core communiqué. Be direct and unambiguous. Leaving no room for misinterpretation is paramount. Concisely assert your right to rescind the agreement.
Rationale: Briefly Explain Your Reasoning (Optional)
Consider briefly articulating your rationale. This is not strictly necessary, but it can be strategically advantageous. You might express concerns about fairness, impartiality, or the excessive cost associated with arbitration. A succinct explanation can fortify your position.
Demand: Ceasing Arbitration and Pursuing Legal Alternatives
Assertively demand that the payday lender cease any ongoing or planned arbitration proceedings related to your account. Indicate your intent to pursue all available legal avenues should they not comply. This clear directive underscores the gravity of your revocation.
Closing: Maintaining a Professional Demeanor
Employ a formal closing such as “Sincerely” or “Respectfully.” Your typed name should follow, leaving space for your signature above. This reinforces your initial professionalism and leaves a lasting impression of seriousness and attention to detail.
Verification: Ensuring Delivery and Record-Keeping
- Send the letter via certified mail with return receipt requested.
- Retain a copy of the letter for your personal records.
- Track the delivery confirmation online.
Verifying delivery is crucial. Certified mail ensures proof of receipt, providing tangible evidence that the lender received your revocation. Meticulous record-keeping is an indispensable safeguard should legal disputes arise subsequently.
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Frequently Asked Questions: Revoking an Arbitration Agreement with a Payday Lender
This section addresses common inquiries regarding the process of revoking an arbitration agreement with a payday lender. Understanding your rights and the proper procedure is crucial for protecting your legal options.
1. What is an arbitration agreement?
An arbitration agreement is a clause in a contract that requires disputes to be resolved through arbitration, a private dispute resolution process, instead of going to court.
2. Can I revoke an arbitration agreement with a payday lender?
Whether you can revoke an arbitration agreement depends on the specific terms of the agreement and applicable state laws. Some agreements allow for revocation within a specific timeframe.
3. What should a sample letter to revoke an arbitration agreement include?
Your letter should clearly state your intent to revoke the arbitration agreement, reference the original loan agreement, include your name and loan account number, and be sent via certified mail with return receipt requested.
4. Is there a deadline for revoking an arbitration agreement?
Yes, some arbitration agreements specify a deadline for revocation. Carefully review your loan agreement to determine if there is a time limit for revoking the agreement.
5. What happens after I send the revocation letter?
After sending the revocation letter, retain a copy for your records along with the certified mail receipt. The payday lender should acknowledge receipt of your revocation. If they don’t, consult with an attorney.