A “Sample Letter To Revoke Authorization For Payday Loan Debit” is a formal request. It stops a payday lender from automatically debiting your bank account. You might need this letter if you can no longer afford the loan payments. It’s also useful if you’ve paid off the loan but the debits continue.
Need to write this letter? Don’t worry. We’ve got you covered.
We will share letter templates. These samples will make writing your own letter easy. Use our examples to get started today.
Sample Letter To Revoke Authorization For Payday Loan Debit
**Sample Letter To Revoke Authorization For Payday Loan Debit**
[Your Name]
[Your Address]
[Your City, State, Zip Code]
[Your Email Address]
[Your Phone Number]
[Date]
[Payday Loan Company Name]
[Payday Loan Company Address]
[Payday Loan Company City, State, Zip Code]
**Subject: Revocation of Authorization for Payday Loan Debit**
Dear Sir/Madam,
I am writing to revoke my authorization for you to debit my bank account for payments related to payday loan account [Your Account Number]. I initially authorized these debits on [Date of Authorization].
This letter serves as formal notification that I am canceling this authorization, effective immediately. You are no longer permitted to debit my account [Your Bank Account Number] at [Your Bank Name] for any payments related to this loan.
Please confirm in writing that you have received this revocation and that no further debits will be made.
If any further debits are made after the date of this letter, I will consider taking further action, including contacting my bank to dispute the charges and filing a complaint with the appropriate regulatory agencies.
Sincerely,
[Your Signature]
[Your Typed Name]
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How to Write Letter To Revoke Authorization For Payday Loan Debit
Subject Line: A Concise Declaration
- Craft a subject line that is direct and unequivocal. For example: “Revocation of Debit Authorization – Account [Your Account Number]”.
- Avoid ambiguity. The lender should immediately understand the letter’s purpose.
Salutation: Formal Courtesies
- Start with a formal salutation. “Dear [Payday Loan Company Name]” is usually sufficient.
- If you know a specific contact person, address the letter to them directly for expediency.
Statement of Revocation: The Heart of the Matter
- Clearly state your intention to revoke authorization for debit payments. For instance: “I am writing to formally rescind my authorization for you to debit my account for payday loan payments.”
- Include your full name, address, phone number, and account number associated with the loan. This ensures precise identification.
- Reference the original loan agreement number, if known, to further pinpoint the specific transaction.
Effective Date: Setting the Boundary
- Specify the exact date from which the revocation becomes effective. Example: “This revocation is effective immediately, but no later than [Date – allow reasonable time for processing, e.g., 3-5 business days].”
- This prevents any potential disputes regarding unauthorized debits post-notification.
Demand for Confirmation: Ensuring Compliance
- Request written confirmation that the lender has received and will comply with your revocation request. A statement like, “I request written confirmation of your receipt of this revocation and assurance that no further debits will occur after the effective date,” is apt.
- This creates a documented trail of accountability.
Warning of Recourse: Asserting Your Rights
- Politely, but firmly, inform the lender of your intent to pursue further action if unauthorized debits persist. Example: “Please be advised that any subsequent unauthorized debits will be reported to my bank, and I will explore all available avenues for redress.”
- This underscores the seriousness of your revocation and the potential ramifications of non-compliance.
Closing: Professional Demeanor
- End with a professional closing, such as “Sincerely” or “Respectfully.”
- Sign your name legibly below the closing.
- Print your name below your signature for clarity.
- Keep a copy of the letter for your records, and send it via certified mail with return receipt requested for irrefutable proof of delivery. This is crucial for potential future disputes.
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Frequently Asked Questions: Revoking Payday Loan Debit Authorization
This section addresses common queries regarding the process of revoking authorization for debit withdrawals related to payday loans. Understanding your rights and the proper procedures is crucial for protecting your financial interests.
How do I revoke authorization for a payday loan debit?
You must send a written revocation notice to the payday lender, clearly stating your intention to revoke the authorization for them to debit your account. Keep a copy for your records.
What information should I include in my revocation letter?
Include your name, address, account number, loan number, the date, and a clear statement that you are revoking authorization for the lender to debit your account for loan payments.
When should I send the revocation letter?
Send the revocation letter as soon as possible and at least three business days before the next scheduled debit to ensure the lender has sufficient time to process your request.
What happens after I send the revocation letter?
The lender is legally obligated to stop debiting your account after receiving your revocation notice. Monitor your bank account to ensure no further unauthorized withdrawals occur.
What if the lender continues to debit my account after I’ve revoked authorization?
Contact your bank immediately to stop the payments and dispute any unauthorized debits. You should also file a complaint with the Consumer Financial Protection Bureau (CFPB) and your state’s attorney general.