<PAGE>

                                                                   EXHIBIT 10.50

                                   May 4, 2001



The Credit Store, Inc.
3401 N. Louise Avenue
Sioux Falls, SD 57107

Re:   Subordinated Grid Promissory Notes made by The Credit Store, Inc., to the
      order of J.L.B. of Nevada, Inc., in the respective original principal
      amounts of $20,000,000, $5,000,000 and $5,000,000 dated respectively
      August 1, 1997, October 23, 1997 and November 21, 1997 and Secured
      Promissory Note made by American Credit Alliance, Inc., to the order of
      J.L.B. of Nevada, Inc., in the original principal amount of $880,000 dated
      August 16, 1996 (collectively the "Notes").

 Gentlemen:

      We are the owners and holders of the Notes. Among other things the Notes
provide that interest thereon shall be paid monthly, but notwithstanding such
provision you have not made the interest payments monthly, but interest remains
accrued and unpaid (the "Interest Accrued to Date")

      This will confirm our agreement as follows:

      1.    You shall not be required to pay the Interest Accrued to Date until
            the later of one year from the date hereof or five days after the
            date we or any subsequent holder of the Notes make written demand
            for payment thereof, except that we or any such subsequent holder
            may at any time demand payment of up to 20% of the Interest Accrued
            to Date (the "Demand for Interest Accrued to Date").

      2.    Your failure to have heretofore paid the Interest Accrued to Date on
            the monthly due dates shall not be deemed an Event of Default under
            the Notes unless and until you fail to make payment of the Interest
            Accrued to Date within five (5) business days of your receipt of a
            Demand for Interest Accrued to Date made in accordance with the
            terms of this letter agreement.

                                       3
<PAGE>


      3.    Future interest payments on the Notes need not be paid monthly, but
            shall accrue until the later of one year from the date hereof or
            five days after the date we or any subsequent holder of the Notes
            make written demand for payment thereof, except that we or any such
            subsequent holder may at any time demand payment of up to 20% of the
            interest accrued from the date of this letter agreement to the date
            of such demand (the "Interest Payment Demand").

      4.    Should you receive an Interest Payment Demand in accordance with the
            provisions of this letter agreement and fail to make payment of the
            amount demanded within five (5) business days of your receipt
            thereof, such failure shall constitute an Event of Default under the
            Notes.

      5.    In all events where interest payments have heretofore not been paid
            monthly or hereafter may not be paid monthly, interest shall be
            compounded, i.e. interest on any such deferred interest payment
            shall accrue at the rate of 12% per annum.

      6.    In all other respects the terms, provisions and conditions of the
            Notes shall remain and continue the same.

      Please confirm your agreement to the terms hereof by signing at the foot
hereof where indicated.

                                                    Very truly yours,

                                                    J.L.B. of Nevada, Inc.

                                                    By:___________________

 Confirmed and agreed to:

 The Credit Store, Inc.

 By:___________________