On Windows 7 you can find it:
c:\Users\<user name>\AppData\Roaming\PSpad 

For Windows 7 and Vista users
Please ensure that you don't install PSPad as portable. No application has
rights to write into Program files folder.

You have 2 ways how to fix it:
1. Run PSPad installer again and uncheck option "Portable application" during
setup.
2. Run PSPad as administrator (use right mouse) to elevate PSpad rights, go to
Program settings/System and check Multiuser environment

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<http://forum.pspad.com/read.php?2,59221,59247>
PSPad freeware editor http://www.pspad.com

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