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 Posted: Mon Apr 02, 2007 4:33 pm |
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I live in Florida.
I have 6-7 Payday loans with the following:
Cash NetUSA - due 4/5/07 for $1350.00
Check N Go - installment loan - last payment due 4/12/07 for $314.35
500 Fast Cash. I have a loan for $350.00 I've paid 2 extension fees of $105. next due 4/12/07
United Cash Loan. I owe them $250.00. Ive paid them about $410 in extension fees.
Quickest CAsh Advance I owe them $300.00, U believe I've paid them 2 fees of $90.00 for extensions
Geneva Roth. I've paid them I believe 2 or 3 extensions of $90, original loan $90
Just got one last week with Arrowhead for $300. Haven't even received any pprwrk on them. 1st extension due 4/12/07
i don't know what to do. i don't know if i should try and consolidate them or try and close my account before it goes negative.
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channena
Joined: 02 Apr 2007
Posts: 2
Debtcc Points: 83
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| Posted: Mon Apr 02, 2007 5:05 pm |
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Contact your state attorney general and know the legal charges the loan companies are allowed to charge. Do you have the contract copy from the companies you are dealing with? Make sure that you know the laws and are able to prove any violations by the companies before closing the account.
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Trenity
Joined: 14 Mar 2006
Posts: 510
Debtcc Points: 6278
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| Posted: Mon Apr 02, 2007 6:58 pm |
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You should also check out the licensing status of each company. You can usually do this online on your states banking dept website.
My first piece of advice would be to not take out anymore payday loans. Some of the loans you posted look like installment loans, so you should check with both your states attorney general's office and the florida banking dept. They can tell you what laws apply to what loans, and can give you some state specific advice about the best way to handle them.
I know there have been several users from Florida with the same sort of problems. If you do a search on this site I think they posted their experiences. I know I've called the FL banking dept and talked to some helpful people, and some very unhelpful people.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111637
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| Posted: Mon Apr 02, 2007 7:04 pm |
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| Quote: | Florida State Information
Legal Status: Legal
Citation:
Fl. Stat. Ann. ยง 560.401 et seq.; Rule 69V-560.901-912
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes
Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee, FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
http://www.flofr.com/ |
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Leah
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Joined: 04 Mar 2007
Posts: 2333
Debtcc Points: 50556
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| Posted: Mon Apr 02, 2007 7:58 pm |
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Thanks for the info. I can pay them off, just not all at once and I need to pay my other bills as well. I won't get another one. I intended on closing my account. I"ve had this account for about 17 years, I called the bank and told them I lost my check book. Was that the wrong move, should I have just been honest because of course I'm ashanmed. They don't come out of my account till next week. The problem is I just paid my property tax and I can't close my account until that clears. I was going to call the installment lender and overnight them a money order for that last payment. The cashnet payment is due this week for an extension so because of the property tax payment pending, I can't close the accout so they will get that extension fee. Also I will write the letters but I don't want to alert them until my account is closed. How should I handle that.
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Guest
Debtcc Points: 100
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| Posted: Mon Apr 02, 2007 8:05 pm |
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What you should do is contact them and try to arrange payments...Some of your loans you legitimately owe but but it looks like the one with Unite Cash is PIF because of how much you paid them. Just to let you know: They are going to be hard butts about it...If this arises, you need to send them a letter revoking their right to withdrawal money from your account, also revoke any voluntary wage assignment that you may have signed in your contract...then you need to notify your payroll dept of this matter so that if they do try to send anything to them they will not get a hold of your paycheck....
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Leah
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Joined: 04 Mar 2007
Posts: 2333
Debtcc Points: 50556
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| Posted: Mon Apr 02, 2007 8:54 pm |
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I would highly recommend in your situation that you consider contacting these companies and working out a payment arrangement. I know that with CashnetUSA they will consider a debt repayment plan. United Cash Loans on the other hand, has issues.
I would recommend that you check the state laws and consider debt consolidation whereby it will be beneficial to you.
I am sorry that you have accumulated so much debt. Now that you have admitted that you have a problem, work toward a solution and whatever you do, don't borrow anymore money!
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Alexandra
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