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Bublefan1 · Posted: Tue May 01, 2007 3:20 pm Subject: I need help!

Okay...I live in Florida and I have 11 payday loans. They are all online PDL's. I have debt consolidation for my credit cards, and the only way they will do payday loans are if they get sent to collections. I dont want them to go to collections, Should I just let them go to collecions and let my debt management plan take care of them??? I'd would like to pay them off one at a time. I am just confused about the laws here. Florida law says that there are no rollovers allowed. Is that the same as "renewals"? If it is, then I have more than paid off all of these loans, just on renewals alone! How do I find out if these PDL companies are licensed in my state? Should I just close my checking account and let all of the payday loans be returned? Then work with one at a time? I am extremely stressed out about this and am seeing a shrink from all the stress. Can someone please help me?? If you could PM me or something, so I can make sure I do everything correctly!
I will just list the companies and how much the loans are for:

Payday Select- This started out as a $500 loan and now is up to $700.
Paycheck Today- $300..I have renewed this loan 3 times already, have not began paying on principal
Cashnet USA- $200. This is a new one and I have only paid one renewal fee so far
Cashtree- This was sent to collections for $395 and I have worked out a payment plan with them but its still too much money. Can I negotiate with them some more??
Eastside Lending- I believe this was $200 and I have paid about 100 so far. I cannot find any information for them
Payday Yes- I dont even remember how much this one was for. My online access to my bank account doesn't go back that far.
Payday Cash Link- $300- have only paid interest so like two times.
One Click Cash- 300.00- I have only paid two interest payments on this
United Cash Loans- 150-have only paid interest so far (2 payments)
VC Funding- $250.00- have only paid 2 interest payments

I am so depressed about this and feel like there is no way out. I cant pay my phone bill or electric bill or my childs daycare because of all of these loans. Can someone please help me?? I really feel like a horrible person and I have had to borrow money from friends to make ends meet. I need to pay my friends back first, but with all of these loans, I just cant do it! Someone PLEASE help!!!

Posted: Tue May 01, 2007 3:28 pm Subject:

I will recommend that you call the loan companies and put a proposal. They might be willing to work on your terms because they want to get their money back. If not, they will send it to collections and then you can ask your debt management company to deal with the collectors.

Look for the loan company's licensing info in this website.

http://www.flofr.com/licensing/Download/mtlist1.zip

Bublefan1 · Posted: Tue May 01, 2007 3:46 pm Subject: I need help!

I went to that website and none of these payday loan companies are on that list that I could see. Do I need to check the state that the PDL companies are in as well?? Either way, rollovers are not allowed and I HAVE rolled over these loans A LOT!! And I am sure I have paid off half of them just in interest payments. PLEASE HELP!!!

Posted: Tue May 01, 2007 3:46 pm Subject:

some pdl's don't assign the loans to collections they just use their internal collectors, ask your debt company if they will deal with the internal collectors from the pdl's.

Posted: Tue May 01, 2007 3:50 pm Subject:

First off you are not a horrible person!! You just got stuck in the pdl trap. I have been there and there is a way out.
Yes roll overs are just like renewals. You could go to your bank and ask for copies of your bank statements, they can go back as far as you need. You may have to pay for copies of them, but it is worth the price to know exactly how much you have paid to them. And while you are there I would close your checking and open a new one. And as soon as you do that you will have money to pay for the things you need.
When you start getting calls or letters from the collections dept. one these, get their info so you can add them to your management program. But first I would send letters to these places as soon as you find out how much you really paid them and try to settle the balances on your own. I am in the process of doing that myself right now. I had 10 internet and 10 storefront loans out at once. A couple of the internet loans my states DFI have right now and they tolf me not to pay until I hear from them. So if you write letters, send them out cert. mail with return reciept requested. Keep a copy for yourself. Some people in here got their loans marked PIF. I would hope the same goes for you on some of these loans.

Posted: Tue May 01, 2007 3:50 pm Subject:

No, in Florida the pdl's should be licensed in Florida to be legal. I would call your state's banking dept and or attorney general's office and make complaints against these companies.

Also, yes, close your bank account. If you've paid more then you should in "fees" alone, then you should close the account. The pdl's will not work with you if they still can get into your bank account.

When you close your account be sure to ask your bank what their policy is on closed accounts and ach transactions. Some banks will "force" open the account if an ach transaction goes through within like 30 days of the account being closed. If you bank does this ask them to put the account of credit only, or whatever they call it. It makes it so only money can go into the account. For money to be withdrawn you have to be in the bank and ask them to lift the hold. Stop payments won't work as these companies have many different names and will still hit the account using paper checks.

bublefan1 · Posted: Tue May 01, 2007 3:56 pm Subject: i need help!

Okay....should I just close my account as soon as possible? And open another one? I just don't know what legal recourse I have. I want to pay the loans back, but I want to pay what I owe, not all these fees. The thing that gets me is that Florida law says that there are no "rollovers" allowed. What does that mean??

bublefan1 · Posted: Tue May 01, 2007 4:02 pm Subject: I need help!

My bank told me to close my account completely. They said that even though my account is overdrawn (thanks to these stupid loans) that the worst that will happen is I will get sent to Checkystems. But she said that if I open a new account now at a different bank, then its not a big deal. My account has been overdrawn every payday for the past three months and I've had to borrow money from friends in order to stay afloat. I can't do it anymore. How would I go about reporting these companies to the Attorney General's office?

Posted: Tue May 01, 2007 4:04 pm Subject:

I would close your account now, do not wait for them to take more fees out of your hard earned money. Then send your proposals to the pdls stating what you have paid, and what is due and when you will be paying and how much you will pay, and stick to your payment arrangement. Demand that you pay with money orders, if they don't want to give you a physical address insist that this is the only way you will be able to pay them and most importantly DO NOT give them or anyone else your new account information.

bublefan1 · Posted: Tue May 01, 2007 4:08 pm Subject: I need help!

So I should try to settle them myself first? I would almost rather let my debt management plan settle them for me, but if I have in fact paid some of these off just by renewal fees (since rollovers are not allowed) what do I do? what types of letters do I need to do? I dont understant a lot of the laws (its all a bunch of gobbledy gook to me). COuld someone help me write a letter???

Posted: Tue May 01, 2007 4:11 pm Subject:

If you are already in a debt consolidation plan, ask them if they are willing to deal with the pdl's some will and some won't, but you will need to know the amount of your loan, renewal fees if applicable and how much you have actually paid to the pdls. I'm not much good with the laws and the letters but there are letters here on the site that you can access and modify to fit your situation, hopefully the moderator can give you the link and advise you that matter.

Posted: Tue May 01, 2007 4:18 pm Subject:

Definitely close your bank account and open a new one else where. Get control of your paycheck. If you want open a new account at another bank. Be proactive and get these pdl's to play ball on your terms. Get the info on Florida's PDL laws (I did and it's like having a nicely sharpened sword of knowledge). Most of these companies (or all of them) are probally not even licensed here and that's more ammo for you. The more you know about the laws the less they can try and bully you with nonsense. The tune always changes when they know you know what you are talking about.

Hanging in there and God Speed!!!!

-S

bublefan1 · Posted: Tue May 01, 2007 4:22 pm Subject: I need help!

Thanks for all of your advice! I am going to open a new account tomorrow. That way I can pay what I need to pay (car, gas, daycare, phone, cable, electric, water) and start paying my friends back! Paying them back is more important to me than these loans! Can someone send me the link to the sample letters?

bublefan1 · Posted: Tue May 01, 2007 4:49 pm Subject: i need help!

I am so angry! I just went back to see how much I have actually paid on these loans, just in fees and this is what I've found:

Payday Select- Original Loan amount was 500...I have paid ` 344.42 so far in fees
Paycheck Today- Original loan amount was $300- have paid $270 in fees
Cash Tree- Original amount was $300- have paid $300 in fees and my balance is $395
Eastside Lending_ Original amount was $300 (I think)- I have paid 462.50 in fees
Payday Yes- Original Amount was $300 ( I think) - I have paid $480 in fees
Payday CashLink- Original amount was $300- Have paid $180 so far in fees
One CLick Cash- Original amount was $300- I have paid $180 in fees
United Cash Loans- Original Amount was $150- have paid $165 in fees
VC Funding- $250.00 Have paid $150 in fees

Now what do I do??? I have paid off almost ALL of these loans in full.