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 Posted: Wed Oct 17, 2007 9:12 am |
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I can not answer your messages because you did not register. Please post your questions here so I can help you. We have been looking for your original thread and we can not find it. Probably you added on to an old thread. We are here to help, but can not find you
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5464
Debtcc Points: 38903
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| Posted: Wed Oct 17, 2007 9:20 am |
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Here is my orignal post
Can anyone give me advise on the laws in Florida. I too have been caught up in the web on internet loans. Right now I have 10(I didnt even realize I had taken out this many) loans out and its killing me, there going into my account on days they know are not my paydays and my bank is killing me with fees because the money is not there, any help is greatly appricated.
The companies I used are
paydayloan-yes-260.00(extend 3 times at $60 each time)
e-paydayloan- 260.00(extend 3 times at $60 each time)
loanshoponline-$260.00 (extend 3 times at $60 each time)
loanpointusa-$260.00 (extend 4 times at $60 each time)
intermcash-$300-(extended 4 times at $60 each time)
Quickest-Cash-Advance-$300((no longer extending account in default)
usapaydayloan-$300((no longer extending account in default)
unitedcashloans-$480(no longer extending account in default)
applefastcash-$300(extended 3 times at $90 each time)
InstantCash911-$400(extended 2 times at $120 each time)
_________________
My question is what step can I take before the blood suckers attack my bank account on friday?
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MORELAND_ISHMAEL
Joined: 16 Oct 2007
Posts: 22
Debtcc Points: 720
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| Posted: Wed Oct 17, 2007 9:24 am |
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| Quote: | 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
Regulatory Contact: ,
Regulator Website
http://www.flofr.com/ |
When you say extened three times are you saying that you have only paid the fees.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5464
Debtcc Points: 38903
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| Posted: Wed Oct 17, 2007 9:36 am |
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Hi. Welcome to the community.  For immediate results, you will probably have to close your bank account and open another one at a different bank. You will also probably want to get your employer to pay you with a "live" check on Friday so that you can take it to the bank and cash it yourself. This will keep the ipdls from getting to your money. BUT, this is only the first step. Please answer Kash's question about the extensions. Also, try to relax because there is a way out of this.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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| Posted: Wed Oct 17, 2007 9:42 am |
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yes I just paid the fee's, plus interm cash just left a message at my job stating if I dont call them back they will take legal action against me. Can they do this?
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MORELAND_ISHMAEL
Joined: 16 Oct 2007
Posts: 22
Debtcc Points: 720
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| Posted: Wed Oct 17, 2007 9:46 am |
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No. They are most likely not legal or licensed anywhere. This sounds like an idle threat to scare you. Also, remember that per your laws, criminal action is prohibited. I think that you need to send all of the pdls a cease and desist letter along with a wage assignment revokation letter so that they don't try to send something to your hr department to have a part of your wages sent to them. This is completely revokable, and I don't even know if you signed one. But, to be on the safe side sending something saying "I revoke all wage assignments that may have been previously authorized" will keep them from being able to get anything. They will try these kinds of tricks, so it is just better to be prepared for them.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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| Posted: Wed Oct 17, 2007 9:48 am |
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Please read the following before you close your account. There could be ramifications to closing it which would only give you more problems
| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches! |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5464
Debtcc Points: 38903
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| Posted: Wed Oct 17, 2007 9:50 am |
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Also, per your state laws, I see that you should only be charged $15 per $100. In most cases, you were charged $20-$30 per $100. Also, rollovers are not permitted, per your state's laws. If you were allowed to extend your loan, then the laws were broken anyway. So, add up all that you have paid to each pdl and let us know what you have come up with. You probably don't owe nearly the amount that you think you do.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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| Posted: Wed Oct 17, 2007 9:55 am |
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Ok im going to call my bank and see if the can stop the ach transactions, hopefully they will work with me so I can erase the negetive $300 in fee's I have thanks to the blood suckers going into my account on days they know arent my paydays
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MORELAND_ISHMAEL
Joined: 16 Oct 2007
Posts: 22
Debtcc Points: 720
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| Posted: Wed Oct 17, 2007 9:57 am |
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Ask them to put a hard block on your account for all ach debits. I know that you can not close your account at this time, so at least a hard block should help.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5464
Debtcc Points: 38903
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| Posted: Wed Oct 17, 2007 10:01 am |
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Ok I'll do just that. Man I wish I found you guys months ago, I will be spreading the word about you guys.
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MORELAND_ISHMAEL
Joined: 16 Oct 2007
Posts: 22
Debtcc Points: 720
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| Posted: Wed Oct 17, 2007 10:08 am |
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Let us know how you make out at the bank. We need to see how much you legally owe these places
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5464
Debtcc Points: 38903
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| Posted: Wed Oct 17, 2007 10:10 am |
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Kash, since the pdls are basically doing unauthorized transactions (being that they are deducted on days that Ishmael didn't authorize them to be deducted on), do you think he should make a report to the bank regarding unauthorized transactions? This might help to recoup some of the fees he's incurred. Just wondered what you thought of that.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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| Posted: Wed Oct 17, 2007 10:17 am |
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he can try, but they are not unauthorized deductions. It is the dates that are off. Ishmeal . Did your pay date change , and you didnt notify the Pdls
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5464
Debtcc Points: 38903
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| Posted: Wed Oct 17, 2007 10:30 am |
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Ahhh! I get it now. (I'm a little dense today!) Plus, I wasn't sure exactly how that whole unauthorized debit thing worked. So, let me get this straight...If the pdl is authorized to debit, then the date that they debit on is not relavent, even if a date is specified and agreed upon by the consumer and the pdl? I feel kind of dumb asking this, but like I said before, this whole authorized/unauthorized thing confuses me a little... 
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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