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 Posted: Mon May 14, 2007 12:35 pm |
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I am being contacted by a pay day loan company threatening legal action after deducting about $500 out of my acct. What are the laws?
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KCNKIDS
Joined: 14 May 2007
Posts: 1
Debtcc Points: 44
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orake
Joined: 20 Jul 2006
Posts: 483
Debtcc Points: 6732
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| Posted: Mon May 14, 2007 12:54 pm |
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Please remember that Florida is a non garnishment state. They can only garnish up to 25 percent and only with your written permission. If you signed any "wage assignment agreement" that is a different thing. You must revoke that. They can not take any criminal action against you under Florida law either. What payday loan company is it? Some are not licensed and can only make threats. Someone here will have experience with them and will tell you what they are all about
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frogpatch
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Joined: 09 Apr 2007
Posts: 3702
Debtcc Points: 30852
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| Posted: Mon May 14, 2007 5:10 pm |
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| Quote: | Florida State Information
Legal Status: Legal
Citation:
Fl. Stat. Ann. § 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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Trenity
Joined: 14 Mar 2006
Posts: 510
Debtcc Points: 6278
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| Posted: Sat Sep 27, 2008 6:05 pm |
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i have a defaulted payday loan with cash banc they have threatend to have me arrested for not paying my debt by monday , they say they will download my case can they do this.
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damion
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