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 Posted: Fri Aug 31, 2007 5:44 pm |
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I now have 4 payday loans. I live in Florida, and didn't know you can only get 1 for $500. I have one from a store front, and 3 from the internet.
Advance America-store front-$500.00 (charges $55 per advance for 2 weeks) I have probably paid out over $1000 to them in fees
Cash Net Usa- on line-$500 (made 2 payments of $117 which was fees only. paid nothing toward the advance. Paid off the original advance because i had to, but readvanced because i couldn't afford to pay it off!)
Emerald Marketing- on line-$300 (have made one $90 payment so far)
United Cash Loans-on line-$300 (made one $90 payment so far)
I can't even get ahead on my regular bills because i spend all my extra money paying just the interest on these loans!!!! Help, Please!
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henrymickey1212
Joined: 31 Aug 2007
Posts: 4
Debtcc Points: 199
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| Posted: Tue Sep 04, 2007 8:42 am |
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Someone from Florida will be along to assist you. I know it is all so overwhelming. You should read this information on the state of florida pdl laws: Legal
| Quote: | 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
Regulatory Contact: ,
Regulator Website
http://www.flofr.com/ |
Hang in there someone will be along shortly to assist. 
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2759
Debtcc Points: 24754
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| Posted: Tue Sep 04, 2007 9:38 am |
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Advance America is obviously legal so you need to continue to pay them. If you look at your loan paperwork with them, they will accept payment arrangements if you default if you are working with a credit counseling service. What I am doing is every 2 weeks I am taking 50 dollars less until I no longer have the advance. I can't afford to pay it off in full either.
Cashnet USA is legal in FLorida and operating as a CSO. File a complaint against them though with the Florida Department of Financial services because they are in the process of investigating them to see how legal or what they can actually charge per Florida law. I filed a complaint with FLorida and I defaulted with Cashnet. I have emailed them that I am waiting the results of Florida's investigation before I pay anymore to them. But that is a personal choice. Keep paying them or default. But they are legal so they do have to be paid at some point.
The other two companies I am not sure about as I have no experience with those two.
At the top of the main post page is a sticky about closing your bank account. Please read it and consider changing banks. Cashnetusa no matter whether you send them an ach revocation letter will still try to debit your account a couple of times.
I will look and see what I can find out about the other companies.
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5507
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| Posted: Tue Sep 04, 2007 9:51 am |
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CashNet USA is not legal in Florida. See this thread below. Someone from the office of Florida Office of Financial Regulation wrote a response to one of the consumer's email
http://www.debtconsolidationcare.com/paydayloan/cashnet-registered.htm l
Make sure that you pay off the principal amount first by making larger payments. Then you can think about whether to send anything towards their interests or not.
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ricjil
Joined: 04 Nov 2005
Posts: 225
Debtcc Points: 3537
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| Posted: Tue Sep 04, 2007 9:59 am |
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Cashnet USA is not license in FLorida you are right, but they are registered in Florida as a CSO. They are not operating as a PDL therefore they are not falling under PDL laws. The state of FLorida is currently investigating them under Florida statutes CH 516. Which means they can charge up to 18% interest and can charge handling fees in addition. But at this time it is a LEGAL debt. Sandra Smith is the one that sent me to LISA Jackson who is the investigator handling all of the complaints against Cashnetusa.
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5507
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| Posted: Tue Sep 04, 2007 10:04 am |
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Here is Florida's registration information that Goudah found and posted on another thread
| Quote: | Fictitious Name Detail
Fictitious Name
CASHNETUSA
Filing Information
Document Number G06333900717
Status ACTIVE
Filed Date 11/29/2006
Expiration Date 12/31/2011
Current Owners 1
County MULTIPLE
Total Pages 1
Events Filed NONE
FEI Number NONE
Mailing Address
ATTN: ANDREW GEBBIA
1600 W. 7TH STREET
FORT WORTH, TX 76102
Owner Information
CASH AMERICA NET OF FLORIDA, LLC
200 W. JACKSON STREET, SUITE 2400
CHICAGO, IL 60606
FEI Number: 20-5921254
Document Number: M06000003392
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5507
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| Posted: Tue Sep 04, 2007 12:06 pm |
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Pybasj is right, they are registered with the state of Florida and are acting as a CSO, not a lender. CSO's are not required to be licensed, only registered.
Cash Net USA is not licensed as a payday lender. That is what the link above is talking about. BUT - Cash Net USA is not lending in the state of Florida. They are a CSO, which is like a loan broker. So they are well within the laws to do what they are doing, and should be considered a 100% legally operating company.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111631
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| Posted: Wed Sep 05, 2007 11:52 am |
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Emerald Marketing does not look like it is licensed in Florida. It is licensed in Nevada. I would pay the rest of the principle you owe them. They might want at least a $90 interest payment to consider your account paid in full but that is up to you whether you want to give in or fight to just pay principle only.
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5507
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| Posted: Wed Sep 05, 2007 12:20 pm |
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My question is if Cash Net is brokering a loan from a lender to someone in Florida shouldn't the lender be licensed in the State? The Florida Financial Act States that all lenders regardless of their physical location be licensed. If CashNet is arranging a loan they would have to arrange it with a lender that is registered with the FLDFS. They also are required as a CSO to offer rates that are considerably better than those readily available to the public and they do not. They are getting around a law but I don't think they are meeting the criteria and will eventually be stopped.
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frogpatch
Moderator
Joined: 09 Apr 2007
Posts: 3713
Debtcc Points: 30905
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| Posted: Wed Sep 05, 2007 12:28 pm |
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I hope so . . . . I read somewhere that CSO can broker loans from unlicensed lenders, but I can't find anything in any law that says that. Unforunatly, it's not something we can look into since we can't get into Cash Net's records, so I'm really hoping Florida does take notice and really look at Cash Net USA's practices there . . . .
Where did you see that they must offer rates better then those available to the public?
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111631
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| Posted: Wed Sep 05, 2007 12:32 pm |
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I see this under prohibited acts:
| Quote: | | (2) Charge or receive any money or other valuable consideration solely for referral of the buyer to a retail seller or to any other credit grantor, who will or may extend credit to the buyer if the credit that is or will be extended to the buyer is upon substantially the same terms as those available to the general public; |
But they are not charging you for the referral . . . . Are there more laws pertaining to CSO's for Florida? I'm looking in Chaper 817 . . . .
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111631
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| Posted: Wed Sep 05, 2007 12:34 pm |
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Seeing as Florida is investigating them currently, I am hoping they find something to stop them. It might be too late to help me but at least if they do find something it would help someone else.
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5507
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| Posted: Wed Sep 05, 2007 12:45 pm |
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If you condense that it says they are prohibited to charge or receive money if the the credit is substantially the same as available to the general public. I, as the general public, can walk into any payday loan store here and get a 400 dollar loan that costs 445.00. Their loans don't cost less then that. They cost about the same or more!
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frogpatch
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Joined: 09 Apr 2007
Posts: 3713
Debtcc Points: 30905
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