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 Posted: Thu Jul 12, 2007 8:17 am |
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I live in Florida and got several 'internet loans' there was no faxing or signing - expect electronic signature - what ever that is. One of the loans os $600.00 and FL. has $500 cap - ALL my loans are more than 31 days old - the FL limit is 31 days. I have already paid back much more than the principal in interest with nothing deducted from the principal... I want to force them to accept a different payment plan by closing out my checking account - I can't pay JULY's rent - already late unless I stop the fees...any suggestions?? I do not want to be unethical or illegal...
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mizzfay
Joined: 12 Jul 2007
Posts: 3
Debtcc Points: 354
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| Posted: Thu Jul 12, 2007 10:16 am |
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Well, from what you just stated, you've already paid these guys the principal and them some. Yes you should go ahead and close your checking account. Send these companies something revoking your authorization to further debit your account as well. Check with your bank to see if they would force the account open again should they try to debit again. If that is a possibility, you might want to ask your payroll department for a check instead of direct deposit into your new account in the meantime.
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joshua1987tree
Joined: 01 Jun 2007
Posts: 487
Debtcc Points: 7999
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| Posted: Thu Jul 12, 2007 10:25 am |
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The only way to get control of this situation is to first go to your bank and see if they will put your account on a deposit only status. If not then close it but first check to make sure they don't have a policy to force it back open. You should then go to your payroll and have them issue a live check for a while so you can pay your rent and other bills. Unsecured loans should have bottom priority. Now be prepared to be threatened and all other forms of nonsense. Florida laws do not allow for criminal penalties against you and you are in a non garnishment state. Could you please list the companies, how much you borrowed and how much you have paid each one so far. The Florida supreme court just ruled in favor of a resident last year who sued an out of state PDL for violations of the states usury laws but the Florida Division of Financial Services still says the PDL pose "significant issues" with the Divisions enforcement. Alex Sink the new Florida CFO is taking a new look into these operations. Any complaint you file should also be copied to her. I guess you figured by now that I live in Florida. Please PM me if you have any questions and also please give us the requested info so we can help you further. It is the PDLs that are illegal and unethical. Almost none of them are licensed in Florida.
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frogpatch
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Joined: 09 Apr 2007
Posts: 3715
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goudah2424
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Joined: 31 Oct 2006
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| Posted: Thu Jul 12, 2007 10:40 am |
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And be sure to follow Frogpatch's advice about the complaints - He's from your state and has been right where you are now.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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| Posted: Thu Jul 12, 2007 11:05 am |
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Quote the laws to the internet loan company and tell them that if they are not going to abide by the laws, then you will be forwarding your complaints to the attorney general of your state. Go to your state DFI and see if they are a licensed business in your state.
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mute805
Joined: 17 Oct 2006
Posts: 198
Debtcc Points: 3278
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| Posted: Thu Jul 12, 2007 11:10 am |
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Has anyone had experience with Bank of America regarding closed accounts?
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richfblair
Joined: 12 Jul 2007
Posts: 1
Debtcc Points: 14
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| Posted: Thu Jul 12, 2007 11:10 am |
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It sounds like you have more than met your obligation to these companies. They don't care about your rent, children, or anything else. Only what they think is their money. Close that account. You will feel so much better when you do.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14311
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| Posted: Thu Jul 12, 2007 11:41 am |
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Bank of America was able to freeze my account against all withdrawals. I had to go to the branch manager. The first time I went the ssistant manager and he refunded my NSF Fees but would not allow me to close my account until the account was positive "for a while." I said that would be about 12 hours. The manager was on vacation. The next day the PDLs reurned like flies. When the manager came back she put my account on deposit only but would not return the fees because it was not the banks fault. I was not going to argue that as she ahd stopped the ACHs. But it was the banks fault for not allowing me to close my account. I filed a complaint with the OCC and the collections department returned all my fees but took my account off deposit only. Now I have to go back to another branch manager and get it fixed because two PDLs are still at it and my wife paid the rent with the wrong check book. Good grief!
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frogpatch
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Joined: 09 Apr 2007
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| Posted: Thu Jul 12, 2007 11:43 am |
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Addendum to above. It all depends on the attitude of the manager. If the manager is motivated by the bottom line he or she will not return your fees.
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frogpatch
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| Posted: Thu Jul 12, 2007 1:07 pm |
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bank of america - they will force the acct open if another debit comes through and they are a royal pain in the ass to close the acct and they will not do a deposit only option, I had to hang up on the man he got me so pissed today
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amy326204
Joined: 18 Jun 2007
Posts: 15
Debtcc Points: 621
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| Posted: Thu Jul 12, 2007 1:31 pm |
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I had my BOA account on deposit only for months so the info you are providing is inaccurate and probably caused by an arrogant branch manager who has no sense of compassion whatsoever
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frogpatch
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Joined: 09 Apr 2007
Posts: 3715
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| Posted: Thu Jul 12, 2007 2:15 pm |
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Thanks everyone - I did go to my bank they did close that account NO ONE can get back into it for any reason - opened me a new restricted account called 'new directions'...I could not locate or call these PDL companies they where all over internet none licensed in my state and each over paid + Maybe now they'll call me????? Finally - if it is fair I pay them more I would - to date I have paid $750 on just one $300 PDL and told ONCE I TRACKED THEM DOWN THAT- I still owe over $500 and I've never been late ONCE!!! The other 2 were similar or worse.....I couldn't pay them down b/c they were unavailable to request this!!!!!!!
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mizzfay
Joined: 12 Jul 2007
Posts: 3
Debtcc Points: 354
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| Posted: Fri Jul 13, 2007 5:29 am |
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Please tell us who they are, how much you paid and how much you borrowed. You WILL get calls. Some will be totally threatening and rude. Just realize that the ones that threaten the most are the ones who are illegal and have no collection options. They can't back up what they say. You may here things like "if you don't pay within the hour we will send the police to your job. Just laugh and hang up. If you also must write to them revoking any wage assignment agreements. They are strictly voluntary. Show the letters to your payroll person. They can't garnish your salary in Florida if you claim head of household. They won't even try.
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frogpatch
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