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 Posted: Fri Aug 10, 2007 7:59 pm Subject: I need help in Florida
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i got in way over my head. I have one store front PDL and 7 internet PDLs
Advance America (store) $500+55=$555
Ameriloan $450+135=$585
CashnetUSA $800+206=1006
Paydayslect $300+75=$375
INT/B.I.G. $300+75=$375
Loan Point/Geneva Roth= $300+90=$390
Impact Cash $300+90=$390
Fast Cash USA $150+45=$195
I fell into the trap of borrowing more to pay of the interest of the others. I am goin to go in to the bank on Monday to see about taking care of my account whether closing or puttin a freeze or what. I have already stopped my direct deposit. What are these letters of revocation? Can I write anything or do I need to follow a format? What else can I do? I am not even sure what Florida's laws regarding Payday loans are. I have tried to talk to credit counselors and so far I get we can't help you with PDLs. I am not trying to skip out on anything I just need payments so I can pay my bills and get them paid off. Any help would be greatly appreciated.
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pybasj
Joined: 08 Aug 2007
Posts: 826
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Posted: Fri Aug 10, 2007 8:55 pm Subject: pyb
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pyb, I'm posting the Florida state law for us to look at and see what's up. I can tell you right now to treat your store front completely different than the internet pdl's. Store fronts are normally licensed/legal and abiding by the state laws or their license would be yanked. So, until we figure out what's going on, wait on the bank account deal. We don't want you getting into any trouble regarding the store front pdl that you have. As for your internet ones. I see that you listed them; however, can you list them to show only what you borrowed (principle amount only) and how much you have paid back so far. It makes it much easier to figure out how much you would legally owe. Some of your internet pdl's aren't even licensed/legal. We can go from there in a bit. Take a look at your state law, then post what you borrowed and what you paid each one of them. Include the store front also. We can go from there! 
| 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/ |
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cannr
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Posted: Fri Aug 10, 2007 9:25 pm Subject:
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Okay.
Payday Select was originally $500. I have paid $292.50 leaving me owing $300.
CashnetUSA was originally $900 I have paid $1050 leaving me owing $800.
FastCash USA was originally $150 I have paid so far $90 and I still owe $150.
Ameriloan $435 paid $135 still owe $435.
I have to do further checking on the others because right now I am not sure how much interest I have paid, but they are all still at the original amounts.
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pybasj
Joined: 08 Aug 2007
Posts: 826
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Posted: Fri Aug 10, 2007 9:30 pm Subject: pyb
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pyb, thanks for posting those; however, I see that you're including the fees you paid and then stating that you still owe the principle amount. Don't do that because some of these pdl's shouldn't even be charging these "fees". Post them with the name, the amount you actually got the loan for and then the amount you have paid only. Just what you borrowed and what you've paid. I'm saying this because some of the unlicensed/illegal companies shouldn't be charging you the fees, so don't include them. Example as to what to post:
Cash America borrowed $300 paid $180
That's all you have to put. We can figure it out from there.
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cannr
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Posted: Fri Aug 10, 2007 9:39 pm Subject:
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sorry.
Ameriloan borrowed $450. Paid $135.
Payday Select borrowed $500. Paid $292.50.
INT/B.I.G. borrowed $300. Paid $165.
Loan Point/Geneva Roth borrowed $300. Paid $180.
Impactcash borrowed $300. paid $180.
Fastcash USA borrowed $150. paid $90.
Cashnet USA borrowed $900. Paid $1050.
Advance America Borrowed $500. Paid $385.
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pybasj
Joined: 08 Aug 2007
Posts: 826
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Posted: Fri Aug 10, 2007 10:05 pm Subject: sorry
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Don't be sorry! It just makes it easier to see what you've paid towards the principle to see what you would actually owe. From looking (and I'm not a Florida expert), Ameriloan is not licensed (they are part of MTE Financial - nightmare), BIG is not licensed (major illegal company), Loan Point/Geneva Roth I'm thinking is not but I'm not positive (from what I've read they are a nightmare), CashNetUSA might be licensed. I think they are, but again, not positive. We'd need to check on the other ones to see if they are or not. I'm going to ask you to hang tight. I'm going to pm frogpatch, who is also in Florida and has dealt with some of these pdl's. He's really good. I'll send him a pm to check out your posts and he'll let us know if the others are licensed and also give you expert advice, as he's in your state and probably has knowledge of these pdl's. So hang in there & frogpatch will get my message and give you more Florida information. I do believe we can help you out!
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cannr
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Posted: Sun Aug 12, 2007 12:32 am Subject: same boat in florida
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I closed my bank account 10 days ago to take back control of my finances from some of these same pdl companies. I need to know how to handle the next phase of this process. In most cases I have already repaid double the amount borrowed. Can I add my info to this topic?
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salank
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Posted: Sun Aug 12, 2007 5:35 am Subject:
Latest Blog Post : Decision |
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Of course you can...or you can start a new topic...and then please follow the same format as above. Tell us where you are loacted, the loans you have and whether they are internet pdls or store front, then just list the amount you borrowed and the exact amount you have paid so far...don't bother with separting fee's...just like above: I borrowed 300 and paid back 200 for example...:)Someone will come along and post answers to whatever questions you may have.
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Morningstarr430
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Posted: Sun Aug 12, 2007 6:12 am Subject: salank
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salank, please start a new post. That way it'll catch more members attention. You'll have to post what state you reside in, distinguish between if they're internet or store front pdl's, and as morningstarr stated, put how much you borrowed (principle only) and how much you've paid back so far. We can go from there!
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cannr
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Posted: Sun Aug 12, 2007 6:13 am Subject: pyb
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pyb, I'm pm'ing frog again. Hopefully he'll be along to assist us further! Hang in there!
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cannr
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Posted: Sun Aug 12, 2007 6:17 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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If you add 10 percent to the amount you borrowed from each one of these plus a 5.00 application fee that is what you at least morally owe to these companies under Florida law. The only one operating legally in Florida is Cashnet. You have paid them back a reasonable interest and prininipal. Write them a nice letter and tell them you would like your account marked paid in full. Send it certified. They will totally ignore it most likely but at least you will have something in writing to them. Eventually they will try to settle with you. BIG forget about for now. You can't deal with them. They will start all kinds of harrassment. When they do just file a complaint with the FTC along with hundreds of others. Do not talk to them. They are criminals. The best one here is Payday select. They will work with you. they are actually nice people. I received a refund from them. I urge you to write a letter to the CFO of Florida at CFO(at)fldfs.com and implore Ms Alex Sink to take an agressive stand against these IPDLs. Florida enforces there laws with dilligence when it comes to storefronts like Amscot and Ace Cash but then allows the internet lenders come here and totally trash the system. What is the point of laws if they are selectively enforced? Please PM me with any questions you may have. I generally am only online between 12:30 and 1:30. It is important that you keep all you communication to written and documented with these companies. Do not take their calls especially at work.
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frogpatch
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Posted: Sun Aug 12, 2007 6:24 am Subject: pyb
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Thank you, frog! pyb, you are in excellent hands now!
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cannr
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Posted: Sun Aug 12, 2007 10:43 am Subject:
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Thank you. I will start working on the letters now.
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pybasj
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Posted: Sun Aug 12, 2007 6:47 pm Subject: pyb
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pyb, if you need any help, just post. We can get you through this.
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cannr
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Posted: Mon Aug 13, 2007 5:58 pm Subject:
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Okay I am confused. Reading through other posts and such, cashnet usa is not a legal pdl in florida, but are legal in florida as a cso. So how do I deal with them?
Thank you for any help.
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pybasj
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Posted: Mon Aug 13, 2007 6:44 pm Subject:
Latest Blog Post : Decision |
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This is part of a post that Goudah made on Aug. 2...I think you will have to treat them similar to a store front?? I would PM Goudah for more info:
| Quote: | How does the CSO Credit Services Organization work with payday loans?
The CSO Credit Services Organization operates as a broker, much as they did when partnering with the banks (payday loan bank model). The Texas Credit Services Organization Act (CSOA) allows the payday loan lender to register as a CSO and act as a loan broker. Thus, the CSO, previously a payday loan company, can make loans via consumer lending companies that are UNREGISTERED and UNLICENSED. The CSO Credit Services Organization acts as a broker for the consumer in need of funds by issuing a "letter-of-credit" on behalf of the consumer to a lender. This third-party unregistered lender funds the "loan" brokered by the CSO "broker".
Typically the CSO Credit Services Organization collects 3 fees:
*A referral fee for referring the consumer to the unregistered, unregulated lender that actually funds the "loan". This is not stipulated by any law but is currently $20 to $30 per $100
*An application fee for filling out the CSO documents; typically $10 per $100
*The interest on the "loan"; Texas state law caps this at $10 per $100.
The CSO Credit Services Organization model arises from a U.S. Fifth Circuit Court of Appeals opinion, in Lovick vs. Rite Money, which held that payments to a registered CSO loan broker could not be treated as interest.
The applicability of the CSO Credit Services Organization to use in other states is being explored now. Thirty-one states plus Canada have provisions for the CSO Credit Services Organization entity. Since it is typical of the CSO not to be regulated, and the fact that the CSO fees are not considered interest as per the 5th Circuit Court of Appeals, there is little doubt we will see this approach utilized on a grand scale in the future! |
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Morningstarr430
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