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Posted: Tue Oct 23, 2007 6:54 pm Subject: Payday Loan In Florida?

I'm about at my wits end...seriously. I made the horrible mistake of taking a few payday loans over two months ago to help cover expenses when my Wife was out of work due to being hospitalized. Since then it's been a complete nightmare. My finanial situation wasn't really all that great before this mess started, but we managed and stuck to our budget. We have three children...1,2,and 10 and kids do get expensive sometimes. Now things are completely out of control. Almost all of my entire paycheck now goes to paying payday loan interest fees (although I think they are calling those fees something else other than interest...processing fees maybe?). And not only am I paying those fees, but also the resulting overdraft charges to my bank account. It's gotten very difficult, almost impossible, to pay the bills that need to be paid. It's even gotten difficult to buy food, gas and other immediate necessities for my Family.

So here I am. I need to find a way of stopping this before it's too late. I hope it isn't already. Does anyone know of any debt consolidation companies in Florida that handle payday loan debts? Acummulating the debt was my mistake in the first place, I'm not looking for an easy way out of paying these companies back, wheather they be illegal or not. I just need to slow the train down until I can regain control of my finances and my sanity. Please help a desperate Father in need. Any other advice you can provide me with my situation would be very much appreciated as well.

Posted: Tue Oct 23, 2007 6:59 pm Subject:

You have come to the right palce for help. I will post the laws for your state.In the mean time please post the following
Who you have borrowed from
The amounts of your loans
How much you have paid back to each lender. Add fees and principle to get one total for each lender.
Are your loans internet or store front

Posted: Tue Oct 23, 2007 7:01 pm Subject:

Many of us have taken care of the pay day loans on our own. Here are the laws for your state. when you post the ifo we need , we can begin to help you.

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
Regulatory Contact: ,
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Posted: Tue Oct 23, 2007 7:08 pm Subject:

Thank you. I will put that information together soon...it might take me a while. Two of them I can think of right now, because they're coming due this week, are Cash Transfer Centers and Check N Go. They make you pay off the balance in full and you can reloan in like 3 days. I hate to have to do it, but I keep having to reloan every 2 weeks now just to somehow have some money to provide for my family. It's a catch 22. The others are all internet loans though.

Posted: Tue Oct 23, 2007 7:22 pm Subject:

dwntwn- It is a very vicious and frustrating cycle!!

Kash has posted your state laws for you and looks like you are in the process of gathering info.

Do you plan on doing a reloan with CTC and Check n Go?

Posted: Tue Oct 23, 2007 7:33 pm Subject:

They make you pay it off because that is Florida's requirements. I live in Florida also. The only legal ones I had were Advance America and Cashnet usa. I am working with payments to Cashnet and What I did with Advance was I took out $50 less every 2 weeks until I had it paid off. Talk to these 2 companies and see about maybe making payment arrangements with them. Per Florida law they are required to allow payments.

Posted: Tue Oct 23, 2007 7:36 pm Subject:

CTC also makes you pay off in California....and then you can turn around and reloan. ughh...the vicious cycle!

Posted: Tue Oct 23, 2007 7:51 pm Subject: reply

I know we're waiting for dwn to post the loans, amount borrowed, and amount paid. However, should we address the issue regarding Cash Transfer Center and wage assignment? I understand that dwn knows they are going to debit the full amount and apparently is okay with that. Maybe I'm getting ahead of myself, but when it comes to an illegal company, I'm trying to cover people's butts.

Posted: Tue Oct 23, 2007 7:53 pm Subject:

address away!

Posted: Tue Oct 23, 2007 7:55 pm Subject:

So Is CTC Illegal In FL? I have a messy run in with them a month ago...they can be vicious...can't wait to deal with that again.

Posted: Tue Oct 23, 2007 7:56 pm Subject:

Yes it is a vicious cycle. It's almost impossible to pay all of the money back and then not reloan. Pyb, that was a great thing to do with Advance America. It didn't tax you as badly as paying off the whole amount, but did allow you to break free from them. Did cashnetusa give you a hard time about making payment arrangements? I've been seeing more people with storefronts on the board lately (still the majority are internet) and am just wondering how hard it was to work with them. From what I understand, it really depends on the manager of the store. I'm just trying to become a little more educated on the process. I had a storefront, too, but managed to pay them off. It was tough, but I had to do it. They were not willing at all for arrangements, and I was very uneducation about the process at that time.

Posted: Tue Oct 23, 2007 8:00 pm Subject:

I asked if he was going to reloan with CTC or just pay it off this week.

If so, then the wage assignment is an issue, if he isnt going to reloan, then no issue.

Posted: Tue Oct 23, 2007 8:06 pm Subject: reply

dwn, Cash Transfer Centers is illegal EVERYWHERE. Not just in your state. They are an illegal overseas pdl. What they like to do is send a "wage assignment" to your employer to get "thier" money taken out of your paycheck. Nice, aren't they? They will do this without even blinking an eye. Now, wage assignments are totally voluntary by your employer. However, some employers are clueless and go ahead an honor them. They then pay Cash Transfer Centers (an illegal company) the money the claim you owe and then they take it out of your paycheck. Nice, huh? You need to type up a quick short & sweet letter addressed to Cash Transfer Centers. All you have to do is state "I (state your name), hereby revoke any and all wage assignment I may have signed with your company, your partners, or any affiliates". Then type your name. Email it, fax it, and mail it certified. Keep copies of everything. Keep a copy of the letter, give a copy to your payroll department (might not be a bad idea to educate them that this is an illegal company and wage assignments are voluntary and do not have to be honored), but send the original certified to Cash Transfer Centers. Believe me, I know first hand, as many others do, that Cash Transfer Centers will send that to your employer without batting an eyelash.

Posted: Tue Oct 23, 2007 8:17 pm Subject:

I think I may just have to do that. Thanks for the info. I have a feeling this is going to be a long process and I'm kicking myself for not coming to this forum sooner for help. I don't feel so alone and stupid. I guess we're all in, or have been in, our own Hells.

Posted: Tue Oct 23, 2007 8:26 pm Subject: reply

dwn, my gosh! Stop kicking yourself! This is why we are ALL here! And that's what we're here for. To help others in the same boat! We've been through it, so we can tell you what to expect. You're not alone and you're not stupid. Lord, that would mean we all are! Just for your own "safety", I would do the letter revoking any wage assignment. They tried to slap one on me. They've done it to others. The hardest part is convincing your employer that this is an illegal company and that wage assignments are voluntary. They do not have to honor it. Actually, if you read the wage assignment VERY closely and VERY carefully (as they make it look so very legal), you would see that it even states that it's voluntary (without using those exact words). It basically says that "you" agree to let your employer pay them and "you" will pay the employer back and they state the amount your employer should send them. Oh, I don't think so! So, all they're saying (and you would have to read it carefully) is that "you" agree for your employer to pay them and you will pay them back. Again, Oh, I don't think so!

Posted: Tue Oct 23, 2007 8:45 pm Subject:

OMG! I think I need to find an example of that letter to copy tonight.

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