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Posted: Fri May 02, 2008 7:50 pm

Hi! I live in Florida. I have several payday loans and I am about to lose everything because after the fee's my paycheck is gone! I have started a new account at a different bank so my paycheck will be direct deposited into that account. I am going into my bank (Bank of America) to put a deposit only so I can pay off the nsf fee's ($464.00 so far). I don't know what to do next?!? My payday loans are:
fastmoney911 - $400.00 - paid $360.00 - still owe $520.00
cashtransfercenters - $400.00 - paid 0 - owe $508.00, which they will try to get from the bank on may 8th - but it won't be there.
paychecktoday - $300.00 - paid $90.00 - owe $390.00
Impactcashusa - $200.00 - paid 0 - owe $260.00
usfastcash - $400.00 - paid $1025.00 - owe $260.00
paydaymax - $250.00 - paid $46.55 - owe $405.34 (I don't know where they get that figure from).
littleloanshoppe - $400.00 - paid $120.00 - owe $520.00
crownlendinginc - $200.00 - paid 0 - owe $260.00
usapaydayloan - $300.00 - paid 0 - owe $390.00
My husband also has an usfastcash - $200.00 - paid $120.00 - owe $260.00
Please if you could tell us what to do next?!?
thanks

Posted: Fri May 02, 2008 7:53 pm

Are these all Internet loans?

Posted: Fri May 02, 2008 7:55 pm

Oh and, welcome to the forum, I am posting your state payday loan laws.

Posted: Fri May 02, 2008 7:57 pm

yes - all internet loans

Posted: Fri May 02, 2008 7:59 pm

thank you for the welcome!
I am not sure I understand the laws...what can I do with this info?

Posted: Fri May 02, 2008 8:04 pm

Give me a few minutes, I am researching some of these pdl companies. Have you put a hard debit block on your account? That's the first thing you need to do asap, until you can close it. Also, I have a suggestion about the fees the bank has charged you, you might try going into the bank, speak to the branch manager, explain your situation to her/him, tell him that you are being hosed by some illegal internet payday loan companies, and this is why you are overdrawn. Tell them you are in the process of resolving this matter as quickly as possible, and that you are going to be filing complaints with your Attorney General. Then, ask them if they would releive you from some of these bank fees, because under the circumstances, you simply could not help what happened. I am here to tell you that some banks are very willing to forgive some or all of the fees and NSF charges, but only if you explain and ask.

Posted: Fri May 02, 2008 8:06 pm

Also, while I am researching, there is another option you might want to consider, please read the link below, this is about the processors, using this method of stopping some of these illegal pdl companies have proved to be very effective for some of the members here. Smile

http://www.debtconsolidationcare.com/paydayloan/ach-processors.html

Posted: Fri May 02, 2008 8:09 pm

I am going to talk to the branch manager in the morning to ask them to put the block on my account. I will ask her about the fee's and if there is anything she do about them.

Posted: Fri May 02, 2008 8:13 pm

cbar2852, my bank was really helpful to me, they forgave 50% of the fees, and all I did was explain my situation.

Something else you will need to do, asap, is send these companies a letter revoking any wage assignments. I sent mine through email, and through the USPS, certified, returned receipt requested. Here is an example:

Posted: Fri May 02, 2008 8:16 pm

ok I will get the email address' and send them tonight.

Posted: Fri May 02, 2008 8:30 pm

Since these pdl's aren't going to be able to access any more of your money, prepare yourself, your phone will probably be ringing off the hook. After your checking account is safe, you can work on paying these off, and I would suggest you do this with money orders, sent certified, return receipt. This means you are going to have to find addresses for all of these companies. There is a search box in the upper right hand corner of this forum, if you put the name of the pdl company in the search box, you will most likely be able to find the addresses here at this forum. Although some of these companies are illegal, which means you only morally owe them the principal amount.

Posted: Fri May 02, 2008 8:46 pm

This is what I found, it looks like NONE of these companies are licensed. I could be wrong, but I did a search in the license data base and found nothing.

Now, if I am right, this means that all you are obligated to pay back to any of these pdl's is the principal amount, no more. And if they want their money, then they will have to accept your terms, and I would offer them no more than you can afford, and use ONLY money orders to pay them. Please wait until someone else confirms that these are not licensed, as I am not positive. All I know is, I couldn't find any. Hang tight! Smile

Posted: Fri May 02, 2008 9:12 pm

I have emailed the letter you suggested to each of the pdl's.
I will wait until someone confirms that they are not licensed.
I feel a little better!

cbarflorida · Posted: Sat May 03, 2008 10:06 am

well I went to the bank this morning and they said I had to come back on Monday that they couldn't do what I wanted until Monday. Great!! I will have more charges come Monday! Even if I have to pay the bank charges if I can get rid of the pdl's that would be wonderful!

Posted: Sat May 03, 2008 10:40 am

The laws posted earlier apply to Floridas storefront lenders. The internet lenders fall under the Florida Consumer Financial Act which requires them to be licensed in the state to lend or collect. Just a bit of info from a fellow Floridian.

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