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 Posted: Wed Nov 28, 2007 5:57 pm Subject: I have about 5 pdls
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I have about 5 pdls out there all on
line. I am sick of whatching my hard
earned paycheck dissapear overnight.
what happens after I close my bank
account? How soon and how aggressive
will these places be. I live in Florida
but there seems to be no law covering
online pdls. I am in desparation modePlease help if someone can.
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stevekathy4867
Joined: 24 Sep 2007
Posts: 58
Debtcc Points: 1810
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Posted: Wed Nov 28, 2007 6:04 pm Subject:
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Steve, Welcome to the fourm. We can help you through this. WOuld you please post who the loans are with, how much you borrowed from each and the total of how much you have paid back to each. I will post the laws and some other information for Florida.
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RoxyNY
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Posted: Wed Nov 28, 2007 6:07 pm Subject:
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Steve, internet pdl companies must be licesned in by FL to lend in FL. Here are the laws to look at.
| Quote: | Florida State Information
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: ,
http://www.flofr.com/
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_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4091
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Posted: Wed Nov 28, 2007 6:10 pm Subject:
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This is the last thing I will bombard you with...You need to close your bank account. I have copied and pasted some information that you want to read carefully before going to the bank.
| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!
Last edited by goudah2424 on 17 Jul 2007 10:25 |
Iknow this is alot to take in. If you have any questions at all, please post.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4091
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Posted: Wed Nov 28, 2007 6:48 pm Subject:
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Steve, I am taking this from my home page and posting it. There are several members here from FL and they can help us with your situation.
| Quote: | I have open accounts with the following.
arrowhead invest 200.00
patday services 400.00
netcash usa 400.00
geneva roth 300
loan shop 200
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Can you list the total of how much you have paid to each?
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4091
Debtcc Points: 11649
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Posted: Wed Nov 28, 2007 6:54 pm Subject:
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Steve, none of these are licensed in FL as pdl's. Hopefully someone will com along tomorow and tell us whether any are CSO's. They do the same thing essentially as a pdl but are licensed as a Credit Service Organization (CSO) and do not have to follow the laws listed above. They do this to get around the laws. I do not think any of them do however, I want to be sure becuase you will have to work out payment arrangements with those.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4091
Debtcc Points: 11649
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Posted: Wed Nov 28, 2007 8:41 pm Subject:
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Steve,
I lived in Florida at the time I took out PDL's with Unitedcashloans and GECC(Cashdirectexpress). In both cases these were internet loans. First I closed my bank account and stopped my direct deposit and then sent revocation letters to stop then from withdrawing from my account.
I was able to get both of them to give me PIF's but I am looking for refunds because I overpaid. I did file a compliant with the AG's office and with the BBB in Deleware and NV where they are located.
The key for me was not to loss my cool and not let then pressure me into giving then new information.
I will be glad to send you the letters I used,which I found on this site.
David
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davidgreen367
Joined: 12 Nov 2007
Posts: 54
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Posted: Thu Nov 29, 2007 7:43 am Subject:
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Is tha one loan with Net Cash or Cash Net USA? I've never seen it called Net Cash USA . . . .
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goudah2424
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Posted: Thu Nov 29, 2007 7:56 am Subject:
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Steve-I just received a PIF from The Loan shop and I am going to be getting a refund from them. Let me know if you want some help and I can give you the name of who I finally received an email from and a copy of the letter I sent. How much have you paid them?
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TMBL
Joined: 11 Sep 2007
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Posted: Thu Nov 29, 2007 7:58 am Subject:
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what was the persons name, i am still trying to get some response from loan shop as well
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jaydanielle1
Joined: 24 Oct 2007
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