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Posted: Sun Jan 06, 2008 11:39 am Subject: New Payday Loan Fool Here

I reside in Florida.

I have one storefront
Advance America - legal and law abiding here in FL
I borrowed 500.
I pay them 555 every two weeks - wait 24 hours and readvance the 500

I have two internet loans
ameriloan - advanced 600 in september
have paid them a total of 1550. If I calculate legal amount up through my next payday - 1135 was legal.
Ameriloan has been doing 50 principal payments for the past 4 payment cycles

Zipcash - advanced 500 in october
have paid them a total of 950. If I calculate legal amount up through my next payday - 885 was legal.
Zipcash began 50 principal payments this payment cycle

Do I have to freeze/close the bank account to get them to stop? With NSF's and other financial problems my credit rating is fried and I am not sure I could qualify to open a checking account right now. The credit union closed my checking account when I got overdrawn and then I had to reapply and did not qualify for checking there. I do still have savings account at the credit union so I could put all my direct deposit money there and then process transactions in cash or prepaid card for awhile.

I have had loans with both of these companies in the past that I paid down completely - so you can imagine what I have paid to payday loans in the past few years.

My Overdraft/NSF fees with Bank of America and their "adjust transaction processing for maximum fees"
strategy have been excessive.

Please help me decide on a course of action.

Also - please help people (especially us bad credit folks) find alternative and reasonably sources for emergency funds.

This is a great site and I look forward to reading and contributing !!

Posted: Sun Jan 06, 2008 11:57 am Subject:

Welcome jaglady!

You have certainly done your homework on how much is legal, paid, etc on your loans...nice job. I know ameriloan has a cease and defrain order in many states, not sure if they do in FL yet.

With regard to closing the account....that is usually the only way to get them to stop. They sure wont if you ask them to.

So you have a savings account at the credit union and a checkng account at B of A?

Posted: Sun Jan 06, 2008 11:59 am Subject:

Also, MCA on the Banking board can help with finding you a credit & chexsystems friendly bank in your area if need be.

Posted: Sun Jan 06, 2008 12:07 pm Subject: Thanks

I just was reading the banking board. I am printing the forms to find out my status in scan and chexsystems. I am not sure what those reports say right now.

I actually have saving and checking with BOA and just savings with the credit union.

The BOA savings and checking are linked for overdraft, so I don't think I could just move over to savings there. Best to move the cash somewhere else.

Posted: Sun Jan 06, 2008 12:14 pm Subject:

Ok great...there is some really good info there.

Please do close the account at B of A ( I assume that is where they are debiting from?)...and ensure that they put a hard block on any incoming debits during the 'closurr period'....there is a period of time where any incoming debits could re-open the account.
Also, at the top of this board under Important Topics, there is a thread about what to look out for when closing your account.

Posted: Tue Jan 08, 2008 5:03 am Subject: r

jag needs to get refunds on the internet loans. In Florida, the pdl has to be licensed. ameriloan isn't and I believe ZipCash isn't. So, to say that $1,135 was "legal" for Ameriloan and $885 was "legal" with ZipCash is not true. jag should have (and did) pay the principle amount of $600 to Ameriloan and the principle amount of $500 to ZipCash. No illegal fees/illegal charges/illegal rollovers/illegal extensions - none. Just the principle amount.

Posted: Tue Jan 08, 2008 6:44 am Subject:

Posted: Tue Jan 08, 2008 7:57 am Subject:

Since you are in Florida you also need to check to make sure Zip Cash isn't acting as a CSO. They may be legal.

Posted: Tue Jan 08, 2008 7:39 pm Subject: r

volley, I was just stating that jag should send out the letters after getting the bank account straightened out to the pdls and state that there was a major overpayment on the internet loans. jag paid $1550 on a $600 loan and $950 on a $500 loan. If these plds are indeed unlicensed/illegal, jag has overpaid by quite a bit. As Goudah pointed out, apparently ZipCash needs to be checked to see if they are acting as a CSO in Florida. I do not believe ameriloan is. If I misunderstood, I do apologize.

How do I find out if ZipCash is a CSO in Florida?

I have seen other postings from Florida customers that said ZipCash gave them a refund and marked them paid in full - so I am hopeful.

I have bank account closing in the works. We are waiting on a direct deposit - then moving it to a new account.

I am disputing the last few ameriloan debits with the bank and revoking their ACH access. Has anyone tried this and do they get reversed?

What do AG letters need to say? How do I show an accounting of what would have been legal in my state versus what was charged?

I send the letters to their AG, my AG and copy to them also - yes?

Thanks for all your support !!

Posted: Wed Jan 09, 2008 12:33 pm Subject: r

volley?

Posted: Wed Jan 09, 2008 12:55 pm Subject:

I couldn't find anything for Zip Cash . . . . I do not think they are a CSO in Florida.

Posted: Thu Jan 10, 2008 9:00 am Subject:

Hi Jag...I sent you a PM with some info to help with your situation.

Posted: Fri Jan 11, 2008 11:58 am Subject: Not getting my PM

I am not getting my PM's.

Any idea why not?

I have no new messages and no quick messages???

Posted: Fri Jan 11, 2008 2:08 pm Subject:

Hey jaglady....sounds like my pm didnt come through. Sad

Sending another....lets see if it goes through. I know sometimes newer members have trouble getting pm;s at first..this happened to a few people not too long ago.

Posted: Mon Jan 14, 2008 12:09 pm Subject:

Jag, do you have a sample letter of the letters you sent to your PDL companies? I have no idea what I should write or say. I do know once they start calling me at work I need to tell them to cease and desist or however you say it LOL

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