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Jennifer Nemecek · #1 10-21-2009, 09:54 PM

Here are my current loans:

Discount Advances: $500 paid $613. My bank just returned $120 to them and they are asking me to contact Credit Protection Depot. They say that I still owe $350 on principal

Integrity Advance: $350 paid $210. Bank just returned a $105 payment to them.

Wagesfast.com: $200, paid $76

Eastside Lenders: $500, paid $0 - this is a new loan but they are asking for $250 for interest for a one month loan.

Check and Go: $370, paid $0. They make me pay the entire balance plus $42 interest and I just keep reapplying for a new loan.

All are internet loans and I live in Florida.

What should I do? I looked at Your Payday Loan Help.com to help pay off the loans, but I'm thinking it is a scam.

Is there a way to consolidate these loans? I will soon be paying over $800 per month to pay interest on these loans.

Is there a way to consolidate and renegotiate? How can I go about this and make reasonable payments to get rid of this debt? I want my life bank!

Shazzers · #2 10-21-2009, 10:01 PM

Hi there and welcome, hang on a minute while I do a little research.

Shazzers · #3 10-21-2009, 10:09 PM

First of all, below are your payday loan laws:
http://www.paydayloaninfo.org/stateinfo/FL.asp
FL requires payday lenders to be licensed by your state. FYI, there are some lenders in FL who calls them selves CSO's (Credit Service Organizations), they wouldn't have to follow the payday loan laws and are usually legal in what they charge, the interest rate is usually VERY high. I don't think any of yours are CSO's though.

Check n Go is legal, they are members of the CFSA ( Community Financial Services Association of America), link below:
http://www.cfsa.net/MemberList.aspx
This means you are eligible for the EPP (Extended payment plan), as soon as you request the EPP your interest stops and you pay them off in four separate payments on each pay day. See the link below to read about the EPP, number 11.
http://www.cfsa.net/industry_best_practices.html
I have read where other members have complained about Check n Go, they have been told by Check n Go employees they don't offer, or don't know anything about the EPP plan, so, be prepared for that response when you request it. You are going to need to stand firm and prove to them they MUST offer you the EPP if they wish to remain a member of the CFSA or you will file a complaint against them with the FTC and the CFSA, and please follow through with anything you tell a lender. I have more information shortly.

Shazzers · #4 10-21-2009, 10:16 PM

None of the rest of your lenders are licensed to lend in FL., nor are they CSO's, therefore all you will owe them is the amount you borrowed to begin with less any payments you have made. CLICK HERE to find out how to deal with illegal lenders. Close your bank account asap, read the link I gave you and all your questions should be answered. Take care of the legal lender first and foremost, then you can deal with the unlicensed ones. Good luck!

Jennifer Nemecek · #5 10-22-2009, 06:09 PM

Thank you. I have sent letters to all the illegal letters and am going to call Check n Go tomorrow. I am also going to Bank of America tomorrow to close my account. Wish me luck.

Shazzers · #6 10-22-2009, 07:10 PM

Quote:

Originally Posted by Jennifer Nemecek

Thank you. I have sent letters to all the illegal letters and am going to call Check n Go tomorrow. I am also going to Bank of America tomorrow to close my account. Wish me luck.

Good luck!

Jennifer Nemecek · #7 10-23-2009, 09:58 AM

Ok, I never did find an email for wagesfast.com or a physical address, but you can post a customer service ticket online so I copied and pasted the entire letter to them from this site about it being an illegal loan. They replied:

"The Loan Agreement, to which we have adhered to by funding the loan, detailed that your loan was subject to the Laws of Cyprus, a fact by which you confirmed your understanding and acceptance of via the online signature you made. Please note, we are not a US company, have never prescribed to be a US company and have no US presence, as such are not subject to the US laws you detail. Please refer to your copy of the Loan Agreement. Under the terms of the Agreement you agreed to make payments via ACH until the loan balance was satisfied in full. We will continue to make all reasonable attempts to make contact where necessary and to request payment of all amounts due and payable to enable the loan agreement to be satisfied, as per the original terms. Regards, Customer Services"

Please help!

#8 10-23-2009, 10:13 AM

Be careful with boa. They will reopen your closed account if they are presented with any ach. It will cause you to go heavy into overdrafts

Shazzers · #9 10-23-2009, 11:58 AM

Quote:

Originally Posted by Jennifer Nemecek

Ok, I never did find an email for wagesfast.com or a physical address, but you can post a customer service ticket online so I copied and pasted the entire letter to them from this site about it being an illegal loan. They replied:
"The Loan Agreement, to which we have adhered to by funding the loan, detailed that your loan was subject to the Laws of Cyprus, a fact by which you confirmed your understanding and acceptance of via the online signature you made. Please note, we are not a US company, have never prescribed to be a US company and have no US presence, as such are not subject to the US laws you detail. Please refer to your copy of the Loan Agreement. Under the terms of the Agreement you agreed to make payments via ACH until the loan balance was satisfied in full. We will continue to make all reasonable attempts to make contact where necessary and to request payment of all amounts due and payable to enable the loan agreement to be satisfied, as per the original terms. Regards, Customer Services"
Please help!

Just give it right back to them! Tell them this:
Please note, I am not a Cyprus citizen, have never prescribed to be a citizen of Cyprus and have no Cyprus presence, as such am not subject to the Cyprus laws you detail.