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Posted: Sun Jan 20, 2008 8:36 am Subject: Letters to PDL

What do I put in letters to internet PDL's that tell them that
1. bank account is closed - do not try to withdraw
2. stop calling work (isn't that illegal)
3. I would like to pay off but I do not know how much I overpaid them. I am in FL

Posted: Sun Jan 20, 2008 8:39 am Subject:

I can pm a letter to you if you would like. You will need to doctor it up to fit your needs.

Posted: Sun Jan 20, 2008 8:52 am Subject:

That would be GREAT Thank you. Do you know how I figure out how much I really owe them since rollovers are illegal in FL? I am not a math whiz!!

Posted: Sun Jan 20, 2008 9:01 am Subject:

PM of letter is on the way

Posted: Sun Jan 20, 2008 9:15 am Subject:

Thank you. It looks like exactly what I need.

How can I figure out exactly what I owe them? If they can not roll over then are payments made after the first actually toward the principal?

I just would like to know how to figure it out so I can pay them and get them off my back. Boy did I learn a lesson using these!

Posted: Sun Jan 20, 2008 9:35 am Subject:

Take what you actually borrowed and figure out how much your state allows them to charge for fees and then subtract the total amount you have paid them to date and that should give you what your balance is, and it might turn out that you do not owe them anything. If that is the case, I would let them know this in the letter and if it turns out that you have over paid them, I would request a refund of the difference. Now they may not give it to you, but it is worth a try. You may have to send more than one letter.

Make sure you take a copy of the letter to the bank also, to be on the safe side. It will show them that you have revoked your authorization for them to debit any accounts and if they try to do it again, you have the proof stating this and yo may be able to get the bank to reverse the transaction.

I am not sure what the letter said that kash sent you, but make sure you revoke your authorization for them to garnish your wages also and to contact your references.

Hang in there!!!

Posted: Sun Jan 20, 2008 9:41 am Subject:

I can not figure out all of the percentages, etc. For example, I am in Florida. I have a PDL for $300 principal (amount I borrowed, right). I have paid back $360 over three months $120/month with 2 months rollover?) What do I really owe them since there is not supposed to be rollover. Can someone walk me through how to figure it out?

I feel so dumb asking but I am lost!!

Posted: Mon Jan 21, 2008 2:26 pm Subject: r

You are not dumb! Please! It's confusing as all hell! First of all, are they licensed/legal to lend to Florida residents? If so, we can calculate what you actually owe according to Florida state law. However, if they are not licensed/legal, my suggestion is to only pay the principle amount of the loan (only what they deposited into your account) with no illegal fees. Can you tell us if they are licensed in your state? We can go from there!

Posted: Mon Jan 21, 2008 2:46 pm Subject:

Florida is applying the FCFA to internet loans. This is not the same laws that apply to the storefronts there. There is an 18 percent cap on these loans. If a lender is not licensed in Florida they are not permittted to loan here regardless of geographic location. File complaint with the Florida Division of Financial Services. Please write to CFO Alex Sink and voice your concern about enforcement of these laws. People within the same department have scattered view points regarding this. Some will say there is no law while others will tell you there is.

Posted: Mon Jan 21, 2008 2:56 pm Subject:

Oooooooooooooh Thanks Frog, I too am from Florida and was wondering this!

Posted: Mon Jan 21, 2008 3:03 pm Subject:

Also, you would have to take into consideration if they are a CSO or not. CSO's have some federal protection for what they charge.

Posted: Tue Jan 22, 2008 4:27 am Subject:

I think the only CSO is CAshnet USA and I plan to pay out that one. The others are Payday yes, Ameriloan, Paycheck Today and My Cash Now. Are they legal in Florida?

Posted: Tue Jan 22, 2008 6:55 am Subject:

It is hard to find out for sure. They probably are not. Somtimes they piggyback with a check casher in Florida and use their license. It is uncommon but I have heard of it.