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 Posted: Tue Jun 05, 2007 12:14 am Subject: You are my new best friends (long post) |
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Everybody that gave me advice gets a huge THANK YOU!!! Steelers, Gouda, suebeehoney, you are the best.
Sent my 1st settlement demand letter to dms marketing (loan shop) yesterday.
This is what I sent them:
| Quote: | After doing research on payday loan laws in the state of Florida I have found the below laws to be true:
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
I also found out that you are not licenced in the State of Florida to issue loans.
I have currently Paid $900 on my $300 loan. The LEGAL amount that could have been charged on my $300 loan, if you had been licenced in the State of Florida, would be the principal of $300 and a $45 finance charge.
I have OVERPAID my loan by $555. I am demanding a refund of that overpayment. I also demand that my loan be marked as PAID IN FULL and all further collections of the loan be stopped. I am revoking your automatic ACH. I also demand that any contact to me must be done through email so I can keep accurate copies of any correspondence as I have filed a formal complaint with the State Attorney General. |
and look what the response!!
| Quote: | Mr. Gardner,
I will consider your loan as paid in full as of today; I will be able to issue a refund in the amount of $210. We will not issue a refund of your full request due to the fact that the loan terms were explained to you. So your refund will be available within the next one too two business days. |
I was a little disappointed that even tough I overpaid by $555 they are only refunding me $210 but don't think I should complain. Take my refund and run.
The contact that got me the refund was Vedia Johnson vjohnson(at)ltsmanagement.com
1 Down several more to go!!
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got2pay2play
Joined: 30 May 2007
Posts: 61
Debtcc Points: 1943
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| Posted: Tue Jun 05, 2007 3:00 am Subject: |
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WOW! Hey, a smaller-than-expected refund is still a refund - I'd do just what you said - take it and RUN.
I'm so glad you found this site and were able to obtain the advice you needed to work through this - keep at it - you'll soon be completely free of payday loans - forever! 
_________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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Joined: 12 Oct 2006
Posts: 4386
Debtcc Points: 61043
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| Posted: Tue Jun 05, 2007 6:46 am Subject: |
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Way to go!
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111615
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| Posted: Tue Jun 05, 2007 5:25 pm Subject: |
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Congrats!!
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trophy
Joined: 08 Feb 2007
Posts: 163
Debtcc Points: 2516
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| Posted: Fri Jun 08, 2007 5:41 am Subject: |
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You are well on your way to being free of this nightmare! Congrats!
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kscornell
Moderator
Joined: 22 Jul 2006
Posts: 3589
Debtcc Points: 32736
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| Posted: Fri Jun 08, 2007 4:48 pm Subject: |
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Wow, glad to hear that you got a refund  Good for you!
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CowampChicken
Joined: 20 Dec 2005
Posts: 3681
Debtcc Points: 36192
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| Posted: Fri Jun 08, 2007 5:05 pm Subject: |
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Congrats - just the fact that they are giving you any kind of a refund is like an admission of their guilt and their knowledge that they are breaking the law in Florida!
_________________
Four things in life that you should never lose-1. Hope; 2. Peace; 3. Honesty; 4. Friends.
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irish51cc
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Joined: 27 Nov 2006
Posts: 1122
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