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Cashthis.net/Instant Cash Flow

Date: Mon, 09/25/2006 - 14:34

Submitted by mylayla
on Mon, 09/25/2006 - 14:34

Posts: 32 Credits: [Donate]

Total Replies: 12


Ok I sent out my faxes, letters & emails on all the payday loans I am dealing with. I live in Florida and according to the Florida Usury laws they can only charge me 18% if I read them right. Here is a response I got from Cashthis.net.

Quote:
09/25/06

The usary laws in Florida state we can charge up to 390% apr and a Verification Fee. We have decided not to charge any interest for you and make your total balance $450. You have 3 options that you can choose from:

1.I am willing to accept the total payment for payoff of $317.86 so that we can be done with your account. However if we allow that payment to be made you will need to have it paid in full by this Friday the 29th of September.

2. If you choose not to payoff by this Friday of $317.86. All interest will be accrued of the Florida State Laws as well as a $30 Verification Fee as well as bounced check fees and late fees for all loans you have outstanding with us. By choosing this option we are able to take payments of at least $50 payments every 2 weeks until paid in full. The first $50 payment would need to be made by this Friday the 29th of September.

3. If you choose not to make a payment by this Friday, your account will be sent to our Collection Agency with all fees accrued and your balance plus 50% of the balance added for collection fees as stated in the contract you signed.

Those are the options we are willing to make on your behalf. Let us know by Friday what you have decided to do. Thanks, Chad

Chad Garner
Instant Cash Flow
991 South Main St
Logan, UT 84321
(435) 787-8208 - Main
(888) 259-3112 - Toll Free
(435) 787-4021 - Fax
Chad(at)ICF247.com
cashthis.net/



Did I misread the Florida Usury laws? I cant pay anything by this Friday, I had asked for a flexible payment plan starting with 10% a month but they wont accept it. Now if they turn it over to the collection agency it will be over $700.00 if I read this right.
Can they do this??????


I was earlier assuming that you overpaid Cashthis.net on this loan account. As you still owe a balance, you are obligated to pay only that much your state allows. Florida laws on payday loans is

Quote:

Legal Status: Legal

Citation:
Fl. Stat. Ann. ???? 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
http://www.flofr.com/


Review your debt account status and the past payments for making appropriate decisions.


lrhall41

Submitted by Christina on Mon, 09/25/2006 - 15:10

( Posts: 438 | Credits: )


Here's a copy of the Florida Statute concerning loans:

Quote:

516.02 Loans; lines of credit; rate of interest; license.--

(1) A person must not engage in the business of making consumer finance loans unless she or he is authorized to do so under this chapter or other statutes and unless the person first obtains a license from the office.



Throw that at 'em!


lrhall41

Submitted by erzeke1 on Mon, 09/25/2006 - 19:57

( Posts: 1145 | Credits: )


Here's some more under that statute:

Quote:

2)(a) A person who is engaged in the business of making loans of money, except as authorized by this chapter or other statutes of this state, may not directly or indirectly charge, contract for, or receive any interest or consideration greater than 18 percent per annum upon the loan, use, or forbearance of money, goods, or choses in action, or upon the loan or use of credit, of the amount or value of $25,000 or less.


Quote:
(c) A loan for which a greater rate of interest or charge than is allowed by this chapter has been contracted for or received, wherever made, is not enforceable in this state, and each person who in any manner participates therein in this state is subject to this chapter. However, this paragraph does not apply to loans legally made to a resident of another state by a person within that state if that state has in effect a regulatory small loan or consumer finance law similar in principle to this chapter.


lrhall41

Submitted by erzeke1 on Mon, 09/25/2006 - 20:03

( Posts: 1145 | Credits: )


Let them eat THIS one on a stale cracker:


Quote:


(5) UNPAID INTEREST UPON REFINANCING.--If all or part of the consideration for a new loan contract is the unpaid principal balance of a prior loan with the licensee, the principal amount payable under the new loan contract may include not more than 60 days' unpaid interest accrued on the prior loan.
[/quote]


lrhall41

Submitted by erzeke1 on Mon, 09/25/2006 - 20:08

( Posts: 1145 | Credits: )


Mylayla,

What was the loan term for each loan?

If I am reading the law correctly, Florida does not allow loans to be rolled over and you can only have one loan oustanding.


Quote:

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes


lrhall41

Submitted by michaelsmom on Tue, 09/26/2006 - 12:29

( Posts: 45 | Credits: )