I have 9 PDLs and need some serious help

I am early in the relief process here in Florida also. I had 2 internet and a storefront. The storefront is legal and following the rules here in Florida, but the other two are not licensed to do these loans in Florida. You have come to the right place - hang on and one of the knowledgable people will be along to help with solid information.

Hang in there.

Thanks Jag, thankfully none are storefront but paydayone is the only one that abides by FL's laws. I am just so stressed about this and the bad thing is I kept it from my husband for the past year. Which is probably why I got so deep. I'd take out another one to cover the $$ missing from the first one... etc etc.

But I finally told him the other night, and he is being very supportive.

Yes you need to close that account. Cashnet is the only one I see that is legal in Florida. The are operating as a CSO here. Add up all your rollovers and see how much is paid toward the principals with that included. Florida has cap on these loans under the Florida Consumer Financial Act and rollovers are not permitted. If a company is not licensed in Florida regardless of physical location the loans are non collectable under the act. This is still an interpretation and has not to the best of my knowledge been tested recently in the courts.

If you say Payday One is legal here then you have two that are!

I am not sure if paydayone is legal here, but they are the only ones that abide by FL's PDL laws (500 limit, only charge 10% finance fee and no roll overs.)

If cashnet is legal in florida, then how are they allowed to offer a $1500 loan?

I am just scared to death about the bank re-opening my account when all of these EFTs try to come through at the end of the month and then having charges against me criminally from the bank.

Another question, if paydayone and cashnet are legal in florida, then what can they do to me when the EFT's are not paid? I plan on contacting the legal ones to make payment arrangement.

I am so sorry if I am babbling, I just want this nightmare over with so I can move on. This has been a a very tough and expensive lesson learned.

Payday One is also legal in Florida.

Cash Net USA is a CSO, they are not a payday lender. That is how they get around the laws.

I'm sorry, what is a CSO?

So if they are legal in Florida then what can they do to me if they fail to let me make payment arrangements and cannot take money out of my closed bank account?

I want to take care of them but do not want anything criminal to happen to me.

I am so sorry for all the questions, I want this to be so over with. I can deal with the harassment that will follow from these companies, especially since I work for Sheriffs Office and all phones are recorded, and the only other phone # they have from me is 1 of my cell phones.

Thanks again!

You really need to go to your bank and find out what their policy is regarding forcing open account for ACH withdrawals. You still have time to send letters to the PDLs revoking their ACH peiveledges. It won't stop them but you can bring copies of the letters to your bank and refer them laws regarding compulsory electronic withdrawals.

Don't worry! We are here to answer questions! :D

A CSO is a Credit Service Organization. It's really just a sneaky underhanded way for these places to get around payday loan restrictions. Federal law makes it so that any fees charged cannot be considered interest. So technically on the Cash Net loan you are only paying like 18% interest. It's just a huge fee.

These places can pursue you civilly to collect. That's it. No criminal charges.

Thanks Frog,

Do I just write a standard letter to these companies telling them I am revoking their ACH withdrawals? And what do I do about the companies where all I have is a telephone #, or better yet, don't even have a telephone #? LOL

Thanks Goudah!

This site is filled with addresses - If you can't find it by searching, post the names of the companies you need addresses for and we can help you find them.

To revoke ACH authorization all you need to say is:

"I hereby revoke any and all authorization I gave Company X, and any of it's subsidiaries, to debit in any way any account I may be a signer on."

Thanks Goudah!

I have nothing other than a phone number for mycashnow, everyplace else at least I have a fax and email addy. Should I do both a fax and an email?

OK I keep reading and reading. I am not sure if I signed any wage assignment documents, but after reading I am scared to death these people will call my employer and try to do a wage assignment.

I work for the Sheriffs Office and I really don't need people calling finance on me about my paycheck. And I also do not want to send finance 9 letters stating each companies name and not to honor any wage assignments. I don't want work to know about these PDL's.

Should I just send finance a blanket letter stating not to honor any and all wage assignments?

I am so sorry again, I am just so frustrated.

Really, there is no need to apologize! It can be a scary process, and it's better to ask a ton of questions then get something wrong. We are here to help! :D

Yes, I'd send them a letter. Another thing you can do to help avoid some embarrassment when these places start calling is tell your coworkers that your ID was stolen, and someone took out some payday loans in your name. That way it doesn't look so bad on you.

Wage assignments are also illegal in Florida. Since you work for the government, odds are very good that they wouldn't honor a wage assignment anyways. But you can send the revoke just in case. It's always good to make sure every base is covered.

Tiffer, dont send out the ACH revocation letters until AFTER you close your account. If they get wind you are going to close it they will swoop in and take whatever money they can

The places I have a physical address, do I send those letters return receipt signature required?

Hello, I'm the better half ;) of the original poster. I'm a member of a few credit forums but this one seems the most helpful and friendliest, thanks for all the great advice.

yes I think the experts here say to get a return reciept for your records.

Can someone help me out here please? I am thinking when I send these companies the letter to revoke ACH transactions, I would also like to tell them not to contact me at work. Only contact me via the phone # I originally gave them and email. Is that feasible? I work shift work and do not have a direct extension. After reading about other peoples PDL's, I can only imagine the problems that are going to start from these yahoo's constant calling at work.

I found a template letter (polly speaks) to follow. However, following the letter was very confusing to me LMAO...

One more week to go and I can close my checking account and start sending out these letters...

Ok, I just opened our new checking account at WaMu, anyone have any experience with them closing your account if you get reported to CHEX after you already opened the account?

Thanks

tiffer, you might want to post that question on the banking forum here. They also have lots of info about banks that dont use chex system