please help with payday loans

Are these all Internet loans?

Oh and, welcome to the forum, I am posting your state payday loan laws.

Florida State Information

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

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,

yes - all internet loans

thank you for the welcome!
I am not sure I understand the laws...what can I do with this info?

Give me a few minutes, I am researching some of these pdl companies. Have you put a hard debit block on your account? That's the first thing you need to do asap, until you can close it. Also, I have a suggestion about the fees the bank has charged you, you might try going into the bank, speak to the branch manager, explain your situation to her/him, tell him that you are being hosed by some illegal internet payday loan companies, and this is why you are overdrawn. Tell them you are in the process of resolving this matter as quickly as possible, and that you are going to be filing complaints with your Attorney General. Then, ask them if they would releive you from some of these bank fees, because under the circumstances, you simply could not help what happened. I am here to tell you that some banks are very willing to forgive some or all of the fees and NSF charges, but only if you explain and ask.

Also, while I am researching, there is another option you might want to consider, please read the link below, this is about the processors, using this method of stopping some of these illegal pdl companies have proved to be very effective for some of the members here. :)
http://www.debtconsolidationcare.com/paydayloan/ach-processors.html

I am going to talk to the branch manager in the morning to ask them to put the block on my account. I will ask her about the fee's and if there is anything she do about them.

cbar2852, my bank was really helpful to me, they forgave 50% of the fees, and all I did was explain my situation.

Something else you will need to do, asap, is send these companies a letter revoking any wage assignments. I sent mine through email, and through the USPS, certified, returned receipt requested. Here is an example:

The date
Your name and address
The name and address of the creditor
Your account number with the creditor

Dear Sir or Madam,

I hereby revoke your right to use any wage assignment I may or may not have signed with you. You no longer have my permission to use this wage assignment.

Sincerely,
Your signature


ok I will get the email address' and send them tonight.

Since these pdl's aren't going to be able to access any more of your money, prepare yourself, your phone will probably be ringing off the hook. After your checking account is safe, you can work on paying these off, and I would suggest you do this with money orders, sent certified, return receipt. This means you are going to have to find addresses for all of these companies. There is a search box in the upper right hand corner of this forum, if you put the name of the pdl company in the search box, you will most likely be able to find the addresses here at this forum. Although some of these companies are illegal, which means you only morally owe them the principal amount.

fastmoney911 - $400.00 - paid $360.00 - still owe $520.00

You only owe them $40.00, if I am right about them being illegal. If I am wrong, someone please correct me! I am still researching these pdl's.

This is what I found, it looks like NONE of these companies are licensed. I could be wrong, but I did a search in the license data base and found nothing.

Now, if I am right, this means that all you are obligated to pay back to any of these pdl's is the principal amount, no more. And if they want their money, then they will have to accept your terms, and I would offer them no more than you can afford, and use ONLY money orders to pay them. Please wait until someone else confirms that these are not licensed, as I am not positive. All I know is, I couldn't find any. Hang tight! :)

I have emailed the letter you suggested to each of the pdl's.
I will wait until someone confirms that they are not licensed.
I feel a little better!

well I went to the bank this morning and they said I had to come back on Monday that they couldn't do what I wanted until Monday. Great!! I will have more charges come Monday! Even if I have to pay the bank charges if I can get rid of the pdl's that would be wonderful!

The laws posted earlier apply to Floridas storefront lenders. The internet lenders fall under the Florida Consumer Financial Act which requires them to be licensed in the state to lend or collect. Just a bit of info from a fellow Floridian.

I can tell you UsFastCash processes through Intercept EFT (1-800-378-3328) and PayDayMax processes through ACH Commerce (1-800-724-8780). Give them a call, tell them that you have revoked authorization of the ACH/EFT transaction and then email that info over to the respective PDLs. Be persistent and keep at em if they don't understand the first time. Let them know that you know their "working mechanics". Also, and for an extra good measure, UsFastCash uses Bremer Bank (1-800-908-2265. You might want to give them a call as well and let UFC know that fact as well. You might want to check previous post as I think shopping also listed a name with Bremer Bank. Good luck and keep us posted.

I am not sure what that means? How do I find out if the pdl's I have are licensed in Florida? Do I have to continue to pay them or can I still pay what I have borrowed and make payments? What do I do now? I am getting confused.

Ok tell me if I have this right...first I still need to close down my bank account with a hard debit block. Then call the intercept company. Then make payment arrangements to pay back amount borrowed. If they won't agree to my terms then call the AG's office. Pay only by money order by certified mail.
Do I have it right? Sorry I keep asking...I just want to get it right so I can settle this nightmare and keep my house and car and job and life. thank you all for all the help you have given me. I sure would be bad off without you guys!

cbarflorida
Ok tell me if I have this right...first I still need to close down my bank account with a hard debit block. Then call the intercept company. Then make payment arrangements to pay back amount borrowed. If they won't agree to my terms then call the AG's office. Pay only by money order by certified mail.
Do I have it right? Sorry I keep asking...I just want to get it right so I can settle this nightmare and keep my house and car and job and life. thank you all for all the help you have given me. I sure would be bad off without you guys!

cbarflorida, we can walk you through this step by step, the first thing you need to do is place a hard debit block on your account, and make sure you speak with the branch manager, tell them something fishy is going on with your account and there have been some unauthorized debits made on them. As far as intercept, I really wish you would read the sticky about that one, because I am not very well versed in it yet. I'll supply you the link in a minute. I actually am on my way out the door and won't be back for awhile, but someone will be around to give you a hand. :)

Here is the link, this will explain how to use the "processor" method to stop these pdl's from stealing your money. Please read it thoroughly, then you can decide if you would like to try it, it's proved to be successful to some of our members.
http://www.debtconsolidationcare.com/paydayloan/ach-processors.html


I am not sure what that means? How do I find out if the pdl's I have are licensed in Florida? Do I have to continue to pay them or can I still pay what I have borrowed and make payments? What do I do now? I am getting confused.

I could not find a license for any of them, in FL. I looked here:
http://www.flofr.com/

Hopefully, someone else will shed some light on this subject. I don't want you to think I am leaving you high and dry, it's just that I need to leave for now. :)

No I don't think you are leaving me high & dry! thank you so much. I just keep thinking I am going to get this wrong! I look forward to hearing from you again. I am doing everything you tell me to do! again thank you

cbarflorida, please keep us posted, make sure you get to the bank to place a hard debit block as soon as possible, so no more money can be taken out of your account.

I have been to the bank, told the manager what was going on they have put a block on my account and no more money is being taken out of my account. He said he would see what he could do about the fee's that have hit my account. I have received a couple of emails stating for me to contact them to work out payment arrangements and phone calls at home but they have only left a couple of messages for me to call back (which I haven't). I received an email from usfastcash which listed a mailing address (which surprised me). now what do I do?

Have you contact Intercept regarding USFastCash? If not, do so as soon as you can. I am also assuming you have already sent them a C and D letter

No I didn't contact intercept regarding usfastcash, but I will tomorrow. I just got another email from usfastcash stating that I am in collections and I must contact them within 10 days. I have not sent a C and D letter, but I just found a copy of the letter on another post and I will get those letters out quick!
Thanks to everyone who has given me the step-by-step directions....I would be lost and broke without you guys!!!

Today I received my first PIF email!!!! It was from fastmoney911. I sent the c&d letter and said I owed them $40.00 to be paid in full and I received the email today stating that my balance had been adjusted to $40.00 to be paid in full. I they gave me the mailing address of: Fast Money 911, 32 West 200 South, Suite 220, Salt Lake City, Utah 84101 Attn: Collections Manager. I am sending them a $40.00 money order tomorrow!
One down....

I received an email from little loan shoppe which said when I signed for the loan I agreed to go by the laws of Utah. Can I fight this because they are not licensed in Florida?

Does anyone have a template of a refund letter that I can email to usfastcash for the money I overpaid to them? I am not good with putting words together and I want to make sure this gets done right. thanks

I received an email from little loan shoppe which said when I signed for the loan I agreed to go by the laws of Utah. Can I fight this because they are not licensed in Florida?



From what I understand the laws of the state you live in are what you go by, legally. They are trying to scare you and make everything they say sound good, so that you will give up. DON'T give up!!

I just sent them a reply to their email stating that their loan must abide by the laws of the state of Florida and repeated the c & d letter. Hope this works!!

Good for you. Keep it up. Either they will finally play by your rules, or they will get tired of dealing with it!! =)

thanks! and I am happy to report that the phone calls at work and home have stopped. I was so sick of the phone I wanted to disconnect it!!!! :D I almost feel like I am getting my life back! :D

Did you call the processors yet? It is an important step in the process.

no I haven't ... but I just wrote the phone numbers down and I will have to call them from work on Monday. (I just called and recording said no hours for today).
I am having a problem with paydaymax, all of my emails have come back undelivered. I thought I had the correct email address. Do you know the email address for them...my c & d letter came back undeliverable.

You can try sending the C and D letter to Credit Protection Depot at CPDCustomerService @creditprotectiondepot.com
They maked one account paid in full and the other I cleared with just what I borrowed. While your at it, you might want to inform them you have also spoken to their processor about this by copying them in. Also, when you contact the processor, and I believe that it is ACHC or Gail Sauter at AdvantageACH, let them know that you have revoked the ACH authorization and they will continue to debit your account. You can reach ACHC at 1-800-724-8780 and Gail Sauter at Main: 888-718-6767
Direct: 702-655-7595
If you need an email address I can provide that as well for Ms. Sauter.
They will ask you to do so in order for them to help you so maybe you could get a jump on it. Questions. . .just ask.