logo

Debtconsolidationcare.com - the USA consumer forum

In Florida with Many PDLs. Way beyond drowning. help!

Date: Tue, 05/06/2008 - 12:27

Submitted by jenp27
on Tue, 05/06/2008 - 12:27

Posts: 4 Credits: [Donate]

Total Replies: 10


Hi everyone, I am new here, honestly I have come across this forum many times in the past and never joined. I thought that someone would be calling me to discuss all of my debt. But today, I saw the link to just join the forum without that! Guess I never saw it before.

I have foolishly taken on so many pdls. I realize now that florida max loan amount is $500. Well, I have borrowed $1300 and that does not include the fees.

I'm also trying to figure out what exactly is a rollover. It says loans cannot rollover in my state. Is this the same as an extension, or refinance? Because I have done plenty of those!

Was it even legal for me to borrow $1300 in pay day loans while I am in the state of FL? At first, I was honestly ready (even though i'm broke and hungry) to pay off everything in good faith... even with all the exorbitant fees (yikes) but after reading I wonder if I even should? Ok, now I'm remembering some fine print on the loan applications that the loan will be handled based on the laws of Colorado, Delaware, Texas... and other states the pdls belong to?

I need help obviously. Ok, here are the pdl details:



The reason that I put a ? by internet, is because some of these companies only contacted me by phone and I was never given a website, only a phone number. And also because I don't know if they also have storefront operations in their areas.

I will greatly appreciate any advice given. This seems like a wonderful community!


Yes, sadly I guess or foolishly? I don't know which, but I went ahead and closed out my checking account, before the next due dates for any of the loans. Because I feared they would not listen or understand that I just didn't have the money. And I did not want to be in trouble with the bank too.


lrhall41

Submitted by jenp27 on Tue, 05/06/2008 - 12:38

( Posts: 4 | Credits: )


oh and I forgot to mention that this is the 2nd loan I've have with Loan Shop, first one I paid back ontime with fees. And for payday one I have had 5 previous loans which I paid off on time with interest, 2 of those I refinanced once each. But of course, this seemed to become a dependant cycle for me and I kept borrowing, the interest got higher, and now I have too many others to keep up, or afford to pay them all off. So, is there any reasoning with these companies? I'm so afraid to call them, only to have them deny me to repay what i borrowed and no more.


lrhall41

Submitted by jenp27 on Tue, 05/06/2008 - 13:08

( Posts: 4 | Credits: )


The state of Florida is still trying to figure out how to apply the law to IPDLs. The laws for storefronts such as Amscot and Ace Check Cashing do not apply. They are looking at the Florida Consumer Protection Act as the laws that apply to internet lenders. Those laws require all lenders to be licensed in the state regardless of their location. If they are not, the loans are deemed non collectable. This does not, as Kash said, mean you don't have a moral obligation to pay the prinicipal back, but it does mean they can't charge interest from other states and expect to collect it!
The cap is 18 percent if I remember correctly.
Have you closed your account yet? If not do it before your next pay date.
Lets talk about BIG. Do not pay them another dime. They are illegal anywhere in this country. They will harrass you to the end. Just hang up on them. You can't get them to be reasonable. They will call from overseas and say anything including having you arrested, downloading you into the police files etc. Ignore them. I am in Florida. Please feel free to PM me if you have questions. Also please complain to CFO Alex Sink about the lax enforcement of the law against the IPDLs in Florida. Good luck!


lrhall41

Submitted by Frogpatch on Tue, 05/06/2008 - 14:41

( Posts: 5381 | Credits: )


I have been reading around, and would like to try using a prepaid card to pay them off. does anyone know of a good one?

I was thinking of using my paypal virtual mastercard. But I have my paypal account linked to my checking accounts and credit card. So, I guess even if i generated a single use card nbr and they try to withdraw more than authorized, it will go through. so, i guess no dice there. unless there is a way to unverify my paypal account.

i ramble on alot, i apologize, but back to my original question if anyone knows of a low or no fee prepaid. could i get one through my banks? they are wachovia and bank of america.


lrhall41

Submitted by on Tue, 05/06/2008 - 21:58

( Posts: | Credits: )


i just wanted to report my progress. Today I settled Payday One account for $500- which is the amount I initally borrowed. They said they will take the info off of teletrak and stop collection activity which is good. now, if i could just figure out the other ones! I'm not sure if its because i don't really answer my phone when i see an unrecognized number or not, but i'm not sure if the rest of lenders are calling me. I know loan shop has sent emails. But the other companies do not send emails. And I was able to do all my correspondence with Payday One by email, until I was ready to pay.
I want to pay the rest off so I don't have this hanging over my head any longer. I'm really confused about the law... are the interest rates these companies charge even legal? And would they be able to take me to court for it? Scared confused, still needing help.


lrhall41

Submitted by jenp27 on Wed, 05/07/2008 - 14:33

( Posts: 4 | Credits: )


Jen, As far as I can tell from what Frog posted and what I went back and read about Florida law, your pdls are not licensed in FL so they should not be lending to you.

[quote]They are looking at the Florida Consumer Protection Act as the laws that apply to internet lenders. Those laws require all lenders to be licensed in the state regardless of their location. If they are not, the loans are deemed non collectable.[/quote]

I did look these up on the FL licencee database and did not find any of them listed. Please do not be scared, they can not take you to court since they are not licensed and FL has deemed them uncollectable. They may threaten you as a scare tatic to get you to pay, but all they are doing is blowing hot air. As fot the interest rate, it is not legal. You can write down the phone numbers you do not recognize and use them in a google search and many times, that will tell you who the company is. If you need us to help you just post them and we can help.

Now as for the pdls, be sure if you work out a payment arrangement, you get it in writing. You need to try to communitcate with the pdls in writing only if possible. I will post at the bottom of the page a link to a letter you can use as a template to contact the pdls. You will have change the information to reflect your situation.

You can also search prepaid cards in the top right corner of the page and you can read what other members have posted about using them. I know I have read posts about them over the past few months.


http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html

I know I have given you information overload. If you have any questions at all, please do not hesitate to post them.


lrhall41

Submitted by RoxyNY on Wed, 05/07/2008 - 15:21

( Posts: 4178 | Credits: )