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

These are all internet pdls. No storefronts. Some of these will be unlicensed/illegal to lend to you, okay? First of all, great job posting your information! :D Now, let me ask you real quick - have you done anything regarding your bank account?

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.

No, you did the right thing. The first thing is that you get your money Safe. On the illegal loans , all you are morally obligated to repay is the principle borrowed.

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.

It is a cycle with PDLs. Follow the advice of those on this board and things will look better and you will be able to sleep at night. When you take care of all the "paperwork" read the sticky on ACH processors. That route will hit them where they live. Keep us posted.

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!

You can do this...I'm the world's biggest scaredy cat and I did it.

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.

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.

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.