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Florida Payday Loans

Date: Fri, 01/02/2009 - 06:06

Submitted by dianeinflorida
on Fri, 01/02/2009 - 06:06

Posts: 24 Credits: [Donate]

Total Replies: 28


Help please!!! I got caught in a trap after having surgery and then having serious recovery issues for about a year. Then 2 months ago student loans people attacked (see other threads). What do I do? Can someone help me with some letters to send these companies I owe money to. I would like all communications in writing with these companies and would like them not to contact my employer or anyone else even me unless by email or better yet usps. Is that possible? Can i pay them back in increments?

I have ___ payday loans that I applied for over the internet. 2 of these companies i have been doing business with for over a year. Recently I had fraudelant activity on my checking account. Wachovia is closing my account and froze everyrthing. I am actually scheduled to go in today to close my account and reopen another this morning.

PLEASE HELP!!!

The companies are:
EZ PAYDAYCASH 500Borrowed owe 650.00
CASHNETUSA 500.00 borrowed owe 500.00 (no extensions)
Cash transfer centers 700.00 Borrowed 889.00 owed (no extensions)
my cash now 690.00 Borrowed owe1499.41


Florida requires Internet based pdl's to be licensed by your state but also known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge. CahNetUSA is legal. The other two you have are not.

Quote:

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: ,


lrhall41

Submitted by Shazzers on Fri, 01/02/2009 - 06:56

( Posts: 17344 | Credits: )


EZPayDayCash
4760 South Highland Drive
Suite 654
Salt Lake City, Utah 84117

Cash transfer Center is illegal and based in Canada and Malta.
Cash Transfer Centers
Email: customercare(at)cashtransfercenters.com
Fax: 866-809-4069
Level 8 Suite 3
Plaza Commercial Center
Bisazza Street
Sliema SLM15, Malta
phone: 1-866-958-3278
fax: 1-866-809-4069


lrhall41

Submitted by Shazzers on Fri, 01/02/2009 - 06:57

( Posts: 17344 | Credits: )


Looks like you already have your account closed and that's a good thing, when you open a new account do NOT give your banking info to these companies! You have more than paid off Cash Transfer Centers and EZpayday, you didn't post the amount you have paid MyCashNow, but all you would owe them is the principal amount you borrowed, whatever you have already paid them should be deducted from that amount - $690.00- (whatever you have paid so far). Only pay lenders who are not licensed the principal amount borrowed. You will need to make payment arrangements with CashNet USA as they are acting as a CSO in FL. I believe and are legal in what they charge.

MyCashNow.Com Inc. (Illegal)
Grand Anse, St. George's
Milwaukee, WI 53214
Telephone: (866) 398-2274
support(at)mycashnow.com
1-866-645-1662 and 1-866-318-2274


lrhall41

Submitted by Shazzers on Fri, 01/02/2009 - 07:02

( Posts: 17344 | Credits: )


Follow the advice below for the illegal pdl's and you should be fine.
I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
[quote]
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]


lrhall41

Submitted by Shazzers on Fri, 01/02/2009 - 07:03

( Posts: 17344 | Credits: )


The laws posted above do not apply to internet Lenders in Florida. Those are for the local storefronts. Internet lenders fall under Section 516 of the Florida Consumer Financial Act which puts an 18 percent cap on the loans that are legal. The ones that are not licensed in the state are non collectable period. Thats the good news. We have a member called floridaconsumerlaw who is a Florida attorney. I will bring this thread to his attention. If you start getting harrassed he can help you.


lrhall41

Submitted by Frogpatch on Fri, 01/02/2009 - 07:09

( Posts: 5381 | Credits: )


Payday Loan Info has a lot of old info on it from what I have heard. I live in Florida and learned from being in a similar situation. The attorney, who rarely posts here, is working with the FLDFS to rid the state of these predators. I am going to email this thread to him when I get home. My wife chased me over to the clubhouse computer where I live. I would PM him but it could be weeks before he reads it.Several of them will not loan here but most don't care what the laws say. CTC told me I was governed by the laws of Malta. Can you imagine.


lrhall41

Submitted by Frogpatch on Fri, 01/02/2009 - 07:24

( Posts: 5381 | Credits: )


Hi diane,

Here is a copy of the letter I used. You will need to update it for FL.
Quote:


To Whom It May Concern:

After doing research on internet payday loan laws in the state of Connecticut, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of Connecticut in general:

Legal Status: Prohibited

Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.?? 36a-563

Small Loan Rate Cap
30.03% APR or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest.

I have contacted the Connecticut Office of Financial Institutions and the Connecticut State Attorney General's Office regarding your internet payday loans and was informed they are indeed illegal in Connecticut and was advised to pay what is due according to principle amount only of the loan.

To date, I have paid $525.00 DOLLARS on my $250.00 DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of $250.00 DOLLARS even if your internet pay day loan was legal in Connecticut. I have paid $525.00 DOLLARS on this loan by your debits of my bank account. Please mark this account as PAID IN FULL.

I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.

I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Connecticut.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than 5/2/2008, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Thank you,


lrhall41

Submitted by dawnlango7 on Fri, 01/02/2009 - 10:01

( Posts: 1147 | Credits: )


well I sent out C&D letters. Also cancelled any wage assignments. I sent a 'refund' letter to mycashnow. Cashnetusa I am still hearing from via phone. Any advice? I kept renewing loans so I have like 15... (iwould pay them off every month) that was prior to them changing their lending laws in FL. So I have a history with them that includes huge interest fees before CASHNETUSA changed their lending policies. Do I have a leg to stand on?


lrhall41

Submitted by dianeinflorida on Wed, 01/28/2009 - 12:12

( Posts: 24 | Credits: )


Stu if you have paid an excessive amount of fees against an ILLEGAL loan then it may be possible. like nohiogal stated it may work or it may not. I suggest you be very persistent in letting them know they are Illegal and inform them your AG has determined all monies you have put towards to loan so far counts as payment on the principal. Maybe in some cases you can get a PIF if overpaid the principal. I have been successful in being credited my fees in the past.

Please remember this only applies to a Unlicensed Illegal payday loan lender. Please tell us the name of the company. Thanks!


lrhall41

Submitted by Cool_Abyss on Wed, 04/01/2009 - 09:34

( Posts: 2936 | Credits: )


I have my PDL's listed in another thread. I just can't find an answer to that question....if they force you to reloan is each reloan considered a new loan, even if you do it over and over?

If this is the case, and I still owe them, should I close my account and send them the principal only?


lrhall41

Submitted by on Wed, 04/01/2009 - 10:20

( Posts: | Credits: )


Does being internet and illegal change the rules? The posts I've seen on here say I'm 'morally' obligated to pay the principal, which I agree with, even with the illegal ones. But in my opinion I've paid the principal many times over, they are just using a loophole by forcing me to reloan.


lrhall41

Submitted by on Wed, 04/01/2009 - 11:41

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