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PDL Help in Florida

Date: Tue, 03/31/2009 - 17:57

Submitted by anonymous
on Tue, 03/31/2009 - 17:57

Posts: 202330 Credits: [Donate]

Total Replies: 23


Hi all.
I got over my head in debt around the end of last year as the industry I work in happened to experience a major slowdown right when my expenses went up.  Made the common mistake of grabbing easy money in desperation, and then more easy money to pay for the ridiculous interest rates.  Work has picked up, but I'm only barely treading water and if there's any kind of a slowdown I'm in trouble.  On top of that having educated myself on credit/debt/etc, I am a little peeved at how much money I've spent on basically nothing so far.
Here's my main concern.  All of the PDL's I owe, I've owed for at least the last 6 months, but I've done a merry-go-round of paying one off, then having to re-loan to pay off another, so on and so forth.  Also, some of them are setup where there's no opportunity to pay only interest, you've got to pay the full amount and then reloan.
What I'm getting at is that although I havn't paid a whole lot into these loans as they are currently, I've paid these companies more money than I want to admit and far more than the principal still owed, during the last 6 months.  I hope that makes sense.
Anyway here goes.  I owe 1 storefront and 4 internet PDL's.
Storefront - Amscot.  Borrowed $500, paid 0
Internet - Paydaymax.com - borrowerd $760, paid $180
Eastsidelenders - borrowed $350, paid 0
First bank of DE - Not sure if this is actually a PDL.  They have it setup like a PDL, but the repayment is more like a regular simple interest loan with a ridiculous interest rate.  Borrowed $500, paid 0
paydayavenue.com - borrowed $300, paid 0
Clearwater bay marketing(actually done over the phone, but found through internet) - borrowed $300, paid $360
Again, the reason I listed so many at 0 is because they keep getting paid off and reloaned.  The storefront, I'm not too worried about.  I know if I need to, I can work something out with them.  They've always been very easy to deal with.  My main concern is the internet lenders.  I understand them to be in violation of Florida law as Florida only allowed 1 loan, at a max of $500, at a maximum interest rate of 10%.
So should I close my checking account, and contact reps in my state?  Every one of these companies has collected well over the principal amount from me in the last 6 months, with the exception of Amscot.  Any advice is appreciated.
Thanks!


Wanted to add a thanks to a mod named Mobile. I was going to handle this by going through a company called Debt Crisis Solutions, which seems to be the same setup as FDRS was. Glad I did my due diligence with them.


lrhall41

Submitted by on Tue, 03/31/2009 - 17:58

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I know that Eastside Lenders and Payday Max are both illegal companies.
Eastside Lenders
9218 Metcalf Ave #112
Overland Park, KS 66210
Telephone: (866) 569-6636
Fax: (180) 058-1429 ext. 6
eastsidelenders.com
Payday max - Also known as Credit Protection Depot
CLICK HERE to find out how to deal with illegal lenders.
First bank of DE is probably as you stated, a simple interest loan. I've never dealt with them before but keep checking back someone else may have some information about them.
Payday Avenue & Clearwater bay marketing are unknown to me, I will need to research them and see what I come up with, or perhaps someone else will have info about them.




lrhall41

Submitted by Shazzers on Tue, 03/31/2009 - 19:53

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Thanks Shazzers! From doing some searches I don't think they are either.

I was contacted by a local law firm about debt consolidation when I signed up on this forum. Any experience with that method? I assume I'll pay almost as much in legal fees as I would just paying them all off, unless they use the same argument, that the debt is illegal in the first place.


lrhall41

Submitted by on Wed, 04/01/2009 - 06:20

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IMO, you can do it yourself. It just depends on your comfort level in handeling these PDL companies. Many have done it on their own and had success. There are plenty of tools here in this community to help you through your time of need.
??
Fact about PDL consolidation is you will pay a fee for the service. Also you??may still??be contacted by the original lenders at some point. PDL consolidation can help alleviate some of the calls, but it is not guaranteed they will stop them all. All the settlement offers will go out through your consolidation company whether the company is Legal or Illegal. This can cause you to pay more than you need in some cases. If you have limited time then consolidation is the way to go. Some have also had success with consolidation and made their way out the PDL cycle. In the end you have to do what is best for you.


lrhall41

Submitted by Cool_Abyss on Wed, 04/01/2009 - 17:27

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Well, I honestly don't see the point of going through an attorney or debt consolidation company just to have them 'negotiate' the interest off when I don't have to pay it anyway. All of my PDL's are illegal and they've made enough money off of me as it is.

I plan to have all my ducks in a row before I close my bank account, and my phone number will be changing anyway. I'll just make sure its unlisted for a while.


lrhall41

Submitted by on Thu, 04/02/2009 - 07:31

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Sorry I am late. I was working on setting up a blog for two days.
Internet PDLs fall under section 516 of the Florida Consumer Financial Act. This section requires all lenders of small loans to be licensed in the state regardless of their geographical location. If they are not licensed the loans are not collectable. If they are licensed the loans are capped at 18 percent with no rollovers permitted.??I have had??this verified by a Florida Consumer Attorney who is an occasional poster on this site. The one company in question here is Clearwater Bay Marketing. Are they located in Clearwater Florida or??is their name??a cooincidence? Floridas??Payday Lenders are required to be part of a statwide data base. If you have a loan with??Amscot you can't take another loan with Ace or some other storefont because you are in the system as having a loan out with Amscot. Clearwater would be risking their license if they are really in Cleawater which is also where I live.??Only one loan??at a time is allowed. Amscot is, by the way, a wonderful company to deal with if you really need a payday loan which I don't??recommend but I have??been down the same path as you. I still owe money to them for an old loan. Because I am out of work right now they are letting slide until I am back on my feet. Robin at their main office is a sweetheart and I do not mind saying so. So with that said you do not have to worry??if you should default on that one. They will work with you. Down the road if any of these??pdls??sell you to a third party collector, I can give you the name an attorney that will go after them for you if they violate any FDCPA rules.??


lrhall41

Submitted by Frogpatch on Thu, 04/02/2009 - 08:14

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Awesome, thanks frogpatch.

Yeah, I thought the same of clearwater bay marketing. Their customer service office is actually in Kansas, and their business is out of the West Indies, so they aren't even American.

When you say not collectable, does that mean I'm not legally required to pay the principal? I intend to pay the principal anyway, for my own peace of mind, but I'd like to know how much leverage I have to setup repayment terms.

You're right about Amscot, they've always been very easy to deal with. I'm really not worried about them. They actually let me extend the payment date of my loans without charging me any extra interest whenever I ask.


lrhall41

Submitted by on Thu, 04/02/2009 - 10:38

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Nevermind, I found the site. One question about searching for licenses, though...is it possible for the lender to be licensed under a DBA? For example east side lenders, would their licensing name be any different? It seems like all of these lenders have multiple titles.


lrhall41

Submitted by on Thu, 04/02/2009 - 17:27

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