New to the board-Florida Payday Loan Help

Welcome to the site!

All three of the companies you describe are ones that we have dealt with in the past, and as far as we know, none of them are operating legally.

The best advice I can give now is NOT to give any of these companies your new bank account information, if you can help it. They will bleed you dry. Contact them, and tell them you want to pay off your loan, but only if they will accept payment of what your state law deems legally owed. And tell them you will only pay by money order or cashier's check. No debits to your checking account, and no Western Union or MoneyGram.

Please post what amount you have paid to each loan (including rollover fees or interest) and we'll help you out with some advice.

In the meantime, here's your state's payday loan law:

You will find the Payday loan laws for Florida here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I live in Florida.

J.D. Marketing-195.00. It was 260.00 but I paid 50.00 to get my payments down.
Oasis Marketing Group-260.00
DMS (LOANSHOP)-260.00

I have paid each loan over 360 dollars in rollover fees so far. I just don't really know what to do. I hate that I got involved with them in the first place. Its neverending.

This is aquaris00.

aquaris00 -

Just a little tip - make sure you log in every time you post. You will earn points for every post you make, which can eventually be cashed in. Every point is worth a penny. It may not seem like much now, but it builds up over time - especially if you stick around and help others with what you've learned here.

Now, on to the lenders...

J.D. Marketing - in a search of Florida's licensee database for lenders, this company was not found. I searched under JD Marketing, J.D. Marketing, JD, J.D. and J D Marketing - nothing was found.

Oasis Marketing Group - searched the Florida licensee database for lenders under Oasis - nothing was found.

Now...are all of these internet based loans, or are any of them storefront? If they are storefront and are not listed on the licensee database, they are operating illegally. Same thing if they are internet based.

Did you happen to print out any information from the lenders' websites? If so, check to see if there are any other D/B/A names or Doing Business As names...or company names other than the ones you've already given in your post. If not, I would say these companies are not licensed to do business in Florida.

Since Florida state law specifies that a lender can only charge 10% of the loan amount plus a verification fee as interest, you have already overpaid these loans. All of them. If you borrowed $260 from each one, the very most you should have paid back was $286. ($260 principal amount + $26 interest of 10% of the loan amount = $286.) I doubt if any of them charged a verification fee, since they are most likely not operating within your state law anyway.

You need to write these companies a letter, and send it CERTIFIED MAIL, RETURN RECEIPT REQUESTED. That way, you can be sure they have to sign for it in order to receive it, and it will be your proof that you sent it (and that they got it).

In the letter:

-advise the company that you have already paid the loan in full, according to your state law. Make sure you quote the law as shown above, and give the citation number of the law as shown above.

-inform the company that you are hereby terminating their permission to debit your bank account, which has been closed.

-also inform them that you are cancelling any wage assignment clause that might have been in their contract.

-request a refund of the overpaid amounts. (You may not get it, but it doesn't hurt to ask. Even if you get something back stating they have marked your loan paid in full - that's better than nothing!)

-advise the lenders that you are filing complaints with the Florida Office of Financial Regulation (and then do it - go to http://www.flofr.com/ and click on "file a complaint").

On top of all of this, absolutely, do NOT give your bank info to any other lenders. They will continue to debit your account if you give it to them.

I hope this helps - let us know if you need any other info! :-)

Just another note - I noticed in your original post, you stated you had already given your new banking info to Oasis. My advice is to go to your bank tomorrow morning, first thing, and speak to an account manager, or the branch manager. Explain the payday loan situation to them - don't be embarrassed - you're not the first person that's gotten into this situation, and it's quite likely that the manager has dealt with this many times before.

Ask the manager what the best way is for you to stop this company from ever debiting your account again. Tell them the debits are unauthorized, and that you want them to stop. They should be able to help you get the debits to stop on your new account.

I have forgot my password.

Yes, these are all internet based loan companies. Do I quote the whole law of just parts of it?Unfortunately, I have no way of getting in contact with DMS Marketing.

How this:
To Whom It May Concern:

My name is (removed for your protection - Suebee). In September 2007, I took out a loan with this company of 260.00. I have been since re-financing this loan every two weeks, paying 60.00, for the last four months. This has added up to been more than what I orignally borrowed, according to Florida's Law:
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

My loan has been paid in full. With help, I have also found that your company might not be legally licensed in Florida. I wish to revoke permission to debit my bank account, seeing as it has been closed. I also wish to cancel any wage assignments that might have appear in the contract. I will be filing a complaint with the Florida Office of Financial Regulation, if this matter goes unresolved. I thank you for your cooperation in this matter.

Sounds like a good letter to me. Do a search on our site for address info for DMS Marketing - there are others here who have dealt with them and you should be able to find their address in one of the threads on them.