Fl pdl need help asap

IMO in Florida payday lenders operate as CSOs and normally don't require license. But still they are legal. You can read the following discussions for more info on the lenders you're dealing with.

http://www.debtconsolidationcare.com/settlement/magnum.html

http://www.debtconsolidationcare.com/paydayloan/mycashnow-cpd.html

I'm sure others more knowledgeable than I will be along to help you; if you want to close your bank account or put it on "deposit only" I'd think your bank would want you to go into the branch and talk with them; be sure to read the section on this site about closing bank accounts and when you DO go in, talk to a manager, I'm sure they've heard similar stories to yours.

Both of your lenders are unlicensed to lend in FL, they are NOT CSO's, though CSO's do exist in your state. NOT all payday lenders operate as CSO's, they are separate entities and should be treated as such. CSO's would be registered with the secretary of your state, payday lenders are required to be licensed by your state. CLICK HERE to find out how to deal with illegal lenders.

Doing payday loan business is legal in your state Florida but both of the above lenders have not got the license of doing business in the state. So better if you go with the closing of your account and open a new account. Make sure do not mix up anything with the old and new account. Have a word with the bank manager regarding the closing of your old account.

Thanks everyone for all of your information. I will be closing my account this weekend. I will tell the bank it is in their best interest to close it as I have already changed my direct deposit. I have started my letters and will fight them until the end. I have no problem with paying back the principal but they were fraudulent by not revealing they are not licensed in this state. I will run that into the ground until they show me proof. I will report back my findings. I appreciate everyone's input. You guys are awesone.

Thank you

We always behind you with whatever support you need and wait till the bank closes the proceedings of your account.

I closed my bank accounts and got a live check from my employer. I told my bank what happened and they had no problem with me closing the account. I received a phone call from both lenders on my cell but they never left a message. I sent them the template letters telling them that I would pay the principal amount of the loan but I wanted their license information that allows them to do business in Florida and we can work to set up a payment agreement and that I was only sending payments to a physical address. It will be two weeks next week and I am anxious to see what happens. Thanks for all your help and support. This forum is a lifesaver and you guys are the best. Wishing all of you a Merry Christmas and a Happy New Year! To all the other people who are fighting the payday loan lenders stay strong and hold your ground but the best advice I can give is to close your bank account so you can take control of your money. SO far it has worked for me.

Good luck!

I just wanted to update all the subscribers on my status with the PDL's in Florida. I closed my account successfully and when the lenders went to access my account the money was unavailable. They received my letters and Magnum Cash Advance called me once on my cell when I was at work. After they could not reach me they contacted me by email and settled my account to pay half of the principal amount of the loan. They also said that they have seen this letter circlating on the Internet blah, blah, blah...but I am so happy to have them off my back. One payment of $375.12 and my account will be closed forever. I also had a PDL with My Cash Now and I believe they called once on my cell at work and did not leave a message. They know they have to correspond through postal mail or email. So far everything has worked out good and I have control over my finances. I was initially stressed out over this whole thing but it is so worth it to close your account. I encourage you to do that if you are in a PDL loan mess. I want to thank all the moderators of this forum for their valuable information and assisting us. They have been my biggest supporter. Happy New Year to everyone!

GREAT!! i think you are right taking control of my money was the best feeling to have...