loans took out are they legal

Date: Thu, 09/22/2011 - 08:55

Submitted by deejamar
on Thu, 09/22/2011 - 08:55

Posts: Credits: [Donate]

Total Replies: 4

I took out 1 loans cause i recently had lost a whole bunch of money in an envelope for my rent and bills. And then three followed in my acct. I borrowed the money and would like to know if these companies are legal it took me forever to find their address cause they are not listed on their website.
Loans are Cutter Grour LLC
500 fast cash
SSM Group LLC
U fast cash
It was for 300 each and I live in the florida state
I read the laws and and know they cant have me arrested or anything like that.
Can they garnish from your paycheck or take you to court.
I am paying it back little by little, but i may close the acct and open another and pay them back with that.

Hi deejamar, In Florida, payday lending is considered as illega

Hi deejamar,

In Florida, payday lending is considered as illegal. In such a situation, your first step will be to contact the Florida Office of Financial Regulation in order to find out whether or not all your payday lenders are licensed to operate in your state. Your payday lenders can't get you arrested for the unpaid debt. If you find that they are legal in your state, then they can take legal actions against you. They can file a lawsuit and get a judgment to garnish your wages.

Take care.

lrhall41

Submitted by savion.parker on Thu, 09/22/2011 - 20:55

( Posts: 117 | Credits: )

United Fast Cash and 500 Fast Cash are illegal in Florida. There

United Fast Cash and 500 Fast Cash are illegal in Florida. Therefore, you are only obligated to pay the principal amount to them. You may close the account if required.

lrhall41

Submitted by nandydiana on Thu, 09/22/2011 - 21:08

( Posts: 114 | Credits: )

The contact detail of the Florida Office of Financial Regulation

The contact detail of the Florida Office of Financial Regulation is as follows:
# Address - Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
# Phone - (850) 410-9805
# Fax - (850) 410-9748

If you find that the lenders are licensed, then you will be accountable for both the principal and interest. Legal lenders can sue you because of non-payment of debt. On the other hand, if the lenders are not licensed, then you can get rid of the debts by paying them only the principal amount. Illegal lenders won???t be able to take any legal action against you.

lrhall41

Submitted by sandra.nelson15 on Fri, 09/23/2011 - 00:52

( Posts: 129 | Credits: )

Please ignore most of what you've read above. First, payday le

Please ignore most of what you've read above.

First, payday lending IS legal in Florida. However, the lender must be licensed. None of your lenders are licensed.

Therefore, [FONT=Arial]you need to close your checking account and get a new one.

You should only repay the principal amount of each loan (e.g. you borrowed $300 and have paid a $90 rollover fee 3X so you only owe them the remaining $30), no fees or interest are payable. If you???ve overpaid, ask for a refund. Be sure to include ACH debit and Wage Assignment revocation language when you send your letters, which can be found [COLOR=blue]in this thread. [/COLOR] You will learn how to deal with illegal lenders, find sample letters and other useful information, shared experiences, etc. [/FONT]

You can also contact the Florida Office of Financial Regulation for further assistance as mentioned in the post before mine.

lrhall41

Submitted by OhioGal1 on Mon, 09/26/2011 - 10:09

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