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I live in the state of Florida and have a defaulted loan with my cash now (credit protection depot). I have been contacted by a "firm" that represents them and have been told they are going to take me to court and file a suit against me. Is it true that since mycashnow is not licensed in my state, they can't file against me?




Florida requires ipdl's to be licensed in your state in order to lend to FL residents.

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: ,

Sub: #1 posted on Tue, 09/09/2008 - 15:15

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

Based on what I've read about mycashnow here at this forum, they aren't licensed to lend anywhere. I rather doubt they will be suing you, it's probably a scare tactic. What is the name of the Attorney or legal company making these threats to you? How much have you borrowed from them and paid back? Do you have your account secured yet? I would encourage you to get your account either closed or place a hard debit block on it so they can't take anymore of your money. Read the link below before you consider closing your account though.
http://www.debtconsolidationcare.com/paydayloan/close-acc ount.html

Sub: #2 posted on Tue, 09/09/2008 - 15:19

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

i had my account frozen about 2 months ago and opened up a new one so they cannot take anymore money from me. The so-called "firm" is SRS & Associates. The woman who answered the phone when i called claimed that they are located in New Jersey and that they are "pre-litigation." It's a total crock and the more I research, the more I find that SRS & Associates violate the Fair Debt Collection Practices Act. Thanks shazzers for your reply

Sub: #3 posted on Tue, 09/09/2008 - 16:05

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Hmmmm well, if they claim to be a collection agency then they must send you collection letter in written form within five days of their initial contact, then you may ask them to validate the debt. Most likely they won't send you anything through USPS, which indicates to me they are illegal or purposing not following the collection laws.

Sub: #4 posted on Tue, 09/09/2008 - 16:58

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

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