Need to get out of Payday Debt in Florida
Date: Thu, 06/13/2013 - 08:02
I live in Florida, and I have gotten into a tight spot with five payday loans that I was in good standing with and have been using for years. I know I have paid well above the interest rates that are legal for my state for years, and never really knew what my rights were. Now that I am struggling under the mounds of interest rates every 2 weeks, I realized that in Florida, I am only allowed to have one loan out at a time, with no rolling, a maximum barrowing amount of $500.00 and lower interest rates. I cannot believe how much money I have spent over the years on lenders rate not knowing that I had rights too. Below is a list of all my lenders, the amounts I took out, the amounts I have paid, and the remaining balances. I have just put a stop payment on all of the lenders and I am going to the bank today to see if I can get a new account. One of the lenders, VIP Cash, has already stopped harrassing me at my job and I has told them to please stop calling me at work. I am wondering what my next step is, what rights I do have, and what I should do.
Help!
Amanda
Company: Cash in a Wink, VIP Cash, Prestige Group (Vince Enterprise), North Cash, Magnum
Date Loan was Taken: 3/25/2013, 4/9/2013, 4/3/2013, 5/16/2013, 5/3/2013
Amount Lent: 1,000.00, 800.00, 700.00, 500.00, 570.00
Payments Made: 462.50, 162.04, 210.00, 0.00, 233.04
Remaining Balance: 537.50, 637.96, 490.00, 500.00, 336.96
All of your loans are illegal
All of your loans are illegal. Follow the link in my signature line for information on how to deal with them. You owe principal only, which you can pay back on YOUR schedule not theirs.
I had just one more question,
I had just one more question, I have been taking out loans and paying interest on all of these companies for YEARS. Could I, legally, ask to use the interest from the previous loans towards my current principals?
absolutely!!! very good
absolutely!!! very good chance you are due refunds - not sure if you will get though
Not recommended but you don't even have to pay back principal
The original post is correct about the $500 limit in florida, but all of your loans are not florida loans. I had three loans that were illegal (Magnum Cash Advance, 500Fast Cash, and One Click Cash). I got ahead of it and opted out of arbitration, ach revocation and C&D letters right away. I never setup a payment plan so I always just paid in full then borrowed again. According to the State of Florida you do not have to even pay back any principal here is some of the wording that I receive from the state "By operation of law, these loans are unenforceable and void in this state. Additionally, many of these internet payday lenders, or their third-party collection agencies may use threatening or misleading scare tactics in attempting to collect these loans. Florida law also prohibits any person from claiming, attempting, or threatening to enforce a debt when the person knows that the debt is not legitimate or when the person attempts to assert a legal right when such person knows that the right does not exist."