Getting out of Pay Day loan Cycle
Date: Mon, 10/03/2011 - 11:37
I am glad that I found this site. I have been drowning in the payday loan cycle that I can't believe i ever got in. I did loans from these places:
Global financial Group Services rcvd $500 to date paid $750
The Cash line rcvd $450 to date paid $135.00
US Fast Cash rcvd $400 to date paid $120.00
Magnum cash advance rcvd $556 to date paid $530.71
Ameriloan rcvd $250 to date paid $0.00
CMG Group LLC rcvd $250 to date paid $0.00
Titan Group LLC rcvd $250 to date paid $0.00
Little Loan Shoppe rcvd $400 to date paid $0.00
As far as I can see on the FLOFR web site, non of these are licensed here in Florida. I am in the process closing my bank account and drafting letters to all that I will pay only the remainder of what I was given, no fees or interest. If any of you find that my research was bad and these are legal in Florida please let me know, as I will be sending the letters out first thing tomorrow morning.
A big thank you to this forum and people on it, knowing that your not alone and there is a way to dig out.
Just a update:
Sent letters, some have responded with mailing address to pay off. Others have said the loan was going to collections if I didn't allow the ach withdrawl.
Called bank and they wont close account because it's negative, said as soon as it is positive they can, informed then I would bring positive, but can they not allow the ACH if they try so I dont get charged fees, they said no. So now, I'll probibly end up with more fees making my account more negative before I can get it closed:mad:
Global financial Group Services rcvd $500 to date paid $750
The Cash line rcvd $450 to date paid $135.00
US Fast Cash rcvd $400 to date paid $120.00
Magnum cash advance rcvd $556 to date paid $530.71
Ameriloan rcvd $250 to date paid $0.00
CMG Group LLC rcvd $250 to date paid $0.00
Titan Group LLC rcvd $250 to date paid $0.00
Little Loan Shoppe rcvd $400 to date paid $0.00
As far as I can see on the FLOFR web site, non of these are licensed here in Florida. I am in the process closing my bank account and drafting letters to all that I will pay only the remainder of what I was given, no fees or interest. If any of you find that my research was bad and these are legal in Florida please let me know, as I will be sending the letters out first thing tomorrow morning.
A big thank you to this forum and people on it, knowing that your not alone and there is a way to dig out.
Just a update:
Sent letters, some have responded with mailing address to pay off. Others have said the loan was going to collections if I didn't allow the ach withdrawl.
Called bank and they wont close account because it's negative, said as soon as it is positive they can, informed then I would bring positive, but can they not allow the ACH if they try so I dont get charged fees, they said no. So now, I'll probibly end up with more fees making my account more negative before I can get it closed:mad:
It is true that you will be liable for paying them only the prin
It is true that you will be liable for paying them only the principal amount. If you find that you have paid them more than the principal amount, then you can even demand a refund from them.
