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Does anyone know what the laws are in Florida on payday loa?

Date: Fri, 02/16/2007 - 07:29

Submitted by misschinaeyes
on Fri, 02/16/2007 - 07:29

Posts: 13 Credits: [Donate]

Total Replies: 3


I currently have 5 payday loans out, and I am way over my head. I took one loan out to pay off the other and that was were the trouble started. I am way over my head and drowning in debt. My whole paycheck is alright accounted for when I am paid because of these loans. For one loan in which I borrowed $250.00 I paid almost $700.00 back. Could someone please help and guide me into a direction in which I could possibly take.
Thanks!


In Florida it is illegal to allow a person to rollover the loan. The first thing you need to do is stop these companies from making any further debits from your checking account. If you can, look into closing your account and opening a new one right away. If you are not in a situation to close your account, talk to your bank about stopping payment on these companies..this could be a bit costly. Also fax letters or mail certified letters to these companies revoking authorization to make any further debits from your account. You need to calculate what you have paid to these companies and see how much you have most likly overpaid.


lrhall41

Submitted by PinkLady on Fri, 02/16/2007 - 07:36

( Posts: 1720 | Credits: )


Stop payment is good for only six months. Besides, banks charge a certain amount to do a stop payment on the companies. You should be always aware to pay back the principal amount and the interests, fees charged in your state.

If you want to stop the debits of the lenders who are making excessive money on your account, ask your bank to block the transaction code of that particular company. Later, the lenders who are blocked by your bank will call you for sending more money. Recite the laws of your state and make them realize that they are making more than the legal charges in your state. Therefore, your account needs to be marked "PIF" and the excessive amount to be refunded back.


lrhall41

Submitted by Bony on Fri, 02/16/2007 - 09:12

( Posts: 287 | Credits: )