FL : About to default on payday loans, what next?

Welcome to the forums, Mr. Poor :D From looking at the names of the payday loans that you have, the are all internet. Is this correct?

You will not be arrested for bank fraud if you close your account. Many of us on here have had to do this to get control of our finances. The pdls might threaten you with some kind of bank fraud, check fraud, or whatever, but this won't actually happen. These companies will keep debiting your account even if you revoke their authorization. My advice would be to close that account and open a new one, and don't give that new account info to anyone. Also, check out the payday lending laws for your state at this website, paydayloaninfo.org. Click on the state information, then scroll down and click on your state.

If you have anymore questions, please feel free to ask. Also, if you do a google search on this site with the pdl company names, you will find what others have said about these companies.

Good Luck :D

Thanks for the quick reply, it is appreciated. Currently, I am paying over $1000 in interest alone each month. And yes, all loans were made via the Internet. As mentioned in my last post, I live in FL, and the law here states that only one loan may be outstanding at any given time. Because I have multiple loans from multiple states, does this mean that I am violating my own state law? I worry that this will somehow constitute fraud on my part.

Mr. Poor...

You have not commited fraud. Relax. Enjoy the weekend!

Did you check out the website about the laws of payday lending in your state? I just looked at it and criminal action is "prohibited" and also rollovers are not allowed. These companies have already violated the laws of your state by rolling over your loans(finance charges). There is no type of fraud on your part at all. These companies are most more than likely not even licensed to loan in your state.

Also Mr. Poor,figure out how much you paid each PDL VS what you borrowed. I am sure you will find out you have overpaid each. If you have ant yime this weekend it would be best to figure this out and start sending your letters. We can help!

I did see that rollovers and criminal actions are prohibited. However, I understand that this law only applies to loans that are made in my state. My loans are from every state BUT Florida...

Roadwarrior ... you mentioned to send out letters this weekend.. what letters?

Mr. Poor - If you took out a loan in Florida where you live and the loan company is in New Mexico, that company has to be liscensed in Florida and follow the laws, as they are written in Florida.

I wrote and faxed a letter to my cash now detailing that I overpaid according to FL law. I haven't heard a thing from them, but they locked me out of my online account. What next from My Cash Now?

Mr Poor -

If they've blocked your access to your online account, chances are very good that they will no longer be bothering you. I can't say that for certain, but when they do that, most companies have marked the loan as paid in full and cancelled your access to their site.

Let us know if you hear from them again - and you should be on your way to changing your name from Mr Poor to Mr Poor No More! :-)

Thanks for your quick reply. But, it can't possibly be that easy... Besides, I demanded a reply from them indicating that my loan was paid in full and I haven't heard a thing. However, if this was indeed this easy, I dont' expect my other six pdl's to be this easy...

Mr. Poor -

you may be correct on that - it may not be that easy - but it just might be. There are other people on this site who have had the same response from payday lenders when they informed the lender that they were aware of the state laws being broken...the lender folded like a house of cards. Some will be more difficult to deal with, it's true, but some will backpedal immediately upon being informed that the client knows laws are being broken.

Well, I'm ready to write and fax my next letter and I'll keep you all posted. This site is a godsend and I am very grateful for the support you all share and for revealing the truth about pdl's.

Be careful and cautious of mycashnow, they would not cooperate with me at all and refused to accept any of my payment arrangements. They sent me to a very nasty and rude collection agency that also was not willing to accept any payment arrangements.

Here are a few threads I found where others are discussing mycashnow.

http://www.debtconsolidationcare.com/creditors-information/about13293.html

http://www.debtconsolidationcare.com/forums/cashnow.html

my wife has 11 payday loans 4 with the same company mte finicial, who go by differnt names,another one she has 3 differnt comany names,i cant afford to pay them back, i made payments on some, someone advise me if they are not licensed , i should just send them letters telling them my accounts are paid in full and that they are voliating fla law, is that true?
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my wife has 11 payday loans 4 with the same company mte finicial, who go by differnt names,another one she has 3 differnt comany names,i cant afford to pay them back, i made payments on some, someone advise me if they are not licensed , i should just send them letters telling them my accounts are paid in full and that they are voliating fla law, is that true?
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Hi Mr. Poor,

I live in FLorida as well and I am going through the same thing. Rollovers are prohibited and all of my payday Loans are Internet and they have ALL rolled over my loan numerous times! One loan I took out was for $500 and I have already paid over $1200.00! I closed my account at my bank and have opened a new one. I am paying two loans off this week (CashnetUSA which is licensed in every state and I have to pay them, and United Cash Loans, which is a small amount and not worth the fight). As for the rest of my loans, I legally only owe about 30-60 dollars on each one and I refuse to pay them a penny more. Some of them I have even OVERPAID on. I drafted letters to all of my lenders via e-mail and I have even sent 2nd letters on some. I have all my paperwork ready to file with the AG's office if I don't get a response. Either way, I have control over my paycheck and these PDL companies can say whatever they want and threaten me and everything else. I have paid my debt to them except for a couple of dollars here and there. That's all they are getting from me!!