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Update on my phone calls to pdl's...

Date: Tue, 04/04/2006 - 11:38

Submitted by erzeke1
on Tue, 04/04/2006 - 11:38

Posts: 1145 Credits: [Donate]

Total Replies: 52


Finally done with all the calls....
Magnum Cash advance will stop payment this week, but I will incur "daily" charges.
United Cash Loans will still attempt to debit, but will send to collections when it doesn't go through. But get this, they will not report to credit agencies and they will still offer me a loan! I said forget about that. They said they won't hold the collections against me! LMFAO!
USFast Cash absolutely won't work with me...and will still attempt to debit my account then send to collections right away.

I'm alittle less sick today but still worried!


Florida has usury/loansharking laws in Chapter 687...

Quote:

(3) Unless otherwise specifically allowed by law, any person making an extension of credit to any person, who shall willfully and knowingly charge, take or receive interest thereon at a rate exceeding 45 percent per annum or the equivalent rate for a longer or shorter period of time, whether directly or indirectly or conspire so to do, shall be guilty of a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
775.082 (d) For a felony of the third degree, by a term of imprisonment not exceeding 5 years.
775.083 (c) $5,000, when the conviction is of a felony of the third degree.


Florida's deferred presentment laws are defined in Chapter 560...

Quote:
(6) "Deferred presentment transaction" means providing currency or a payment instrument in exchange for a person's check and agreeing to hold that person's check for a period of time prior to presentment, deposit, or redemption.



http://www.leg.state.fl.us/Statutes/index.cfm?Mode=View%20Statutes&Submenu=1&Tab=statutes&CFID=1081068&CFTOKEN=30634634

Now you took those loans on the internet right? No check involved, right?

Write them the strongest letter known to man, demand your accounts be marked paid in full, demand refunds on all interest paid over the principal that exceed 30%, and let them know that if they do not do as they are instructed that you will report them to your local authorites and you AG (you should still do that anyway).


lrhall41

Submitted by polly on Tue, 04/04/2006 - 12:21

( Posts: 1709 | Credits: )


Just got this information from florida legislature. I'll get some more research done today..(sorry it's so long)


Quote:

The focus of our office is publishing the Florida Statutes. We cannot
give opinions as to how the statutes apply to specific facts or give
legal advice.

In Florida Statutes, payday loans are referred to as 'deferred
presentment'. Below is a list of statute sections that pertain to this
subject. See especially the sub-heading 'Deferred presentment' in this
list:

CHECK CASHERS AND CHECK CASHING BUSINESSES
Agent for service of process, 560.306
Authorized vendors, 560.306, 560.307, 560.308, 560.310
Check Cashing and Foreign Currency Exchange Act, 560.301
Deferred presentments
credit counseling, 560.404
Database information, confidentiality, 560.4041
Declaration of intent, 560.403
Deferred Presentment Act, 560.401
Definitions, 560.402
Fees, 560.403, 560.404
Grace period, 560.404
Insufficient funds at time of redemption, 560.404
Legislative intent, 560.408
Notice to drawers, 560.404
Payment of proceeds to drawer, 560.404
Recordkeeping requirements, 560.407
Redemption of check by drawer, 560.405
Registration of providers, 560.403
Restrictions, 560.403, 560.404, 560.405
Transaction agreements, 560.404
Unlawful acts; penalties, 560.111, 560.403
Worthless checks, remedies of deferred presentment
provider, 560.406
Definitions, 560.103, 560.302, 560.309
Exemptions from statutory provisions, 560.304
False or misleading financial statements or supporting
documents, filing, 560.1073
Fees, 560.303, 560.307, 560.308, 560.309
Fingerprints, 560.306
Foreign currency exchanges, See FOREIGN CURRENCY EXCHANGES
Funds transmitters, See MONEY TRANSMITTERS; PAYMENT INSTRUMENTS
AND FUNDS TRANSMISSION subtitle Payment instrument issuers or sellers
and funds transmitters
Investigations, 560.306
Locations, 560.305, 560.306, 560.307, 560.308, 560.310
Money laundering provisions, applicability, 560.309
Money transmitter-affiliated parties, 560.305, 560.306
Money transmitters, See MONEY TRANSMITTERS
Notices, 560.309, 560.310
Payment instrument issuers or sellers, See PAYMENT INSTRUMENTS
AND FUNDS TRANSMISSION
Payment instruments deposited with financial institutions,
endorsement with name of registrant, 560.309
Principal office, 560.305, 560.306
Records, 560.310
Registration, 560.303, 560.305, 560.306, 560.307, 560.308,
560.309
Unlawful acts; penalties, 560.1073, 560.306, 560.308, 560.310


You might also be able to get some information from the Office
of Financial Regulation of the Florida Department of Financial
Services. You can access the homepage of their website by clicking on
this link: http://www.flofr.com/. On this page you will find information
and links to other resources, including a form which allows you to file
a complaint online.

The Florida Statutes can be found on the Internet through the
Legislature's homepage at: http://www.leg.state.fl.us. Click on
"Statutes and Constitution," then click on "Florida Statutes, and then
click on the title containing the provision(s) in which you are
interested. For example, s. 11.242 is part of chapter 11 and can be
found in Title III Legislative Branch; Commissions. The Florida Statutes
may also be found in your county library.

Additional information about Florida's government may be found through
http://www.myflorida.com.

Division of Statutory Revision


lrhall41

Submitted by erzeke1 on Tue, 04/04/2006 - 12:27

( Posts: 1145 | Credits: )


erzeke1, I just pmed this to you, but thought it might help others. I used this letter a while ago to help a friend with US fast Cash.

To whom it may concern,

It has come to my attention that your company is not licensed in the State of Florida, which is required fo all payday lenders loaning to Florida residents regardless of the location of the business. As such, I was not legally permitted to enter into the loan contract with you, and based on advice of counsel and an opinion from the Florida Attorney General's office, our contract is not valid. Therefore, i am immediately and permanently revoking my authorization fot you to debit my accounts.

Additionslly, I am requesting that you immediately place me in a do not loan status, and mark my account paid in full/zero balance due to the fact that our contract is illegal in the State of Florida.

I expect your affirmative response within 24 hours of receipt of this email or I will request the assistance of the State of Florida in seeking injunctive relief frm the contract.


lrhall41

Submitted by jj on Tue, 04/04/2006 - 12:33

( Posts: 1057 | Credits: )


They will likely reply with a message that you obviously don't read you rcontract, but they will also more than likely close your account. If they don't and try and debit they will be violating federal law by doing so after revocation.


lrhall41

Submitted by jj on Tue, 04/04/2006 - 12:34

( Posts: 1057 | Credits: )


And throw this in your letter somewhere just for good measure...

Quote:

Your claim that the contract that I signed is only governed by the law of the state in which your company resides is unsubstantiated. There is specific Federal case law that refutes your claim. Your company solicited, accepted and transacted business with a citizen of the State of Florida, thus you are subject to the laws of this state including the usury laws.

???Dot Com repeatedly and consciously chose to process Pennsylvania residents' applications and to assign them passwords. Dot Com knew that the result of these contracts would be the transmission of electronic messages into Pennsylvania. The transmission of these files was entirely within its control. Dot Com cannot maintain that these contracts are "fortuitous" or "coincidental" within the meaning of World-Wide Volkswagen. When a defendant makes a conscious choice to conduct business with the residents of a forum state, "it has clear notice that it is subject to suit there." World-Wide Volkswagen, 444 U.S. at 297, 100 S.Ct. at 567. Dot Com was under no obligation to sell its services to Pennsylvania residents. It freely chose to do so, presumably in order to profit from those transactions. If a corporation determines that the risk of being subject to personal jurisdiction in a particular forum is too great, it can choose to sever its connection to the state. Id. If Dot Com had not wanted to be amenable to jurisdiction in Pennsylvania, the solution would have been simple--it could have chosen not to sell its services to Pennsylvania residents.??? (W.D.Pa. 1997)


lrhall41

Submitted by polly on Tue, 04/04/2006 - 12:37

( Posts: 1709 | Credits: )


I think NJ is working towards a no pdl's allowed. FYI... i just signed up with T & C and I will be sending the money via western union today... YIPPEEEEEEEEEEEEEEEEEEEE!!!!! I will definitely get a good nights sleep tonight.


lrhall41

Submitted by jmid1969 on Tue, 04/04/2006 - 13:34

( Posts: 102 | Credits: )


OMG! I too live in Florida and all of my loans are internet based (all 14 of them)I am paying T&C $300 every two weeks to get them paid off. I do wish to pay off what I owe, but when I tally all the interest that I have paid, I've more than paid them off! I am going to get started filing complaints with my AG.


lrhall41

Submitted by iloveteaching on Tue, 04/04/2006 - 13:36

( Posts: 150 | Credits: )


You guys have been wonderful and very helpful. I am tired of dealing with these people. That's why I handed it over to T & C. They have been so nice to me on the phone too.


lrhall41

Submitted by jmid1969 on Tue, 04/04/2006 - 13:41

( Posts: 102 | Credits: )


Great letter JJ, I might use this as a follow up with the three that I have left. Folks, I have ended my debt consolidation with T &C because the three I have left are not licensed in my state, I have severely over paid these accounts, and they have received enough of my hard earned money. I might even ask for a refund :-)


lrhall41

Submitted by Cow & Chicken on Tue, 04/04/2006 - 15:38

( Posts: 3571 | Credits: )


In my mind the laws that have been made regarding licensing are there to protect me. In a perfect world we should all check to make sure that the company is legit. I guess I have an expectation that a company wouldn't blatantly disregard the laws. The lawmakers wouldn't have made these laws to protect us if they did not know these guys are out there to screw us.


lrhall41

Submitted by polly on Wed, 04/05/2006 - 06:28

( Posts: 1709 | Credits: )


I received this email the other dayfrom US Fast Cash and they are illegal in the state of Virginia. I had faxed them a letter about Virginia Law regarding payday loans;
After a review, we have decided to write off the balance of your account. We have placed you in a "DO NOT LOAN" status. You will be ineligible for any future loan with us or any of our affiliates.
Your account balance is now zero, and your account permanently closed.
****Please read your contract more thoroughly, It appears you are not reading or understanding the terms and they were available to you from the moment of application******
Please let us know if you have any other questions or concerns regarding this.

US Fast Cash Compliance Department
Fax: 1-800-470-6614


lrhall41

Submitted by oh2benc2 on Wed, 04/05/2006 - 07:18

( Posts: 284 | Credits: )


I would recommend placing some similar wording to this in any future letters that you send out. I've had pretty good luck with it.

[quote]In lieu of your blatant disregard for the laws of the State of (Your state), I am offering you the opportunity to settle with me, in accordance with The State of (Your state) Code: (Your state's code)

I also expect that my account will be marked paid in full, and at no time will (company name), any representative, parent company, subsidiary, or affiliate of (company name) place any derogatory mark on my credit report with any credit bureau, nor any other check writing database, such as Teletrack or an equivalent database.

All correspondence as of today (date) shall be in written form either through the email address I provided to you at the time of the application, or via The United States Postal Service.

If (company name) does not abide to the settlement conditions stated above, I will have no choice but to file a civil suit against (company name) for the monetary damages that I am entitled to per (Your state) law, (Your state code), and all legal fees that I acquire during the course of such a civil suit. I will also formally complain to, and request that the Attorney General of (Your state), (Your state AG's name), file criminal charges against (company name) for its illegal lending practices to the consumers within the State of (Your state).

Please acknowledge receipt of this letter, and acknowledge acceptance of, and willingness to adhere to the settlement described above, in writing, within 24 hours of receipt. If I do not receive this acknowledgement within 24 hours, I will begin the legal proceedings described above.[/quote]


lrhall41

Submitted by polly on Wed, 04/05/2006 - 07:42

( Posts: 1709 | Credits: )


You have drafted the letter so well Polly. It should work.

BTW, the response that oh2 received in email is the one that was expected. oh2, save the mail and also get it printed. It will help you stop them in future because you never know if they will come up with a new idea or not.


lrhall41

Submitted by stanley on Wed, 04/05/2006 - 10:12

( Posts: 1639 | Credits: )


OK Polly- maybe I need you on my side- does this apply to Texas as well? Some of my loans I had 6 months or more before I went to T&C 3 months ago. So I have probably paid most of them over and above what I originally borrowed.

The bad thing is- I do not have most of my original documents. I was not very smart about this and now I am afraid I am stuck.

When I went to T&C in Jan, I had 8 loans totalling right at $4000.00- now 3 months later I owe over that amount!

Any help you could give would be greatly appreciated.

Thanks,
Crystal


lrhall41

Submitted by cmcdonald on Wed, 04/05/2006 - 14:08

( Posts: 80 | Credits: )


All of my loans were internet based. I have looked online at the TX consumer protection agency and i cannot find a license for any of the 8. I think, although I am not positive that you do have to have a liscense for Texas, but I am not sure if Texas has any other laws protecting me from the fees/interest.

I know I should pay my debt, I have no problem with that. My problem is that I know I have probably already paid that and then some over the last 9 months. Of course, I may be left holding the bag since I kept no paperwork.

Crystal


lrhall41

Submitted by cmcdonald on Thu, 04/06/2006 - 06:25

( Posts: 80 | Credits: )


Crystal - I feel like I'm in the same boat as you. I am working on understanding the laws in my state (Iowa) and then I'm going to send letters to the internet pdl's and see what happens. I've had 2 of them call this week (ameriloan and 500fastcash) (who are actually the same - I think). Polly is helping me and Mishelle is also advising me. I think the first step should be to send a DV letter and then go from there. PM me if you want and I'll give you the letter I'm working on.

Sue


lrhall41

Submitted by CycloneFan on Thu, 04/06/2006 - 06:38

( Posts: 1155 | Credits: )


Taht's a good letter Polly. I'm gonna use it if you don't mind...but isn't it kinda fast turnaround for 24 hours?
Also, where did you find laws of different states? ie how did you know US Fast Cash Services was against Virginia law?
Thanks!


lrhall41

Submitted by quesik on Thu, 04/06/2006 - 14:06

( Posts: 108 | Credits: )


Hello Polly,

I am in the State of Washington. Thanks much!


lrhall41

Submitted by quesik on Fri, 04/07/2006 - 07:39

( Posts: 108 | Credits: )


Thanks Polly,
That information will be useful...the legal jargon is so foreign to me...but I will try to figure out what it is saying and get this thing resolved! You have helped a lot in my endeavor to conquerer these scam artists.
Thanks again.


lrhall41

Submitted by quesik on Fri, 04/07/2006 - 10:56

( Posts: 108 | Credits: )


I just read in one of the post in this forum, that Florida Usery Laws do not apply to internet loans. I have 5 PDL's I have been defaulted on for nearly two months and have not had but a couple of phone calls and two emails. The calls or emails were not threatening. What is a wage assignment? I have never heard of it.


lrhall41

Submitted by carolyoung01 on Sun, 04/09/2006 - 07:06

( Posts: 19 | Credits: )


Where did you read that?

Here is a synopsis. I am pretty sure I posted the whole statute in another forum somehwere:

Quote:

To persons who are registered to provide currency or payment instruments in exchange for a
person's check and who agree to hold that person's check for a period of time prior to presentment, deposit, or
redemption. Otherwise consumer finance act applies. Fla. Stat. Ann. ?? 516.031 (30% per year on the first $2,000;
24% per year on $2,000 - $3,000; 18% per on $3,000 - $25,000).


lrhall41

Submitted by polly on Mon, 04/10/2006 - 06:30

( Posts: 1709 | Credits: )


Thanks for reiterating, Pollyandsay. I did read the Florida Statutes concerning PDLs and it plainly states the percentage rates, they have to be licensed in the state, and they cannot roll the loan. This has not been the case with any of my 5 PDLs. Also, you can only have one open payday loan at the time. I also checked my bank account and got the names that were debiting my account and none of these companies are licensed in the State of Florida.
Pollyandsay, many thanks to you for your research and caring about so many people in this forum. I sincerely appreciate your and everyones support. It took me several months to find this forum. I will be checking everyday and if I know anything that will help someone, I will certainly be posting it.


lrhall41

Submitted by carolyoung01 on Mon, 04/10/2006 - 17:16

( Posts: 19 | Credits: )