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CASHNETUSA CHANGES FL LENDING LAWS

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Well guys, First off i want to say that this site has been a godsend! i do not feel like i am alone anymore thanks for all of the valuable information. I just joined yesterday, and i already feel as if i am becoming more in control. Any way i reside in Fl. and as i posted yesterday, i have two outstanding loans one with cashnetusa and BIG. After reading the posts, i realize that BIG is totally illegal and since reading the posts i will not be paying them ANYMORE!
I borrowed from CASHNETUSA a few weeks ago and received an email last week saying that they will no longer offer their CSO SERVICES and as of JULY 30TH 2008, due to a "NEW" law that was mandated by the state of FLORIDA, there will not be anymore "extensions" available to Fl customers and that the balance must be paid in full on the DUE date.Upon reading Fl state laws, i found that the same law that states this also states that a FL consumer CANNOT borrow a principle balance of more than 500.00. Well guys, I borrowed 600.00. I called to inquire about this "NEW" law and asked why if this new law is being so aggressively implemented, why am i still required to pay the 600.00 plus interest instead of what my state law mandates legal? They can not give me a straight answer, What do you guys think about this?




I'm not an expert, but it seems to me that if the new law wasn't in place at the time that you borrowed the $600, then you would still be responsible for repaying the $600 (assuming that it was a legal amount at the time that you borrowed it).

Sub: #1 posted on Sat, 08/02/2008 - 23:22

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

But according to cashnet, the new law was not in place when they offered me extensions either, but they are still implementing the law on that part of the loan.

Sub: #2 posted on Sun, 08/03/2008 - 00:58

neshae0407 neshae0407

(Posts: 9 | Credits: 2.82)

Well, it sounds like they are trying to cover themselves against future liability and are planning to no longer do business in Florida. I still don't think that would mean that they would have to reduce your loan amount from what you originally borrowed.

Are they a member of CFSA? If so, it's my understanding from reading other posts that they have to offer you the EPP plan to allow you to make four equal payments, as long as you go in and request it at least one day before your payment due date.

Sub: #3 posted on Sun, 08/03/2008 - 01:07

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

Hi everyone, I too feel so much better after knowing about this site, thanks so much! CashnetUsa has done me in with this "new" law. I owe them 1,050 and they will be taking it out completely this Friday and I cannot pay my rent due to this! I am going crazy, they do not belong to the CFSA and will not allow me two more weeks. Is there anyplace I can go to to stop them, short of declaring bankruptcy? They also said that from now on their loans would be up to 500, which of course, I don't really care since I'll never go back to them.
I was not even notified of this, the only reason I know is because since I still had two more extensions, I wanted to request an additional one. Would debt consolidation Care help? I need a miracle before Friday!

Sub: #4 posted on Sun, 08/03/2008 - 18:58

soky_torruellas soky_torruellas

(Posts: 13 | Credits: 2.86)

Soky, I answered your thread, but I really am baffled that they can go back on a signed contract, the only suggestion I can make about this is for you guys to contact your Attorney General's office. I do not see how they can enforce this since the contract was made BEFORE the laws changed. Goudah knows more about CSO's then anyone in this community and will probably be available on Monday to address this. If you all can hang in there until she's available, she can advise you better what to do than I. I'm terribly sorry this has happened to all of you. :(

Sub: #5 posted on Sun, 08/03/2008 - 19:04

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Yeah, pretty much Cash Net USA is doing what they have to do, legally.

Unfortunatly, they are doing the "right" thing by making you pay your loan in full.

Also, the AG's office would be on their side - They would be happy that this place is making all customers pay off in full and then not reloaning.

It sucks, but really, there isn't much that can be done about it. This is the sort of thing that happens when laws change. They don't think much of the people stuck in the middle. When Oregon changed it's pdl laws, tons of people were stuck paying their loans in full with no recourse. It's like being shoved off an airplane!

Sub: #6 posted on Mon, 08/04/2008 - 19:55

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.9)

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