Debt Consolidation Forums Payday Loan help forums

Too many open accounts, not informed about or denied

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Hey guys,

I did not know that it was against the law to have more than one outstanding payday loan until I found your sight today, and started doing some research. This is a dirty business!

I wave four loans out at this time. These fees are killing me! I actually am not going to receive another paycheck until August 22, but they are due to debit fees on August 8, since I do not have the funds to repay the loans in full. What recourse do I have? All of the loans were authorized and transacted online. Are online loans easier to dispute or what? If anyone has any information regarding this, please let me know. All of these loans have been taken out in the past month. How was I allowed to do this?

I reside in Florida.
All loans were taken out online with no fax signatures or paper check issued.
Loan #1 for $400, Cash-in-1-hr (Centruion Fund loan provider), For the past six weeks, I have already paid a total of $360 that's $120 every two weeks.,($30/100) and continue to rollover with no reduction in principal.
Loan #2 for $200, CashNetUsa (CashNetUsa loan provider), for the past six weeks, I have paid a total of three payments every two weeks at $29.57 each.
Loan #3 for $255.00 Money and More (loan provider), This loan was just taken out on July 24. They will debit the first extension fee on August 8.
Loan #4 for $300 was taken on on July 28 with Loanshop/Broken. They will debit the fist extension fee on August 8.

I do not have the money in my account, and tried to inform each of them that my next paycheck is not until August 22 (1 month away). They said that they needed to debit every two weeks. Technically, my last pay check was on June 25, and I am out of school until I return in August. There are no funds in my account, so I am being screwed six ways to Dallas. The bank charges $35. and the payday loan people say they will continue to run the debit back through, which only increases my bank fees, and the amount that I will need to completely repay these loans.

Are any of these company's doing business illegally in Florida?

Thanks for your help!

Hold on and someone that is familiar with your state laws will be able to post them and interpret them for you.

Sub: #1 posted on Wed, 07/30/2008 - 09:00

ladybug ladybug

(Posts: 2757 | Credits: 282.45)

Cash Net USA is totally legal, and you will have to pay them back what they want.

I also want to say that Cash in 1 Hr and Money & More may be legal, because it looks like they may be CSO's too.

They are all CSO's, not PDL's, so the laws you read don't even apply to them. They are Credit Service Organizations, and they can pretty much do what they want.

Sub: #2 posted on Wed, 07/30/2008 - 19:37

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.93)

I would close the account and open up a new one. Then send a revocation letter to each place telling them that you no longer authorize them to debit your account.

Then, I would call each place and tell them that you need to set up a repayment schedule.

By closing your account, you will prevent the overdraft fees. Once your account becomes overdrawn, many banks won't close it until it becomes positive again. However, if you are overdrawn, it remains open, and then, when the PDL's come thru, you'll get hit again, putting the account deeper in the hole.

Just make sure you pay them according to your repayment plan. Be proactive and everything will work out.

Best wishes!

Sub: #3 posted on Wed, 07/30/2008 - 20:08

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

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