Do i have to continue to pay a payday loan above the loan amount in fees if they have are not licensed in my state?

I have two pay day loans out in florida with Global Groups Holding LLC and St Armonds Group. the loan amount was $200 from each lender and the refinance charge is $60. If they are unable to take a payment out of your account on the schedualed date they tack on an additional $90 late refinance charge fee. the loans were taken out back in june of 2011 and they debited $60 refinance charges from me twice a month from june-august.

The problem i have is that i recently changed jobs at the end of august 2011 and called the company to notify them that my payment would be late as i was changing jobs and would have a laps in pay for a few weeks. they said there was nothing they could do and continued to debit my account every two days after the due date. this caused me to encure major over draft and return check charges from my bank. the bank fees amout to a little over $900. I contacted the bank after the fist few attempted debits and begged them to stop the ACH withdrawls and explained the situation and they said there was nothing they could do because i gave this company my info. needless to say the account was involunterily closed by the bank in november due to the excessive overage from these companies.

I am now recieving threating calls from a company called rosental simon and associates. from an agent farmer. they say that a claim has been filed against me by these two companies for a combined total of $1400. They say that if i don\'t reolve this mater today by 3am they will be forced to process the file for further legal action such as check fraud.

ARE THESE LEGAL COMPANIES?

CAN THEY DO THIS?

WHAT CAN I DO TO SETTLE THE DEBT THEY CREATED WITH MY BANK?

AS I HAVE ALREADY PAID THEM MORE THAN I BORROWED AM I OBLIGATED TO PAY THEM MORE?

WHAT ARE MY OPTIONS?

Global Group Holdings LLC

Phone Number: 1-800-783-4936

Fax Number: 1-888-241-5893

2 Answers

I don't feel that they are legal companies after reading your post. Debts are civil. They can't file legal action such as check fraud. 


You should immediately contact with Florida Office of Financial Regulation in order to make sure whether or not pdl companies are licensed in your state. If not, then you are required to payback them only the principal amount. Since you have overpaid them, ask them for the refund. Don’t be scared, illegal lenders can’t take any legal action against you.


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