Is American Web Loan legal in the state of Florida
Is American Web Loan legal in the state of Florida? I am having a hell of a time with them. In the last few weeks I have paid over $450 in interest charges on a $500 pay-day loan and there has been nothing taken off of the principal balance. I did not even know I was agreeing to receive the loan and the next thing I knew the call was over. They never went over or instructed me on how to review any of the terms and conditions of the agreement. I've never even seen the agreement. I'm a single mother and I am so scared that they are basically get me evicted because of the fees and interest and the automatic deductions from my bank account. Below is an email that I sent to them, I definitely went a little overboard to try to get their attention to resolve this matter. Are they even legal? Can I go have my bank issue me a new bank account number? What are my options here?
I cannot make the full payment of $500 tomorrow. My check was only $150!!!! Last time I called they said they would only draft the $150 finance charges but amount due to draft says $500!!!! Please please please help me!! I suffered a complete & total mental breakdown for five days after my best friend committed suicide last weekend. Kat Meyers, St. Petersburg, Florida.
I'm in so much trouble with this loan. I've paid $450 in interest since I obtained the loan & was under the influence of prescribed medication when I was duped into entering this financial agreement. I am able to make small payments towards the principal but cannot afford the full $500. When I asked about the interest rate & how it works the rep tried to avoid my question & explained the finance charges in a vague misleading way! I had to specifically ask for a breakdown of the charges, she otherwise would not have verbally discolsed them. She led me to believe the finance charges were $30 per $100 received or $150 TOTAL, NOT $150 EVERY TWO WEEKS!!! I WAS TOLD AFTER I PAID THE $150 that all other future funds would go towards the principal balance. So far for a $500 loan with $450 in "finance charges" paid what is the apr?
I know there is a definite possibility that AWL will have already drafted or attempted to draft the sum of $500 by the time your offices open. Please call me immediately. My family has offered & will execute a legal conservatorship etablished over me & my earnings, all current & future contractual agreements & obligations. They have the clout & funds in order to go to bat for me on this matter. I was also NEVER given the time or opportunity nor instruction to review the terms & agreement of the contract BEFORE signing. I HAD BEEN ENTERED INTO A CONTRACT BEOFRE I EVEN AGREEDED TO RECEIVED THE SHORT TERM LOAN! I wasn't even sure I wanted the loan even after I apparently had agreed to the unknown & not disclosed terms of agreement. I was led to believe that your rep was going to go over & present the terms, finance charges, & full financial obligations at a later point in the call which at THAT POINT I WOULD HAVE HAD THE OPPORTUNITY TO AGREE OR DECLINE. THAT NEVER HAPPENED! Your rep & your organization presented the email in a way that did not advise me that the content in the link was the full discolsure of the terms of the agreement. My parents are demanding a signed copy of the contract & financial agreement be sent to me immediately so I may forward said items in order to furnish all interaction records to their lawyer. They are also requesting/demanding a copy of all recorded conversations in addition to the written contract before they are forced due to AWL's non-compliance to start & file formal legal action & file for a subpoena to obtain said recorded records requested.
I personally don't want it to even have to go that far! I want a copy of the Terms & Conditions of the contract/agreement & to come to some sort of either negotiation & settlement of the unsecured debt taking into account of the $450 already paid in interest, a elimination of the enormous, outrageous, & deceptive finance charges, and a reasonable equal amortization plan (amortization definition: to liquidate or extinguish a debt, especially by periodic payments to the creditor or to a sinking fund) .
If we can come to some sort of resolution, or compromise no further action will be needed or taken, nor will I pursue a BBB filing, or an investigation of the lending practices of your orgainization. What regulatory body has oversight of your consumer finance practices? FTC? Upon investigation I found that the Otoe-Missouria Tribe American Web Loan Act and under the authority of the Finance Services Regulatory Commission. Is that the Native American equivalent of the FTC?