Florida residents with Payday Loans can find relief through an approved credit counseling agency like DMCC under Florida’s Payday Advance Law as follows:
- If you cannot repay the loan on the due date, you must declare this fact to the lender on, or before, the due date;
- The payday lender must then freeze the loan for a grace period of sixty (60) days during which time no additional interest or fees can be collected by the lender;
- Within the first seven (7) days of this grace period, you must present proof to the lender that an appointment has been scheduled with a credit counseling agency that is approved by the State of Florida*. The lender is required to provide you with a copy of the list of approved counseling agencies;
- You are then required to complete a credit counseling session within the sixty (60) day grace period;
- At the conclusion of the credit counseling session, the Counselor may propose a monthly repayment schedule that will enable you to repay the debt over a reasonable period of time; and, provided that the repayment period is reasonable, the payday lender must accept the proposed monthly payments.
When you contact DMCC, your Counselor will ask you to provide basic information regarding your Payday Loan, all of which can be found on the contract you signed when you obtained the advance. Please have the Payday Loan contract available when you contact us. Your Counselor will then notify the payday lender of the date and time of the appointment, thus providing the proof of appointment required by the law.
During the counseling session, your Counselor will help you develop a budget and create a repayment schedule that best fits your needs.
The notice to your lender requesting a 60 day deferment and the counseling session is provided to you by DMCC for free. If you choose you repay your loan through DMCC, fees will be charged in accordance with state regulations.
Complete the application below or call (866) 618-3328 today to speak with a Certified Credit Counselor and schedule your appointment.
* Note: Approval as a credit-counseling agency for Payday Advance Loans does not constitute an endorsement of this, or any other, agency by the State of Florida.