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 Posted: Tue Sep 11, 2007 11:10 am |
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I currently have 5 payday loans. I know one is legit and follows the laws of my state. The others I am not sure, I don't think they are. I live in Illinois.
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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| Posted: Tue Sep 11, 2007 11:15 am |
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You need to give us a little more information, like how much have you borrowed and paid back in just principal and list the company names and if they are store front or internet. Someone will more experience than I will be along to assist you. Hold on..we are here to help you.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2759
Debtcc Points: 24754
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| Posted: Tue Sep 11, 2007 7:37 pm |
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I'm going to post Illinois state pdl law for you. However, as ladybug stated, we need more information. We need to know are these 5 pld's store front or internet? Who are they with? How much have you borrowed (principle only) and how much have you paid back so far (total)? We can help you with once you post the needed information. 
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
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| Posted: Tue Sep 11, 2007 7:38 pm |
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| Quote: | Illinois State Information
Legal Status: Legal
Citation:
815 Ill. Comp. Stat. Ann. ยง 122/1-1
Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
apr for 14-day $100 loan: 403%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
http://www.obre.state.il.us/default2.htm |
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cannr
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Joined: 07 Jun 2007
Posts: 9374
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| Posted: Wed Sep 12, 2007 5:05 am |
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Unfortunately, there is no "fast" way to get out of PDL's. It takes time and effort to get out of that vicious cycle. But it IS possible! 
_________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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Joined: 12 Oct 2006
Posts: 4391
Debtcc Points: 61059
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| Posted: Wed Sep 12, 2007 7:42 am |
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Like Suebee said, there really isn't a fast way to get out, but can be done. But you have come to the right place for help in getting out of that trap.
Please list the names of the companies you have loans with.
How much have you borrowed from each one.
The total amount you have paid each one.
And if they are store front or internet.
With this information, we can point you in the right direction to help you get out of this payday loan mess.
Hang in there though, it can be done!
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2nband
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Joined: 30 Jan 2007
Posts: 2151
Debtcc Points: 40008
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| Posted: Wed Sep 12, 2007 7:58 am |
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Tmblasfser, Did we lose you? Please come back. Its not as bad as it seems.We will guide you thru the process
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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| Posted: Wed Sep 12, 2007 3:57 pm |
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You have to remember: you didn't get into this overnight so it will take a little time to get out..but believe me a month from now you will be in better shape than you have been in a while, I'm sure of that!!
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
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Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Mon Nov 05, 2007 3:02 pm |
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Sorry it has taken so long to get back! I appreciate the help! I feel lost and like i am just going in circles. i did fill out my sheet of info to speak with someone at this site. Can they help with the payday loans?
All my loans are internet based. I will double check what I have paid on each one etc and get back to you! Those of you that have been through this how long does it take to get back on your feet? I feel so stupid for getting caught in this irresponsibile trap!
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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| Posted: Mon Nov 05, 2007 3:15 pm |
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tmbla....Hi and welcome back. Time frames really depend on what we are dealing with. All 10 of my internet loans were illegal and I had over paid 8 of them...so for me it was about 4 months of phone calls and letter writing before things calmed and were more normal. However in that time I had closed my account and had control of my money again so that made a huge difference. This is why we keep asking you for a list of your pdls and how much you borrowed and how much has been paid back including fee's. This way we can see what you really have and can give you some suggestions to help you.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
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Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Tue Nov 06, 2007 2:36 am |
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This is a viscious cycle but once you close your checking account and have your paycheck back it is almost like a sense of relief. I know the phone calls will start soon, but I am taking control of the situation. You can too, just hang in there and follow the advice given, It really does help.
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tlmjcj
Joined: 03 Nov 2007
Posts: 84
Debtcc Points: 2010
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| Posted: Tue Nov 06, 2007 6:10 am |
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Wow. what a mess. here is what i can come up with. i want to thank you for your time and help! i am very scared of what will happen once I actually try and take control over the situation!
my cash now borrowed 500.00
paid 176.47
The loan shop borrowed 300.00
first payment of 75.00 on 5/25/07 and have paid that every two weeks since.
The loan shop borrowed 200.00
Not exactly sure about start date, but I know I have paid 60 every two weeks since August
United Cash Loans borrowed 350.00
not sure of exact start date maybe Aug 4 2007 paid 50 every two weeks until
9/28-155.00
10/12-140.00
10/26-125.00
and i am still paying.
Cashnet usa borrowed 500.00
pay off 569. must pay off entire amount. I believe this site follows guidelines of my state.
USA payday loan new loan 300.00- have not paid anything yet.
this is when i realized i need help! I cannot get out of the cycle. I am scared my bank won't even help me with closing/opening an account i am very ashamed!
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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| Posted: Tue Nov 06, 2007 6:37 am |
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I hate to be a pest but could you clarify this for us. You have The Loan Shop listed twice...is this 2 separate loans?? Also....is there a way you can figure out the total paid on each one....if full not the dates you paid. You can look over your bank statements to add that up. I am assuming these are all internet.
The bank thing has to be taken care of first..have you read the info on that yet?? I know there have been a couple of threads for you, I'm not sure now what info you have or not....sorry.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
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Joined: 13 Jun 2007
Posts: 2337
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| Posted: Tue Nov 06, 2007 6:56 am |
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The Loan shop is 2 separate loans.
You are correct, these are all internet based.
I will try and pull all of my statements to add up to double check the second loan shop loan-when i add up the first one wow i have paid 900.00 on that one-how stupid of me-now wonder they gave me another one!
I have read a little on banks, but I am still confused if on what trouble I can get into by closing my account.
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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| Posted: Tue Nov 06, 2007 2:37 pm |
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Does anybody have the web site for The Loan Shop or the address for them? I am sending out letters to all my pdl's so i can get this whole situation straitned out. Closed my account yesturday and i do feel a lot better so hang in there it does get better, just takes some work.
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tlmjcj
Joined: 03 Nov 2007
Posts: 84
Debtcc Points: 2010
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| Posted: Tue Nov 06, 2007 2:55 pm |
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Don't know if this will help or not
FAX TO 1-800-757-8373 1-800-806-9971 or email customerservice(at)ltsmanagement.com
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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