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 Posted: Mon Dec 03, 2007 2:49 pm Subject: Need Help in Illinois with payday loans :(
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I have gotten in over my head with pay day loans and really need to get out from the mess. I have 5 loans out there now. I’ve been reading the posts and replies on the site and have learned a lot. This forum is wonderful! And it helps to know I am not alone… Thank you!
I live in Illinois and have listed the loans I have.
United Cash Loans - $350.00, I’ve paid $315.00
The Loan Shop - $300.00, I’ve paid $90.00
SJM Marketing - $200.00, I’ve paid $60.00
speedy-paydayloans.com(shows Sanguine Financial on ACH transactions)- $200.00, I’ve paid $250.00
B&L - $200.00, have not paid anything yet
I have fallen behind in my bills because of trying to catch up with my bills…and I’ve made it worse for myself. Is there a certain letter I need to submit to these companies? What can I do to not be harassed at work? I’ve read posts about unlicensed loan companies…are the one’s I am at unlicensed? I appreciate any help!! Thank you!!
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annieoakley71
Joined: 03 Dec 2007
Posts: 11
Debtcc Points: 411
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Posted: Mon Dec 03, 2007 3:01 pm Subject:
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annie-hang in there here are the laws for illinois, i too am from IllinoisQuote:
| Quote: | Illinois State Information
Legal Status: Legal
Citation:
815 Ill. Comp. Stat. Ann. § 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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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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Posted: Mon Dec 03, 2007 3:02 pm Subject:
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The first most important thing you can do is close your bank account to stop the pdl companies from taking money from you, then you need to send letters out to all of them.
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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Posted: Mon Dec 03, 2007 3:04 pm Subject:
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TMBL is giving good advice, but before closing your account please read the following to be sure you can do it .
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Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Mon Dec 03, 2007 3:14 pm Subject:
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Thank you both! I am banking with MB Financial. I'll look into what their policies are for closing the account out.
I've read the sample letters in the do it yourself section. Is that enough to send to the payday loan companies? What information do I need to make sure is in my leters? Thanks again!!
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annieoakley71
Joined: 03 Dec 2007
Posts: 11
Debtcc Points: 411
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Posted: Mon Dec 03, 2007 4:08 pm Subject:
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Annie, the letters there (unless they have updated them since my last visit) do not have everything you need in them. There are several circulating with everything you need in them. However, DO NOT tell the pdls what you are going to do and DO NOT send any letters until your account is taken care of or they will try to take all their money. Once you have closed your account and your money is secure, let us know and we can guide you through the next steps. In the meantime, we will get the letter to you so you can read over it and ask any questions.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4052
Debtcc Points: 11445
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Posted: Mon Dec 03, 2007 4:12 pm Subject:
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If someone would not mind pm-ing Annie their letter, I seem to have left mu USB drive at work and all my pdl stuff is on there.  Sorry about that..I guess I was in too much of a hurry to leave work...don' know why 
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4052
Debtcc Points: 11445
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Posted: Mon Dec 03, 2007 5:42 pm Subject: r
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Letter pm'd to annie!  annie, any questions, just post!
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9369
Debtcc Points: 124788
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Posted: Tue Dec 04, 2007 7:19 am Subject:
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Thank you for the letter cannr & Roxy!! I am going to read it over and make sure I understand everything on it. I'm working with my bank to close my account. I very much appreciate all of the help. I just want control of my finances again and get rid of these loans.
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annieoakley71
Joined: 03 Dec 2007
Posts: 11
Debtcc Points: 411
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Posted: Tue Dec 04, 2007 1:59 pm Subject: r
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annie, if you have any questions or run into any problems, just post. We're here if you need us.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9369
Debtcc Points: 124788
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Posted: Wed Dec 12, 2007 8:18 am Subject:
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Hi, Everyone~
I've opened up a new bank account, and have emailed & sent the letters out. Haven't had a response back yet. Should I go ahead and file the complaints with the BBB and atty general or wait until the loan companies contact me?
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annieoakley71
Joined: 03 Dec 2007
Posts: 11
Debtcc Points: 411
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Posted: Wed Dec 12, 2007 8:23 am Subject:
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File, file, file
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38903
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Posted: Wed Dec 12, 2007 9:58 am Subject:
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Thank you!! I'll be filing them!
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annieoakley71
Joined: 03 Dec 2007
Posts: 11
Debtcc Points: 411
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Posted: Wed Dec 12, 2007 12:04 pm Subject:
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I've had speedy-paydayloans.com mark my account paid in full and they have sent me a confirmation letter! 
One down, four to go!
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annieoakley71
Joined: 03 Dec 2007
Posts: 11
Debtcc Points: 411
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Posted: Wed Dec 12, 2007 12:36 pm Subject: r
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annie!  That was quick! Wonderful for you! Continue to file your complaints against these pdls. And stay firm with them when they begin contacting you. You might get more good news! Great job so far!
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9369
Debtcc Points: 124788
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