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 Posted: Thu May 01, 2008 4:22 pm Subject: ctc question from Illinois
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I took loans through CTC twice a month for nearly a year now. I closed my bank account to stop it and the other 10 or so PDL's that were leaving me with nothing but anxiety every payday. My question is I was borrowing 800 every 2 weeks and paying back 1012, meaning every month I was paying 424 in interest. By Illinois law I should only be paying 15 per 100 borrowed, so I was paying all those months twice what the law would allow in interest. Do you think I should ask for a refund of all that excess payment? CTC does reloans only, no extensions. So each loan is a new fresh loan. I didn't know about asking for refunds on all of them.
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mittens
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Posted: Thu May 01, 2008 4:55 pm Subject:
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Hello there Mittens! I am going to post your state laws, and according to what I've read there are no rollovers permitted in the state of Illinois. Is this store front a member of the CFSA, because if they are you can evoke the EPP (extended payment plan), which means you can make 4 equal payments on that loan spread out on your paydays. All you have to do is ask for it. According to the law I am posting, it's $15.50 per $100.00, which would make the $800.00 you borrowed up to the amount of $990.00, they must be adding some kind of fees on it to reloan? I'm not sure.
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Shazzers
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Posted: Thu May 01, 2008 4:56 pm Subject:
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| Code: | Illinois State Information
Legal Status: Legal
Citation:
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
Regulator Website
Licensee Database |
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Shazzers
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Posted: Thu May 01, 2008 8:51 pm Subject:
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CTC is Cash Transfer Centers. TOTALLY ILLEGAL OVERSEAS COMPANY. I know they will not refund any money to you. They won't "go back" and refund any overpayments per your state pdl law. Do you have a current loan out with them now?
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cannr
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Posted: Fri May 02, 2008 7:33 am Subject: CTC
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Yes I closed the account with an outstanding $800 loan, meaning of course I would have paid them $1012 on payday (again!) had I not closed the account. I just wondered what the chances were of reimbursement, which I figured were slim and none... Thanks for the input!
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mittens
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