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wittsend · Posted: Thu Aug 28, 2008 8:08 am Subject: Help with my PDL's in Illinois

Please help I have 8 PDL's and can't repay all at once. Some of them are helping me out and giving me settlements but I still can't pay the amount or frequency they want. I have closed my bank account so they are beginning to contact me but I know it is just going to get worse. I have contacted PDL Eliminators and payed them $200 start up fee but am now thinking about cancelling them because they do not even start helping until their fee is paid wich is about $1300.00. Can anyone help me or tell me what to do or if this is legal. I did get them all online and signed stating that I would abide by the rules of the state they are in. I'm at my wittsend. Here's my info below.

Cash Transfer Centers - borrowed 350 - fee $91
Paycheck Today - borrowed 200 - fee $60
Loanshop online - borrowed 400 - fee 120
United Cash Loans - borrowed 250 - fee 75
InstantLoans Now - borrowed 500 - fee 150
Integrity Advance Iadvancecash.com - borrowed 500 fee 150
ameriloan - borrowed 250 fee 75
PayDay One - borrowed 500 fee who knows it just keeps going.

I appreciate any help I can get on these or how to get them to stop collecting.

Thanks!

Posted: Thu Aug 28, 2008 8:17 am Subject:

Hello and welcome to the site.

Just by glancing at your list, I see 4 of them already that are illegal. How much have you paid to all of these places so far. Towards the bottom of my post you will see a link for Illinois Laws. Check out that link and you will see the laws PDL's are supposed to follow regarding Illinois residents. It looks like all of them are pretty much over charging you.

Posted: Thu Aug 28, 2008 8:29 am Subject:

I have paid alot because they keep rolling over so I pay that fee every 2 weeks and have been paying it for some of these over 6 months. So do they have to follow Illinois law even though I signed saying it would be governed by the state they reside in?

Posted: Thu Aug 28, 2008 10:26 am Subject:

I think IL does not allow rollovers, or if they do, only one rollover is allowed. And yes, they DO need to be licensed in IL in order to lend to IL residents. The fact that their contract states that you are governed by where they are located is baloney!

I'd say if you have been paying for almost six months, you have surely overpaid them.

Please list the total amounts paid to date for each loan and we can help you further.

Posted: Fri Aug 29, 2008 7:41 am Subject:

I am trying to get together how much I have paid these companies. I have paid pay day one $650 and they do keep rolling over the loan even though they are licensed in Illinois. What's up with that? Also I got a call from CTC last night and informed them of IL law and she spoke with a supervisor and told me that they did not have to follow that because they were a member of MALTA. What is this? and is it true? I also need a sample of a cease and desist letter for these people so they don't start contacting my employer or family members.

Guest · Posted: Fri Aug 29, 2008 8:34 am Subject:

[/quote]Legal Status: Legal

Citation:
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

Posted: Fri Aug 29, 2008 10:43 am Subject:

Loanshop Online is mean. Anybody have any dealings with them. I have paid them in 120 on a 400 loan. I told them I know I need to pay what I owe but I am not paying any extra and cited IL law. they told me they are internet and are everywhere and I signed their contract so I am obligated by it. I stood my ground and told her I didn't think they could because they were not legal. she stated they were and would not help me and wanted $520 now and that they were coming after me. I'm a pretty worried now can they actually do something to me. by my calculations I owe them around $342 and am willing to work something out. Please help I'm now afraid to call my other 7 pdl's.

Posted: Fri Aug 29, 2008 11:06 am Subject:

CTC borrowed $350 pay back that plus $91 every 2 weeks for probably a year
Paycheck today borrowed 200 paid back 60
Loanshop Online borrowed 400 paid back 120
United Cash Loans borrowed 250 paid back 150
Instant Loans Now borrowed 500 paid back 150
Integrity Advance borrowed 500 paid back 0
ameriloan borrowed 250 paid back 150
PayDay One borrowed 500 paid back 655.86

Please help i'm scared and don't know what to tell these people or do.

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