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 Posted: Wed Jul 30, 2008 12:25 pm Subject: OMG! I think I almost cried when I found this site...HELP! |
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I reside in the state of illinois, and up until now I thought that I was going to lose my house and car. I have 6 pdl's,
1. instant cash
2. impact cash
3. one click cash
4. nls cash advance
5. pay day one
6. ameriloan
I borrowed $300 from each, and have paid $300 in interest already. Are any of these lenders illegal, so that I can try and get them to mark my accts paid. What step do I need to take. Thanks in Advance.
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nfisher
Joined: 30 Jul 2008
Posts: 11
Debtcc Points: 160
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| Posted: Wed Jul 30, 2008 12:30 pm Subject: reply |
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i can tell you that none of those will be licensed in IL.sit tight
someone should be along to advise about your bank acct.you
need to stop the pdl's access to debit from you.
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paulmergel
Moderator
Joined: 24 Jun 2007
Posts: 3644
Debtcc Points: 12981
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| Posted: Wed Jul 30, 2008 12:31 pm Subject: |
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Hi, fisher!  I'm going to post your state pdl law for us all to see. One good thing - criminal action is prohibited. So, if necessary (which it probably is), you can close your bank account and it will be okay. Let's post this first and then move on! 
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Wed Jul 30, 2008 12:32 pm Subject: |
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| Quote: | 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 |
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cannr
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Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Wed Jul 30, 2008 12:33 pm Subject: |
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fisher, you borrowed $300 from all of your internets pdls, correct? And have you paid them all back $300? Or have you not reached the principle amount on some of them yet?
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cannr
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Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Wed Jul 30, 2008 12:35 pm Subject: |
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fisher, here is some information regarding closing bank accounts. Please read it and post any questions that you may have. We can help you out. Also, let us know if you've paid all your internet pdls $300.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Wed Jul 30, 2008 12:36 pm Subject: |
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| Quote: | 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!
Last edited by goudah2424 on 15 Jul 2008 14:22 |
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cannr
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Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Wed Jul 30, 2008 12:43 pm Subject: |
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Okay excuse me, if I dont understand the terminlogies, but I borrowed $300, and so far I've paid $300.. I guess towards the interest, so I probably havent touched the principal yet.
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nfisher
Joined: 30 Jul 2008
Posts: 11
Debtcc Points: 160
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| Posted: Wed Jul 30, 2008 12:43 pm Subject: |
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It's great to be in IL, let me tell ya. Madigan can't stand these companies, but she loves the revenue the state get from fining them!
Ok, on to your issues.
Step 1:
Go to your bank, close your account if you can. Speak tot he manager, be upfront. At the very least, get a hard block on it, and monitor what sneaks through.
Step 2:
Go here: http://www.idfpr.com/dfi/LicenseeSearch/frmSearchLicensees.asp and search each company under the categories in the dropdowns. Be sure to remove IL from the state field, and use an expansive search (type in as few words as you can to search against). Pretty much guarantee that none of these are licensed, as IL generally does not license ipdl's.
Step 3:
Send each item on your list an email stating that it has come to your attention that they are operating illegally under IL law. As such, they are to apply all monies paid to them against the principle and mark your account as PIF. Request that they send confirmation of this PIF to you via both email and USPS. CC the IL AG office on this email. Then, file complaints with the IL AG, the FTC, and the BBB on all companies. Take the email that you sent, and type it into a regular letter. Send this letter CM/RRR. In this letter, be sure to include language stating that they are to contact you only through USPS, and revoking all Wage Assignments.
Step 4:
Some will return a PIF letter immediately, some will fight you on it. COntinue to send the email as many times as it takes to get that PIF, copying the AG on it each time. Always remember that (at least in IL), state laws trump contracts. No matter what.
Step 5:
Pat yourself on the back for having gotten yourself out of the pdl trap, and continue to post here to help others.
(how'm I doin? Learned a lot here in just the week or two that I have been dealing with my own mess, haha)
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drburr
Joined: 14 Jul 2008
Posts: 111
Debtcc Points: 1105
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| Posted: Wed Jul 30, 2008 12:44 pm Subject: |
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I bank with Bank of America, so would anyone happen to know if they are strict with closing accounts.
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nfisher
Joined: 30 Jul 2008
Posts: 11
Debtcc Points: 160
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| Posted: Wed Jul 30, 2008 12:44 pm Subject: |
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Oh, no, honey! You've paid your principle amount! If these are unlicensed/illegal lenders in your state, you are only MORALLY obligated to repay the principle amount. No "fees", no "rollovers", no nothing. Only the principle amount, which is what you've done, correct?
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cannr
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Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Wed Jul 30, 2008 12:51 pm Subject: |
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drburr,
Remember I'm slow  , so what is...CC, AG, the FTC and CM/RRR?
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nfisher
Joined: 30 Jul 2008
Posts: 11
Debtcc Points: 160
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| Posted: Wed Jul 30, 2008 12:53 pm Subject: |
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cannr,
Correcto! Can yall hear me exhaling...lol
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nfisher
Joined: 30 Jul 2008
Posts: 11
Debtcc Points: 160
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| Posted: Wed Jul 30, 2008 12:58 pm Subject: |
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Okay, after looking at my checking acct, I paid $90 (3)times, so I am $30 shy of paying off the "principal". Do I still need to close my account?
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nfisher
Joined: 30 Jul 2008
Posts: 11
Debtcc Points: 160
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| Posted: Wed Jul 30, 2008 1:00 pm Subject: |
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CC is carbon copy, make sure you copy the AG on all emails detailing that these are illegal actions.
AG is State Attorney General Lisa Madigan (just email the AG office, not Ms. Madigan herself)
The FTC is the Federal Trade Commission. They oversee and regulate all companies that do business in the US.
CM/RRR is Certified Mail/Return Receipt Requested. This ensures that the company can't ignore omething by claiming that they didn't get it. You get the green card back stating that they signed for it, and you can also track the letter on the Post Office website to see when they received it before you get the card back.
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drburr
Joined: 14 Jul 2008
Posts: 111
Debtcc Points: 1105
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| Posted: Wed Jul 30, 2008 1:02 pm Subject: |
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yes, close the account. It's a hassle, but any time someone shady gets ahold of your account info, this ensures that they can't clean you out. Close the account before you start telling them to go to hell, also, or they may
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drburr
Joined: 14 Jul 2008
Posts: 111
Debtcc Points: 1105
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