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Posted: Wed Sep 03, 2008 5:21 am Subject: PDL Contacting Me

I have 8 pdl's and I live in Illinois. I have tried to tell these places they are not legal and I will pay back the principal plus what my state allows but they will not take no for an answer I am 30 days behind on them so far and they are beginning to contact me at work. What can I do?

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.

Posted: Wed Sep 03, 2008 7:05 am Subject:

Payday One is a legal lender in Illinois. They can take steps to collect on the loan, so you should make arrangements to pay them back in full.

Posted: Wed Sep 03, 2008 7:09 am Subject:

It is also possible that Integrity Advance or Instant Loans are legal too.

You may want to check things out before you assume a company is illegal. You could get yourself into a lot more trouble treating a legal company like an illegal one.

Posted: Wed Sep 03, 2008 7:15 am Subject:

how do i find out if these are legal companies. I did know that payday one was legal but by my calculations I have paid them off and they still want another $600. I have contacted PDL Assistance to consolidate these but don't know how to stop the calls or if I should do this myself.

Posted: Wed Sep 03, 2008 7:18 am Subject:

How could you have paid them off if they are legal?

Posted: Wed Sep 03, 2008 7:20 am Subject:

You do know that Payday One does installment loans in Illinois, not payday loans, so the "payday loan laws" that you probably saw don't apply to that loan?

Posted: Wed Sep 03, 2008 7:22 am Subject:

When a company is doing installment loans, they can charge differently then payday loans.

What Payday One is charging you is legal. You could not have overpaid them.

Posted: Wed Sep 03, 2008 7:24 am Subject:

And please don't think I'm mad at you by my tone - I'm just frustrated.

It's a really serious thing advising people on what to do. When they get wrong/bad advice, it can take their situation from bad to desperate. I just wish people would take the few minutes to actually check things out before they give someone bad advice that could hurt them in the long run.

Posted: Wed Sep 03, 2008 7:25 am Subject:

I didn't know that.

Posted: Wed Sep 03, 2008 7:27 am Subject:

A lot of pdl companies that operate in Illinois do the installment loan thing instead of the pdl.

Posted: Wed Sep 03, 2008 7:28 am Subject:

Is there anything I can do? I just can't afford it any longer. I'm already to the desperate point. I have closed my bank account so they cannot take any more out.

Posted: Wed Sep 03, 2008 7:32 am Subject:

You will have to pay them off eventually. They are a legal company, and can sue you for the rest of the loan. They can take steps to collect just like any other legal debt. It isn't just going to go away.

That being said, you need to take care of your necessities first. Make sure you have a roof over your head, food, etc, before you pay off the loan.

And keep up communication with them. Even if you can only send them $10 a month, it's still better then nothing, and shows that you are willing to pay off the loan.

Posted: Wed Sep 03, 2008 7:45 am Subject:

With that being said should I not deal with pdl assistance since they are not pdl's? And they are probably all legal? Should I just start paying them or make arrangements. I did make arrangements with Instant Loans Now and they dropped some fees If I pay it off in 4 months.

Posted: Wed Sep 03, 2008 7:50 am Subject:

It's your call if you want to hire a company, or do it yourself.

I'm not saying they are all legal. I'm just saying research needs to be into each company before they are said to be unlicensed. And in Illinois, a lot of lenders do installment loans, not payday loans.

CTC, Paycheck Today, ameriloan, and United Cash Loans are unlicensed.

The rest, I don't know about, I haven't checked.

Posted: Wed Sep 03, 2008 7:52 am Subject:

Sorry I'm stupid on this matter but does that mean that those 4 are not legal since they are unlicensed? I do really appreciate your help on this and giving me correct advice.

Posted: Wed Sep 03, 2008 7:56 am Subject:

They are unlicensed, so they cannot lend legally in Illinois. Illinois requires any company doing business with Illinois residents to be licensed by Illinois. No license, no legal loans.

Illinois has actually taken action against unlicensed lenders in the past.

And you are not stupid, this stuff can be complicated. I just know where and how to look for these things.

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