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Posted: Tue Jun 10, 2008 3:23 pm Subject: Desperately need help

Hi there. I know this has been stated over and over on this forum, but trying to read them all is so confusing. I have 4 pdl's out there and the interest payments every month - around $500 - are sinking me into a hole. Right now I AM in the hole, between all my bills going through, the pdl's, and overdraft fees, my paycheck is not covering everything. I am in Illinois, and all the pdl's are on the internet. No storefronts. Here's what I have and what I've paid:
Fast Bucks - borrowed 250, have paid back 177.50
500Fast Cash - borrowed 350, paid back 315.00
usfast cash - borrowed 300, paid back 270.00
nationwide cash - borrowed 400, paid back 180.00

I have terrible credit, and have had my bank account for 4 years so I really don't want to close it. Plus, since it's always in the red I probably can't. Do I call them and have them put a hold on my account where I can only make deposits? If I do that, how do I get my $$ out to pay bills? I've read the legal status stuff for my state but really do not understand them. I do know that Illinois is no longer allowed to have their cash adavance places called payday loans anymore.
I am in desperate need of help. My phone has already been disconnected, rent is late, and my electric bill is due. I think I wake up crying, worry all day, then go to bed crying. I am barely swinging all the bills (3 kids, still trying to get child support) monthly, so this is just a terrible situation I am in.
If anyone can help me I would be forever in your debt. (I'll even put you on my christmas card list) lol
Laura

Posted: Tue Jun 10, 2008 3:37 pm Subject:

Hi Lauramw71 and welcome to the forum. You have come to the right place for help becuase everyone here has stood where you are at and have been scared every waking second. We can help you through this, just hang on.

I have been here for a year and had 5 payday loans all in IL store front and no interent so I am asking the "wise ones" who have been here a very long time to help and give you advise. Donkt be afraid you are no longer alone.

Luke

Posted: Tue Jun 10, 2008 5:28 pm Subject:

Welcome! You have already listed your PDLs, how much you borrowed and how much you paid back. This is a good thing. I also see that you are from Illinois. I don't interpret the state laws (that expertise belongs to others on this board) but I am sure that they will be along soon to help you out with that. You will be advised to send a C and D letter, contact the authorities (BBB, FTC, AG) and also to add the processors to the mix to help you out. Please know that everyone here will guide you with this. I came here in February of this year, terrified, not knowing how to pay my bills with 5 PDLs. I am now PDL free and paying not a penny more than I borrowed, in fact a little less. All will be okay. Listen carefully to what you hear and know that we have all been there, done that. Chin up.

Posted: Wed Jun 11, 2008 7:46 am Subject:

Thanks for the responses and words of encouragement. I am so scared, but determined to get this done. I'll need a hand holding walk through the steps here though. haha

Posted: Wed Jun 11, 2008 8:15 am Subject: reply

hello laur,being from IL my own self i can
tell you that USFASTCASH and 500 FASYCASH are
MTE therefore they are illegal.here is what you
owe each

USFASTCASH 30.00
500 FASTCASH 35.00
that is all you owe these two,i don't know about the other two.

Posted: Wed Jun 11, 2008 8:24 am Subject:

Paul is right. You owe UFC and 500FC nothing more than he stated. You could enlist the help of their processor, Intercept EFT, to get them PID, but you need to send a C and D letter first.

Posted: Wed Jun 11, 2008 8:25 am Subject:

Sorry bout that. . .I meant a PIF not a PID!

Posted: Wed Jun 11, 2008 8:25 am Subject:

Oh, Im sure according to their records they'll add a 0 at the end of those amounts. LOL Is my first step to put a block on my checking account? or do I do something else to get them to not withdraw on the 20th which is when my next payday is and im scheduled for yet more deductions.

Posted: Wed Jun 11, 2008 8:26 am Subject:

will the c and d letter get them to stop withdrawing from my account? Anyone have a template or know where I can get one to send them? And do I just email them? Like I said.. I need hand holding step by step instructions. LOL
Thanks for the help!!!

Posted: Wed Jun 11, 2008 9:38 am Subject:

lauramw71 if you aren't going to close out that account, then you need to go to the bank and put a hard debit block on it, be advised that when you do this, only deposits can go in, but nothing can come out, including yourself, so you may want to get cash for yourself, if it's needed.

Posted: Wed Jun 11, 2008 1:05 pm Subject:

What is the first step I need to take? Sending out c & d letters? Anyone have an example of that for me? Only one's i've seen are ones stating i want to work with creditor.
Also, if I have a hard block put on my account, how do I get the cash out?
Oh what a mess i've gotten myself into, but I am soo glad I have my new friends here to hold my hand and walk me through this! Thank you SO much!!

Posted: Wed Jun 11, 2008 1:09 pm Subject: reply

when you put a hard debit block on you must go to the branch to get money.you must make sure your account is safe first,if the pdl's get wind of this they will debit you into a sea of red ink.block the account first.

Posted: Wed Jun 11, 2008 1:33 pm Subject: Desperately need help

Make sure you protect your banking account first before you send letters.

Posted: Wed Jun 11, 2008 1:40 pm Subject: Desperately need help

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/AGENCY/licenseinfo.htm

Posted: Wed Jun 11, 2008 1:42 pm Subject: Desperately need help

I am not sure about your laws, I do know that you can do a search on your laws and pdl's in the search engine above to get more information.

Good Luck.

Posted: Thu Jun 12, 2008 6:57 am Subject:

are the other 2 illegal also? Fastbucks and nationwide?
How do I word a c and d letter? And what do I say to the bbb and the AG when I file a complaint with them? Do I file those after I've been contacted by the companies?
My phone has been disconnected and probably wont have the funds to reconnect for about another week. Depending on how much is left of my paycheck after clearing out my red. My last 3 paychecks have still resulted in a negative amount in my account. I have some recurring payments that come out of my account (credit card, car insurance) that I will have to contact those people to stop that too. I think the worst of the problem was the nsf fees the bank charged. I got into the hole, and couldn't get out.. hopefully I'll start getting there soon.
Sorry for all the questions, but I am just so terrified I can't think straight and need a step by step, hand holding, walk me through this, directions. LOL

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