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 Posted: Thu Dec 13, 2007 1:45 pm Subject: Here are all of my internet loans!
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I am not even sure that I am doing this right but here are all of my loans that are taking almost all of my paycheck!
It is worse than I thought--I have 8 of them all on the internet. I am in Illinois. I think i am going to open a new checking account just in case. I spoke to someone here(I bank where I work) and this stuff has nothing to do with my job. here are all of my mistakes. I must tell you that my sister died very young and unexpectedly in May. shopping made me feel better and now I am more depressed!!!!
ameriloan $350
Payday Online $400
Payday Services $300
Little Loan Shop $300
LoanShop $300
Loan Point $400
East Side Lending? $400
SGQ, LTD. $300
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laurasbaker
Joined: 13 Dec 2007
Posts: 8
Debtcc Points: 397
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Posted: Thu Dec 13, 2007 1:54 pm Subject:
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I don't think that any of these companies are going to be legal in your state.
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goudah2424
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Joined: 31 Oct 2006
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Posted: Thu Dec 13, 2007 2:02 pm Subject:
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Diffenately CLOSE your current account and make sure it cannot be forced back open due to these PDL's trying to debit your account.
If these loans are illegal in IL that is GREAT news for you.
After you get your bank account taken care of you need to fax/email/mail certified return receipt a letter revoking their rights to debit your account, their right to call you and any wage assignment you may have signed. You will also need to give a copy of the wage assignment revocation to your payroll person. Wage assignments are totally voluntary and can be revoked at anytime.
Don't be depressed. This happens to all of us!! So sorry about your sister.
How much money in fees have you paid to each of these places. You may have already paid back the principal borrowed or more than you actually owe them.
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khill2
Joined: 05 Nov 2007
Posts: 37
Debtcc Points: 1102
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Posted: Thu Dec 13, 2007 2:20 pm Subject:
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Have you paid anything on these loans?
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
Debtcc Points: 5761
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Posted: Thu Dec 13, 2007 2:37 pm Subject: r
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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
http://www.obre.state.il.us/default2.htm
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cannr
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Joined: 07 Jun 2007
Posts: 9374
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Posted: Thu Dec 13, 2007 2:38 pm Subject: r
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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 17 Jul 2007 15:25 |
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cannr
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Posted: Thu Dec 13, 2007 2:40 pm Subject: r
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laura, thank you for posting the names of the pdls and the amount borrowed. Can you (as requested above) please post how much you have paid these guys so far? If nothing, that's okay. Just say "zero". We can help you with this. 
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cannr
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Posted: Thu Dec 13, 2007 8:31 pm Subject:
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Laura, I read your message on my home page and am really happy you posted on the fourm so everyone can help you out. Please do as Cannr has asked and post the total of how much you have paid to each that way we can help you work you way out of this. I know this is difficult however, you have taken the first step to getting control over your money again. You can do this.
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how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
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Posted: Thu Dec 13, 2007 10:14 pm Subject:
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ok if companies are not legal in your state and they issue you a loan isnt there fault and u dont have to pay anything i mean if your state says no they cant refinace your loan or the interest is to high or its more the 31 days as in my state iowa then if u get a loan say 300$ and these laws protect you then your not at fault and thats should be the end of it?
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josh242005
Joined: 13 Dec 2007
Posts: 1
Debtcc Points: 28
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Posted: Fri Dec 14, 2007 4:34 am Subject: r
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I'm assuming josh is a separate member from laura??? Whichever, this is for josh - technically you're correct if you are talking about an ILLEGAL pdl. However, to say that you received $300 and your state says they're illegal so you figure - never mind, I don't have to pay anything back because I have the law protecting me - let me just give you the reality. Like I said, technically you are correct. However, if you did indeed receive $300 in your account, spent the $300 on whatever you needed it for, you should pay the $300 back. Not the illegal fees, not the rollovers, not the extensions, etc. But the $300 that you accepted into your account and spent. Now, as for "that should be the end of it" - no. The pdls will harrass the living hell out of you day and night for days, weeks, months, years. I am not lying. They might turn you over to collections, who will then harrass the hell out of you. They might report you to the credit bureaus, which you will then have to fight to get this removed. This is not something that you can take lightly. Pdls have been known to find new bank accounts and suck that money right out of it without your knowledge until it's too late. There are steps to be taken when dealing with pdls. To think that you can take out a pdl, find out that they're considered illegal in your state, and just "forget about it" is just not realistic.
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cannr
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Posted: Fri Dec 14, 2007 3:31 pm Subject:
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well what i was trying to say is the loan company is violating laws first if i applied for a loan and got aproved and they send me money they violated laws right there with there high interest rates how long the loan is and they not licened in my state iowa so if they act first by violating laws then it wont fall on me i could just simply close my account after i took there 300 and send them letters stating they are illegal and im reporting them to bbb and other places right?
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Guest
Debtcc Points: 100
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Posted: Fri Dec 14, 2007 4:24 pm Subject:
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No state says it's illegal for an unlicensed person or company to make a loan. No state says it's illegal for them to put money into an account. It's only illegal for them to collect more in interest than the state allows an unlicensed lender to charge - usually 6% a year.
So, what are you going to report to the BBB? "I took their money. I spent it. And now I want you to say I don't have to even have to pay back what I took?"
There are too many honest people that have problems with payday loans and ask for help on these boards to be wasting time on people like the "Guest" that are just looking to use the information provided here as a license to steal.
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FreakyFriday
Joined: 13 May 2007
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Posted: Fri Dec 14, 2007 4:49 pm Subject:
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well if the loan company's interested rate starts off too high then thats illegal, if it says its more then 31 day loan thats illegal, if its a recuring loan thats illegal, all that is illegal in my state so if they dont check out my state laws to see if the pdl is legal and give it to me thats there fault not mine why would u defend a pdl most of them are scams
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Guest
Debtcc Points: 100
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Posted: Sat Dec 15, 2007 10:38 am Subject:
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By your reasoning, Guest, when God wrote "Thou Shalt Not Steal" he was defending payday lenders. It's okay to knowingly rob someone if no one likes him?
If you want to be a thief, go be a thief. But don't expect support, advice or absolution on this forum.
The people here all want to pay their debts, and if that's not physically possible, they want to work out a resolution that both sides can live with. They come here for advice on how to do THAT while avoiding illegal interest rates and harassment. What you want to do, and what you seem to want people on these boards to tell you it's OK to do, isn't close to what this forum is all about.
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Guest
Debtcc Points: 100
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Posted: Sat Dec 15, 2007 10:39 am Subject:
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That was me. I didn't realize I hadn't signed in until afterwards.
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FreakyFriday
Joined: 13 May 2007
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Posted: Sat Dec 15, 2007 10:59 am Subject:
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People,
First off, this forum is a no-bash zone, OK? So no talking about mistakes--because if you want to talk about PDL's as mistakes, I've made plenty, let me tell you. The point is to help each pay off what we took out at a LEGAL interest rate--not an outrageous one.
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kscornell
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