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Posted: Wed Jul 02, 2008 11:18 am Subject: Pay Day Loans

I came across this site and decided to see if someone might be able to help me. I have 9 payday loans out and am stuck. Here are the loans I have:
1. United Cash Loans - Original Amount = $200. I have paid $240 to date in interest.
2. Paycheck Today - Original Amount = $300. I have paid $500 to date and still owe $150 on the actual loan.
3. Cash Advance Network - Original amount = $400. I have paid $480 in interest only.
4. Impact Cash - Original amount = $300. I have paid $270 in interest.
5. US Fast Cash - Original amount = $350. I have paid $210 in interest.
6. Prestigage Marketing - Original amount = 300. I have paid $270 in interest.
7. Loan Shop - Original amount = $300. I have paid $180 in interest.
8. Sagamore - Original Amount = $300. I have paid $180 in interest.
9. Eagle Finances - Original Amount $300. I have paid 410 and still owe 250 on the loan.

I am also starting to recieve debits on my account from companies I don't know or have any paperwork on. One of them is signmyloan. The only loans I signed up for are the ones listed above. I am not sure why I have others debiting my account.
All of the loans are internet and I live in IL.
Thank you in advance for any help.

Posted: Wed Jul 02, 2008 11:33 am Subject: reply

hello kerri,being from illinois myself i'm guessing they are all
internet,if so they are most likely illegal.therefore anything
paid at all goes toward the principal.that means supposed
interest.

Posted: Wed Jul 02, 2008 11:56 am Subject:

Hi Paul - Thank you for your response. By any chance do you know how I can find out for sure if they are illegal and what my next steps should be.

Posted: Wed Jul 02, 2008 12:16 pm Subject: reply

these are the three main laws where pdl's are concerned

1)15.50 per hundred borrowed
2)no rollovers allowed.
3)no more than 3 pdl's out at time.

knowing these are internet,they must be licensed and registered with the state.if any of your pdl's are legal someone
will say so,but i'm confident they are not.i would take care of your bank first.either put a hard debit block or close that acct
and open a new one.some of those you have overpaid and should be given a refund,but if they have access to your money
they will debit indefinitly if allowed to.

Guest · Posted: Wed Jul 02, 2008 12:22 pm Subject:

The Illinois DFI can validate if they are legal or not.

Illinois state info:

Illinois State Information

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:

Posted: Wed Jul 02, 2008 12:24 pm Subject:

Thank you! I am going to my bank tomorrow morning. I called today and they told me I had to come in. I seem to be paying $30 per hundred on all of them?

Posted: Wed Jul 02, 2008 12:33 pm Subject:

I just did a search on the DFI website, "Search Licensees" and none of the names of payday lenders I have came up. If this is the case, what should I do next? I fully intend to pay the money I borrowed back, but I need to stop these outrageous fees. Thank you

Posted: Wed Jul 02, 2008 12:51 pm Subject:

Hopefully your bank will let you put a block on all of these loans. Three of the loan company's you have listed I've dealt with myself and I know for a fact they are not licsened. I would also send a letter to all of these companies revoking authorization to make any further debits from your account.

Guest · Posted: Wed Jul 02, 2008 1:03 pm Subject:

Ensure your account is closed first before contacting any of these companies...

Posted: Wed Jul 02, 2008 1:17 pm Subject:

Any advise on how I go about contacting them? And what exactly should be said? I never dreamed I would be in this position, but it was very easy to get into. I appreciate all the help I can get! Thank you

Posted: Wed Jul 02, 2008 1:20 pm Subject:

Does anyone know how to move this post to the Payday loan section? I am very new at all of this!

Posted: Wed Jul 02, 2008 1:24 pm Subject:

A moderator has the ability to do that.

Guest · Posted: Wed Jul 02, 2008 1:24 pm Subject:

Can a mod please move this to the PDL forum?

Posted: Wed Jul 02, 2008 1:37 pm Subject: reply

i checked your pdl's
this is a breakdown of what you owe.

united cash-owes you 40.00
paychech today-owes you 200.00
cash advance network-owes you 80.00
impact-you owe 30.00
usfastcash-you owe 140.00
prestige-you owe 30.00
loan shop-you owe 120.00
sagamore-you owe 120.00
eagle finance-owes you 90.00

since all these places are not licensed therefore illegal,you
are only obligated to pay the principal borrowed.as you can
see you overpaid a few,and should get a refund.i hope you
block there access to your bank.

Posted: Wed Jul 02, 2008 3:02 pm Subject:

You should send a letter to them, certified mail..to prove they received it. Mention your state laws and let them know you will make payment arrangements to clear up what you owe them only through money orders. I would also consider filing a complaint with your states AG office, it might be a way to help get a refund or a paid in full statues with the ones you have overpaid.

Posted: Wed Jul 02, 2008 3:36 pm Subject:

Any suggustions on what the letters should say? I am sorry to ask so many questions, but I want to make sure I do the right thing.

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