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Posted: Tue May 20, 2008 7:02 am Subject: PDL Help

I live in Illinois, the following are my outstanding payday loans:

24-7 Advances - Original Amount $200, fees paid so far well over $200
SJM Marketing - Original Amount $200, fees paid so far $180
Access Processing - Original Amount $250, fees paid so far $225
CMG - Original Amount $200, fees paid so far $180
Loan Point - Original Amount $400, fees paid so far $120
Loan Shop - Original Amount $300, fees paid so far $90

I also have a $300 loan with Paydayavenue. The problem with them is they do a new loan everytime. They take the $300 plus $108 interest, then you have to reborrow the $300. I have reborrowed around 7 times.

Anything I can do?

Posted: Tue May 20, 2008 7:17 am Subject:

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:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Brochure: Consumer Guide to Payday Lending

Guia de Prestamos de Payday Loan de Illinois

Posted: Tue May 20, 2008 7:19 am Subject:

Does that mean that these are legal? Do I have to keep paying the minimum fees until I can come up with the balances? I'm paying over $600 a month for these loans just in interest. I don't know what to do. Please HELP!

Posted: Wed May 21, 2008 6:05 am Subject:

I'm bumping this back up because I could really use the help. PLEASE!

Posted: Wed May 21, 2008 6:09 am Subject: reply

i am in illinois as well,no that doesn't mean they are legal.they have to be licensed in our state,plus they have to obey the state laws.i would send letters detailing how much borrowed,how much paid.include the laws kash has shown.none of these will be licensed and paydayavenue broke illinois law by reloaning 7 times.get the letters out asap.

Posted: Wed May 21, 2008 6:13 am Subject:

My next payday is the 30th when they will all be taking fees again. Should I get my account closed prior to that and start sending letters?

Posted: Wed May 21, 2008 6:15 am Subject: reply

yes,if not put it on a hard block.the 30th should be enough time.don't inform the pdl's until yourbank is taken care of.

mslibra1019 · Posted: Wed May 21, 2008 1:47 pm Subject:

I would close my account so you can control your funds and get your life back and also some of them might be operating illegally. Contact the State Attorney's Office for assistance too. Good Luck.

Guest · Posted: Fri May 30, 2008 5:59 am Subject: Letters

I'm going to be sending out these letters today. Where could I find an example letter to use?

Thanks

Posted: Fri May 30, 2008 6:00 am Subject: Letters

I accidently posted as a guest. I'm just wondering where I could find example letters to send out.

Posted: Fri May 30, 2008 4:23 pm Subject:

Also look over your bank statements to see if you have overpaid any of your lenders.

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