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http://www.dfpr.state.il.us/dfi/ccd/ccd_payday_loans.asp
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This will help you

Posted: Sat Nov 10, 2007 7:50 pm Subject:

Hi Speedy. Thanks. Smile

That was great information you posted. I wish that all states would create a payday loan reform act that would help consumers.

mslisa66 · Posted: Sat Nov 10, 2007 8:00 pm Subject:

Yes, the store here does payday loans, I'm not sure if they do title loans at the store here in town. I know on the wall there they have a breakdown of how much interest per $$ amount you do borrow. They have it broken down for 14-day, 30-day, and 120-day. I had questioned them about the 14-day loan and they told me something along the lines that Illinois had changed thier laws regarding payday loans and they no longer could do the 14-day loans anymore, that I would have to do the 120-day loan. If I paid more each time I could pay it off sooner. What a bunch of crap!! When I went in and paid my $200 at the store, I figured that I had paid down quite a bit of what I had borrowed. They called me 2 weeks later to remind me of my scheduled payment, I asked her then what my current payoff was--it was still well over $500. I just don't understand how that could be--if I borrowed $580, had paid $290some at that point, how I could still owe them over $500!! The more I found out about this the madder I am getting. Then they have the GALL to call my home 5 times today wanting me to make arrangements to pay off what they claim is the balance of $560some. CRAZY!!!

mslisa66 · Posted: Sat Nov 10, 2007 9:34 pm Subject:

Another thing that worries me, can they take me to court to try and collect this debt?

mslisa66 · Posted: Sun Nov 11, 2007 7:13 pm Subject:

Well I got another call this evening from The Cash Store claiming that I still owed them $560. I informed them that they were breaking the law, that Illinois payday laws state that there are no rollovers and that the duration of a payday loan is between 13-45 days. I told them that they had been automatically deducting the interest from my bank account every 2 weeks for this loan which constitutes as a rollover, and furthermore the payday loan that I was set up with was for 120-days which is illegal. She tried to tell me that I renewed this loan every 2 weeks. In order to renew a loan, don't you have to go in, payoff the exisiting loan plus the interest and sign a new contract?? Which I never did. She also told me that I needed to get this paid off this week, and that I better have proof or receipts of all of this, and that they will continue to call me until this debt is taken care of. I did tell her that I would be filing a complaint with the BBB and I was going to contact my Attorney Generals office and let them know what The Cash Store here is doing. Pardon my language, but the bitch who called me actually laughed at that, then hung up on me!!!! Any advice??

st.nicksinput · Posted: Mon Nov 12, 2007 4:45 am Subject:

mslisa66,
Send out those letters and complaints. All they can do is laugh. They know they wrong. DO NOT let them take anymore of your MONEY. Any wage assingments can be revoked! If they call tell them you are waiting to hear back from your Attorney Generals office, LET them laugh at that!!

mslisa66 · Posted: Mon Nov 12, 2007 10:26 am Subject:

I went into my local Cash Store today to get another copy of my contract (I couldn't find mine). According to my contract it is for a 140-day installment loan--I didn't know this, and I didn't know they even did installment loans (I thought it was a payday loan). I take it that this is a whole new ballgame--payday vs. installment? What are my options now?

Posted: Mon Nov 12, 2007 2:49 pm Subject: r

I think I replied to this on a different thread. This is indeed an installment loan. PDL law would not apply to an installment loan. I do believe I posted an answer on another thread.

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