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 Posted: Mon Dec 04, 2006 1:06 pm Subject: if rollovers are not permitted in my state-Illinois.. |
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I live in IL and i have some payday loans..I stumbled across this site and I am trying to get help...one for example through United Cash loans...I originanlly borrowed
250.00 on 9-12-06 and I have paid them the following amounts
9-29-06 75.00
10-13-06 75.00
10-27-06 75.00
11-09-06 75.00
11-14-06 30.00
11-24-06 75.00
11-24-06 50.00
is there anything i can do they jut called me and i told them i wanted to pay it off they told me i would owe them 325.00 to pay this off..i told her rollovers were not allowed in IL she said they are not aware of this law..please help!!
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Mon Dec 04, 2006 1:28 pm Subject: |
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here are your state laws:
| Quote: | Legal Status: Legal
Citation:
815 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.state.il.us/dfi/ccd/ccd_main.htm |
I would send them a copy of your state laws- you have already paid them $605.00 on a $250.00 loan..I would request your acct PIF and also a refund..
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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| Posted: Mon Dec 04, 2006 1:30 pm Subject: letter?? |
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is there a letter or something that I need to send to get this point across??
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Mon Dec 04, 2006 1:30 pm Subject: |
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Show them the link to the State of IL website
http://www.illinois.gov/
Rollovers are not permissible in your state. Get the loan statement so that you know how they calculated your balance. If they don't you give you that info, inform about your filing complaints with the state AG. They will contact them in this regard. You should seem some changes there.
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FlyingCats
Debt Samaritan
Joined: 05 Aug 2006
Posts: 483
Debtcc Points: 6791
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| Posted: Mon Dec 04, 2006 1:33 pm Subject: |
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You will get a settlement letter in Polly's blog. Insert your info with the state laws.
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ArDeN
Joined: 28 Jun 2006
Posts: 501
Debtcc Points: 6819
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| Posted: Mon Dec 04, 2006 1:44 pm Subject: interest rate |
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the interest rate was 644.12%
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Mon Dec 04, 2006 1:55 pm Subject: |
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that is bad..nationwide cash/ambassador charged me over 1300% interest..boy did the FL Dept of Financial Regulations have a fit about that..because our interest is 360% most...
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washred3
Joined: 26 Oct 2006
Posts: 112
Debtcc Points: 379
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| Posted: Mon Dec 04, 2006 2:04 pm Subject: |
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so i need to fill out the letter and ask for a refund..if so how much...and do i need to file complaint with my ag??
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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