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 Posted: Fri Dec 01, 2006 1:34 pm Subject: payday loan help-IL |
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What are the laws in illinois?? I have a few payday loans out I am trying to find out the laws. I have been paying on one throught United cash loans since sept 13th they keep on rolling it over I am trying to pay it off completely...Thanks
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Fri Dec 01, 2006 1:57 pm Subject: |
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I borrowed 150.00 on Oct 31, 2006 and have paid them or their fees have been
66.00
134.00
66.00
66.00
and i cannot find anything out about them
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Fri Dec 01, 2006 2:02 pm Subject: |
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Roll-overs on pdls are not permitted in the state of IL. Here is the law
| 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 |
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PassionHunting
Joined: 30 Jun 2006
Posts: 514
Debtcc Points: 3674
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| Posted: Fri Dec 01, 2006 2:15 pm Subject: |
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Sorry to sound dumb but what do I do now??
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Fri Dec 01, 2006 2:16 pm Subject: |
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the link to the website does not work
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Mon Dec 04, 2006 8:10 am Subject: |
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so what do i do if rollovers are not permitted in illinois??
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Guest
Debtcc Points: 100
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| Posted: Mon Dec 04, 2006 8:37 am Subject: loans |
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Send a complaint in to the Attorney General. Go to www.paydayloaninfo.org and look up all the laws. KYSIDE38
_________________
RYDERS OF THE NIGHT
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KYSIDE38
Joined: 19 Jun 2006
Posts: 2502
Debtcc Points: 37316
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| Posted: Mon Dec 04, 2006 9:01 am Subject: |
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the link for the complaint form does not work..I have tried to go about it different ways...is there anything that I can do to these companies or settle with them since they have kept rolling over even though it is illegal in the state of IL??
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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| Posted: Mon Dec 04, 2006 9:20 am Subject: |
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Here are your calulations
332.00(fees you paid) -23.25 (allowable amount fees)= 308.75
150.00-308.75 = -158.75
They owe YOU $158.75
Please see my blog entry "First Pay Day Loan/Payday OK UPDATE #1" to find a letter you can use to demand this refund from UCL. If you need any further assistance please feel free to send me a PM or an email. Good luck and keep us posted
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PDLFREE
Joined: 07 Oct 2006
Posts: 1264
Debtcc Points: 18243
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| Posted: Mon Dec 04, 2006 11:58 am Subject: forms |
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where are the forms to send to payday loan companies??
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v_padgett
Joined: 01 Dec 2006
Posts: 85
Debtcc Points: 2425
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