Illinois Pay Day reform Act and Rules

Date: Tue, 01/02/2007 - 17:44

Submitted by anonymous
on Tue, 01/02/2007 - 17:44

Posts: 202330 Credits: [Donate]

Total Replies: 3

I have Several(7) Pay Day Loans. I got myself into trouble trying to keep up with bills and I did not have good credit therefor I turned to PDL. I live in IL. and IL. has a pay day reform act to protect consumer it basically sates I can opt for paying back PDLS without intrest or fees in 4 equal payemnts after the loan has been oustsatnding for 35 consecutives days. I was wodering what peoeple thoughts are since if I quote the law I'm afraid the PDLs might elctronically debt the full amount and I would be devastated. Any thoughts would be greatly apperciated.

payday debt

If you are afraid of that then get any direct deposit going into another account and close the account to where they cant hit it and send them this and pay only with money orders.

lrhall41

Submitted by aaronmedres on Tue, 01/02/2007 - 20:37

( Posts: 59 | Credits: )

You should also revoke your authorization allowing them to withd

You should also revoke your authorization allowing them to withdraw from your account and put a block on them from debiting your account a request to do this won't stop them. Exercise your state's pdl laws and are these internet or storefront pdls?

lrhall41

Submitted by WHEREAMI? on Tue, 01/02/2007 - 20:40

( Posts: 5263 | Credits: )

Charlie: Definitely close your account and open a new one, an

Charlie:

Definitely close your account and open a new one, and under no circumstances should you give them your new account info. If they are illegal in your state, then you have the upper hand here. You're going to need to be firm with them. Let them know that you know the laws of your state and that you fully intend to pay back the principal but nothing more and that you will do it according to your state's laws. Let us know if we can help you further.

lrhall41

Submitted by dbaker6 on Tue, 01/02/2007 - 20:43

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