Reading about a scam with company I have loan with...
Date: Sun, 07/06/2008 - 06:34
I borrowed $200 and have paid $48 in finance fees so far. I can roll-over my loan each time and have the $48 deducted from my account instead of the full amount owed.
I also have an internet pdl out with Power Funding. I borrowed $300 and have paid $90 in roll-over/finance fees. Wondering if they're licensed, too.
If these companies are NOT licensed, what's the next step I should take?
Oh and one more thing... Each time I go to a2bcash.com to che
Oh and one more thing...
Each time I go to a2bcash.com to check out my loan details, I always have to reset my password as they claim the one I'm entering is not the correct one. I'm been re-setting it with the same password each time...
Well here is your state information posted below: Illinois St
Well here is your state information posted below:
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:
Well assuming if they are not licensed or LEGAL, I would put a h
Well assuming if they are not licensed or LEGAL, I would put a hard block on my accounts at the bank or either close it. This way your money is protected. Please read this link before doing so:
http://www.debtconsolidationcare.com/paydayloan/close-account.html
Next, send out proposal letters to the companies stating you are only obligated to pay the principal of your loan and that is it. You need to calculate how much you have paid already in fees (rollovers). Most important rollovers are NOT permited in your state. So whatever you have paid counts towards principal of your loan. If you paid $144 on that $200 loan then you only LEGALY owe $56 PERIOD :wink:
Please make sure you list each company and the amount you paid so far. Others will be along to help you out as well. Best of Luck :P