OMG! I think I almost cried when I found this site...HELP!
Date: Wed, 07/30/2008 - 12:25
1. instant cash
2. impact cash
3. one click cash
4. nls cash advance
5. pay day one
6. ameriloan
I borrowed $300 from each, and have paid $300 in interest already. Are any of these lenders illegal, so that I can try and get them to mark my accts paid. What step do I need to take. Thanks in Advance.
reply
i can tell you that none of those will be licensed in IL.sit tight
someone should be along to advise about your bank acct.you
need to stop the pdl's access to debit from you.
Hi, fisher! :D I'm going to post your state pdl law for us all
Hi, fisher! :D I'm going to post your state pdl law for us all to see. One good thing - criminal action is prohibited. So, if necessary (which it probably is), you can close your bank account and it will be okay. Let's post this first and then move on! :wink:
Quote:Illinois State Information Legal Status: Legal Citat
Quote:
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: Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor |
fisher, you borrowed $300 from all of your internets pdls, corre
fisher, you borrowed $300 from all of your internets pdls, correct? And have you paid them all back $300? Or have you not reached the principle amount on some of them yet?
fisher, here is some information regarding closing bank accounts
fisher, here is some information regarding closing bank accounts. Please read it and post any questions that you may have. We can help you out. :wink: Also, let us know if you've paid all your internet pdls $300.
Quote:Before you close your bank account due to payday loans eat
Quote:
Before you close your bank account due to payday loans eating away at your paycheck, please read this. Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager. If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account. It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account. Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches! Last edited by goudah2424 on 15 Jul 2008 14:22 |
Okay excuse me, if I dont understand the terminlogies, but I bor
Okay excuse me, if I dont understand the terminlogies, but I borrowed $300, and so far I've paid $300.. I guess towards the interest, so I probably havent touched the principal yet.
It's great to be in IL, let me tell ya. Madigan can't stand the
It's great to be in IL, let me tell ya. Madigan can't stand these companies, but she loves the revenue the state get from fining them!
Ok, on to your issues.
Step 1:
Go to your bank, close your account if you can. Speak tot he manager, be upfront. At the very least, get a hard block on it, and monitor what sneaks through.
Step 2:
Go here: http://www.idfpr.com/dfi/LicenseeSearch/frmSearchLicensees.asp and search each company under the categories in the dropdowns. Be sure to remove IL from the state field, and use an expansive search (type in as few words as you can to search against). Pretty much guarantee that none of these are licensed, as IL generally does not license ipdl's.
Step 3:
Send each item on your list an email stating that it has come to your attention that they are operating illegally under IL law. As such, they are to apply all monies paid to them against the principle and mark your account as PIF. Request that they send confirmation of this PIF to you via both email and USPS. CC the IL AG office on this email. Then, file complaints with the IL AG, the FTC, and the BBB on all companies. Take the email that you sent, and type it into a regular letter. Send this letter CM/RRR. In this letter, be sure to include language stating that they are to contact you only through USPS, and revoking all Wage Assignments.
Step 4:
Some will return a PIF letter immediately, some will fight you on it. COntinue to send the email as many times as it takes to get that PIF, copying the AG on it each time. Always remember that (at least in IL), state laws trump contracts. No matter what.
Step 5:
Pat yourself on the back for having gotten yourself out of the pdl trap, and continue to post here to help others.
(how'm I doin? Learned a lot here in just the week or two that I have been dealing with my own mess, haha)
I bank with Bank of America, so would anyone happen to know if t
I bank with Bank of America, so would anyone happen to know if they are strict with closing accounts.
Oh, no, honey! You've paid your principle amount! If these are u
Oh, no, honey! You've paid your principle amount! If these are unlicensed/illegal lenders in your state, you are only MORALLY obligated to repay the principle amount. No "fees", no "rollovers", no nothing. Only the principle amount, which is what you've done, correct?
drburr, Remember I'm slow :), so what is...CC, AG, the FTC and
drburr,
Remember I'm slow :), so what is...CC, AG, the FTC and CM/RRR?
Okay, after looking at my checking acct, I paid $90 (3)times, so
Okay, after looking at my checking acct, I paid $90 (3)times, so I am $30 shy of paying off the "principal". Do I still need to close my account?
CC is carbon copy, make sure you copy the AG on all emails detai
CC is carbon copy, make sure you copy the AG on all emails detailing that these are illegal actions.
AG is State Attorney General Lisa Madigan (just email the AG office, not Ms. Madigan herself)
The FTC is the Federal Trade Commission. They oversee and regulate all companies that do business in the US.
CM/RRR is Certified Mail/Return Receipt Requested. This ensures that the company can't ignore omething by claiming that they didn't get it. You get the green card back stating that they signed for it, and you can also track the letter on the Post Office website to see when they received it before you get the card back.
yes, close the account. It's a hassle, but any time someone sha
yes, close the account. It's a hassle, but any time someone shady gets ahold of your account info, this ensures that they can't clean you out. Close the account before you start telling them to go to hell, also, or they may
drburr is right. Close the account. It doesn't matter that the
drburr is right. Close the account. It doesn't matter that they have been already paid back or not. They have your info. Don't let them have a chance at going into again.
is there an email address for the AG office? I've tried to file
is there an email address for the AG office? I've tried to file a complaint but couldn't find an email address.
Hmmm, you're right, I can't find the address now. Call 312-814-
Hmmm, you're right, I can't find the address now. Call 312-814-3000 (that's the Chicago office) and explain the situation and ask them if they have an address that you can cc on emails. Also, go ahead and use the complaint form to file a complaint, that way there will be a record of the issue.
NFisher, have you paid $90 3 times to EACH of the lenders? You
NFisher, have you paid $90 3 times to EACH of the lenders? You stated in your OP that you borrowed $300 from EACH, but only paid interest of $300. Just want to clarify that.
If you have paid $270 ($90 x 3) to each lender, then, yes, you are only $30 away from paying them back in full. If this is not the case, then we can advise you on what to do next.
To answer your question, it would be advised to close your account ASAP b/c these places will continue to debit your account. They feel that they are operating properly and can do what they want and not follow Illinois laws.
Once you open a new account, do not apply for any other PDL's or give your account # over the internet. They have a way of finding out.
( Posts: 1129 | Credits: )
despseeksann...yes, i paid only $270, and not the $300 which i m
despseeksann...yes, i paid only $270, and not the $300 which i mistakenly wrote earlier :). So do I send them each a money order for $30?
If you have paid EACH lender $270, then you (technically) owe EA
If you have paid EACH lender $270, then you (technically) owe EACH lender $30.
I would 1) close my bank account first, 2) then work on paying the lenders the $30 each that you owe them. Send them the letters stating that they are not licensed to lend, report them, etc.
Once you close your account, that will give you a little time to contact them and inform them that they are illegal. MAKE SURE YOU GET A PIF FROM THEM or else they may sell your debt (the amount they calculate above the $300 - all that "interest") to a collection agency, which can make your life hell!
Morally, you only need to pay back what you borrowed. All that "interest" can go bye-bye! ;) You are very close to getting out of the PDL trap! You can do it! Good Luck!
( Posts: 1129 | Credits: )
I would not pay them anything until they send you a letter agree
I would not pay them anything until they send you a letter agreeing that if you pay them the $30, they will mark your account paid in full.
If you report them to the IL AG office, it might speed up the process (and who knows) they might help you get your account PIF w/o you having to pay the $30 b/c technically, the PDL broke the law lending to an IL resident.
( Posts: 1129 | Credits: )
Payday one is not a pdl - it's an installment loan and legit
Payday one is not a pdl - it's an installment loan and legit
Payday one can call themselves anything they want, but they are
Payday one can call themselves anything they want, but they are not licensed in IL. IL law states that all money-lenders in IL must be licensed by IL in order to do business with IL residents.
Nice try though...