I need help, too many outstanding loans
Date: Wed, 01/07/2009 - 12:45
Hello everyone, I need help bad. I live in Illinois. I have store front loans, internet loans and some loans in collections that I am currently making payments on. I have been reviewing postings all day today and see a lot of the lenders you all are discussing that are some of the lenders I am dealing with. How do I know which lenders are legal in the state of Illinois and which loans are illegal. To be honest I do owe these lenders money. I got in over my head with loans and had to get some of the loans just to pay the interest on these loans. At this time I have a loan with cash call, hieghts finance and store front installment loans with national quick cash and Il lending corporation. I have been maintaining a decent payment history with them. I plan on paying them all off with my income tax money. I am making monthly payments to geneva ventures for an online loan, and usa webcash has made a payment arrangement with me as well. I think if I completely default with them they will be able to garnish my wages. Recently i was contacted by phoenix debt management and a nice lady there set me up on 50 bi weekly payments to pay off 5 internet loans that were turned over to them, she said this would keep me from being turned over to attorneys. Today a lady called me from there and said that the previous rep was incorrect and they were going to be proceeding with their attorney and i needed to pay at least 275.00 by the end of the month. Can they do this? I want to pay off these lenders but i can only pay so much, I'm juggling all these monthly payments and I am still drowning in payments and trying to figure out which payments are most important to make. Any help on how to figure out what lenders are legal and what lenders are illegal for my state and any other advice you guys have for me are very much appreciated. Thanks in advance!
Could you list all of your loans and what you have paid on them?
Could you list all of your loans and what you have paid on them?
Hi Nadia, Here are the payday law's for IL. A lender muct be
Hi Nadia,
Here are the payday law's for IL. A lender muct be licensed to lend in the state. Please provide the info that Jeoe asked for:
Quote:
Quote: Illinois State Information Legal Status: Legal Citation: 815 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 http://www.obre.state.il.us/AGENCY/licenseinfo.htm |
Thanks for the prompt responses, here is some of the information
Thanks for the prompt responses, here is some of the information i have handy.
Store front:
National quick cash installment pymnt $358.00
il lending corp installment pymt $400.00
Cash call $500
Impact cash 100
Little loan shop 75.00
geneva roth ventures 150.00
*DJR 75.00
*midland 75.00
*pack management 75.00
*prestige 75.00
*bahamas marketing? 75.00
*these are the ones in collections with Phoenix debt management.
The loan shop $200.0
My collection payments are geneva roth ventured and Pheonix debt management, do you guys have any information on these collection agency.
hello
Thanks for the prompt responses, here is some of the information i have handy.
Store front:
National quick cash installment pymnt $358.00
il lending corp installment pymt $400.00
Cash call $500
Impact cash 100
Little loan shop 75.00
geneva roth ventures 150.00
*DJR 75.00
*midland 75.00
*pack management 75.00
*prestige 75.00
*bahamas marketing? 75.00
*these are the ones in collections with Phoenix debt management.
The loan shop $200.0
My collection payments are geneva roth ventured and Pheonix debt management, do you guys have any information on these collection agency.
You need to put how much the loans were for and how much you hav
You need to put how much the loans were for and how much you have paid to them so far. This information will help determine what you owe. Good Luck. The people on this forum are very helpful.
addition
Sorry I just got clarification on one of the collection items i listed. Geneva roth is the lender for the website loanpointusa i owed them 440.00 and have paid 300.00 in payments to them, i still owe 140.00.
okay sorry about that usa web cash 400 paid 250 in pymts i
okay sorry about that
usa web cash 400 paid 250 in pymts
il lending 500 paid 400
cash call 1500 paid 500
impact cash 200 paid 100
the loan shop 300 paid 200
little loan shop 400 paid 75
djr 250 paid 75
midlan 250 paid 75
pack management 250 paid 75
prestige 250 paid 75
bahamas 250 paid 75
*phoenix debt management $100
loan point usa/geneva roth $440 paid $300
okay sorry about that usa web cash 400 paid 250 in pymts i
okay sorry about that
usa web cash 400 paid 250 in pymts
il lending 500 paid 400
cash call 1500 paid 500
impact cash 200 paid 100
the loan shop 300 paid 200
little loan shop 400 paid 75
djr 250 paid 75
midlan 250 paid 75
pack management 250 paid 75
prestige 250 paid 75
bahamas 250 paid 75
*phoenix debt management $100
loan point usa/geneva roth $440 paid $300
Hi Nadia, Thank you for the list..as soon as I get back from lu
Hi Nadia,
Thank you for the list..as soon as I get back from lunch I will check to see if any of the internet lenders are licensed. If you have storefront loans, those will be legal :D
Hi Nadia, Here is your list: usa web cash ??? illegal? ?
Hi Nadia,
Here is your list:
usa web cash ??? illegal? ??? you owe $150
il lending - ? ??? if they are illegal you owe them $100
cash call ??? legal ??? installment loan
impact cash ??? illegal ??? you owe $100
the loan shop ??? illegal ??? you owe $200
little loan shop ??? illegal ??? you owe $325
djr ??? illegal ??? you owe $175
midland ??? illegal ??? you owe $175
pack management ??? illegal ??? you owe $175
prestige ??? illegal ??? you owe $175
bahamas ??? illegal ??? you owe $175
loan point usa/geneva roth ??? illegal ??? you owe $140
I researched as this site and the IL website and couldn't find any licenses for most of the companies. The two that I bolded I'm not sure about, I am under the assumption that they are illegal, I couldn't find much on the first company and nothing on the 2nd company. You may want to check your paperwork and see if they go by another name.
Quote:
What should you do? Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE What next? AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau. File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU. Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up. Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. |
Here is a letter you can use for the illegal lenders, you will n
Here is a letter you can use for the illegal lenders, you will need to update it for IL and your situation. You want to work with Cash Call. They are legal and can come after you:
Quote:
To Whom It May Concern: After doing research on internet payday loan laws in the state of Connecticut, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of Connecticut in general: Legal Status: Prohibited Citation: Usury act applies or small loan act applies. Conn. Gen. Stat.?? 36a-563 Small Loan Rate Cap 30.03% APR or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest. I have contacted the Connecticut Office of Financial Institutions and the Connecticut State Attorney General's Office regarding your internet payday loans and was informed they are indeed illegal in Connecticut and was advised to pay what is due according to principle amount only of the loan. To date, I have paid $525.00 DOLLARS on my $250.00 DOLLAR loan. The legal amount that could have been charged to my loan is the principal amount of $250.00 DOLLARS even if your internet pay day loan was legal in Connecticut. I have paid $525.00 DOLLARS on this loan by your debits of my bank account. Please mark this account as PAID IN FULL. I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office. I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of Connecticut. You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution. I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office. I expect a response from your company no later than 5/2/2008, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted. Thank you, |
Thank you
Thank you so much for your help. I do have one more question for you. Since most of these lenders are illegal, does that mean that pheonix debt maanagement can not take me to court for wage garnishmnents or a judgement? Also would the same apply to loan point usa/geneva roth? I jus t need to kow what they can do to me legally so when they call I know what they are capable of.
Il lending corporation is a store front installment loan company and USA web cash is a store front in chicago, il but also an online loan provider so I'm guessing that maks them legal in illinois. I will also work something out with Cash Call as well.