How can we force these illegal PDLs out of hiding....

Date: Tue, 02/10/2009 - 07:12

Submitted by mistyblue901
on Tue, 02/10/2009 - 07:12

Posts: 69 Credits: [Donate]

Total Replies: 6

I see alot of people who has borrowed from illegal internet PDL sites. I recently just found out that My Cash Now and Payday Max are illegal in Illinois. I called the Illinois Division of Financial Institutions and they informed me of what I need to do. First I closed my account and yesterday I sent a letter stating that I am excerising my right to set up a repayment plan of what I can afford and I will be paying back the principal amount only. Now I am waiting for an written response telling me they accept my schedule for repayment. I refuse to send any more money until I receive it in writing. I will keep you all informed. Don't let these loans stress you out, if they call stressing the hell out you, let them know that you will only respond to written communitcation so you can forward documents to the appropriate agencies. If they call with threats, just tell to put that in writing and hang up.

Many of these companies just will not respond to written communi

Many of these companies just will not respond to written communication. When there bullying doesn't work they turn to a third party collector. Then you refuse to pay them because the loan was illegal in the first place.

lrhall41

Submitted by Frogpatch on Tue, 02/10/2009 - 07:34

( Posts: 5381 | Credits: )

I agree with frogpatch, they don't like putting anything in writ

I agree with frogpatch, they don't like putting anything in writing, its safer for them that way.

lrhall41

Submitted by kfstaff24 on Tue, 02/10/2009 - 10:32

( Posts: 1448 | Credits: )

I send a letter/fax stating that I have informed them to contact

I send a letter/fax stating that I have informed them to contact only via email/usps per the Attorney General's office, and then I give them the contact information to the Department of Financial Institution about payday loan companies. This has worked for 3 loans, they give up and go away