Payday loan help!!
Date: Sat, 12/18/2010 - 18:55
I'm in Illinois and i have 5 payday loans out and I can no longer pay the debits on my account... My account is still currently positive and i am wondering my course of action. Thus far it seems that all my payments are going towards interst and I'm looking to set up a payment plan and reduce the fees( which I believe is legal in Illinois). All of the lenders are charging interest that is illegal in my state. I know i should close the account before it dips into the negative but how do I do it... I need a checking account and I want to prevent any issues And stay out of check systems.
well first off welcome,and being an illinois resident myself i n
well first off welcome,and being an illinois resident myself i need these questions answered.
1)names of the pdl's
2)amount borrowed from each
3)amount debited by each so far
4)internet,or storefront
i can tell you that if these are internet they most likely are illegal,and you not only owe the principle,but anything debited gets deducted from that.example:
i had a loan from AMERILOAN illegal in illinios.the loan was for 200.00.they debited 360.00 before i closed my account.they in reality owed me a 160.00 refund.please provide the info requested,and we can help further from there.
Ok I have 1. Ameriloan-$400paid about $300 2.speedy cash -$50
Ok I have
1. Ameriloan-$400paid about $300
2.speedy cash -$500 paid$77
3my cash now-$400 -paid $45
4. Sure advance-$400 paid $200
All are internet ... Lord I looked at my cash now and they r off seas...
They are all illegal, close your account and CLICK HERE to find
They are all illegal, close your account and CLICK HERE to find out how to deal with illegal lenders.
okay,click the link shazzers gave as yes all are illegal in illi
okay,click the link shazzers gave as yes all are illegal in illinois,and here is what you really owe each one.
ameriloan 100.00
speedy cash 423.00
my cash now 355.00
sure advance 200.00
the reason you should close your account is that it will never be safe again.these places being illegal will debit indefinitely if that account remains open.in fact your current bank can close that account,and open a new one not linked to the old one.also they can help with the direct deposit as well.that is most important.secure your money,and try to negotiate a way to pay that works for you.
I had a loan with Sure Advance. I sent them the State Laws of Oh
I had a loan with Sure Advance. I sent them the State Laws of Ohio for pay day lending. I sent them a letter revoking all authorizations (shazzers has that letter template) they were the first ones to send a paid in full letter.
ok i am going to do those thhings tomorrow. as far as speedy cas
ok i am going to do those thhings tomorrow. as far as speedy cash goes, they have my credit card info and it has the money to be charged.. i was going to call and cancel the card tomorrow and have a new one sent out.. just report it lost. Is this legal?
so speedy cash isnt legal in IL? they have some illinois thing o
so speedy cash isnt legal in IL? they have some illinois thing on their website
Quote:so speedy cash isnt legal in IL? they have some illinois t
Quote:
so speedy cash isnt legal in IL? they have some illinois thing on their website |
OK, hang on a minute, I need to double check that one.
yep.i missed that.they might be a CSO(credit service organizatio
yep.i missed that.they might be a CSO(credit service organization)and you will have to contact them to work out a different payment arrangement.they should be open to that if you explain the situation.they should work with you.
I searched for consumer installments and payday loan licensee da
I searched for consumer installments and payday loan licensee data base on the Illinois website and could not find a license for them. I happen to know they have a dba name: Galt Ventures, LLC, I searched both names, still, no license.
I don't know Paul, I searched, maybe I have overlooked something
I don't know Paul, I searched, maybe I have overlooked something, you want to search the link below and get back to me?
http://www.idfpr.com/dfi/LicenseeSearch/frmSearchLicensees.asp
so they are not licensed or registered as a CSO then proceed as
so they are not licensed or registered as a CSO then proceed as all your pdl's are illegal.
i looked up and found they are licensed in another state. but im
i looked up and found they are licensed in another state. but im not sure if thats enough.. however my loan terms are in violation of the interest rate alloed to be charged..( well over the $15/$100 borrowed)
I'll be closing my account tomorrow( ach debits hit on thursday) .
I have an additional Question, I have a savings account and I am currently positive, can I just leave well under the amount to cover the fees in the accountand keep it open. I do not have the overdraft protection, and think that would cause the ach debits to be returned anyway. Is this an option? Id open a checking account else where.
it does not matter if they have a license elsewhere.they must be
it does not matter if they have a license elsewhere.they must be licensed in IL to lend.found nothing for them.as far as the account goes.no that would not work as the pdl's once a debit is returned will drown you in red ink.by this i mean they will attempt multiple debits sometimes at once.explain the situation to your bank manager,and have them open a new account not linked to the old one.even if you dion't have overdraft protection.you will still be charged an NSF fee.sometimes as much as 35.00 per returned item.that is why you must close this account before it goes negative.because then you get reported to CHEXSYSYEMS then being able to open an account at a new bank might be difficult.take care of that now.