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Legal or illegal??

Date: Wed, 01/19/2011 - 16:27

Submitted by Amy S
on Wed, 01/19/2011 - 16:27

Posts: 34 Credits: [Donate]

Total Replies: 21


Could someone please tell me if Everest cash advance and ExtraFunds. Com are legal pdl companies, and also I have a loan with cashnet USA that I took out for $700 well I ended up defaulting on it due to job loss now I'm told I owe around $1100 on this loan that includes fees, interest and principal it hadn't gone to collections yet, but I'm waiting on how they handle default accts.. And what letters should I send to these companies if any, please any help and advice thanks so much...


Shazzers, you are awesome with all the info you know I'm in the process of sending out letters/emails to these companies including cash direct express, I an in the process also of filling in the blanks from your letter, but I don't know if my brain just is not working or what but I am having trouble finding the Illinois law on payday loans and how I word it in the letter do you have any suggestions?? Again I can't thank you enough for all your help.. And help from the others...


lrhall41

Submitted by Amy S on Thu, 01/20/2011 - 10:17

( Posts: 34 | Credits: )


Illinois law is as follows: Quote:

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% Lender: Lender MUST be licensed by the state of Illinois 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
It is far better formatted here: http://www.paydayloaninfo.org/state-information/21 . I just added in the " Lender: Lender MUST be licensed by the state of Illinois." As far as wording the letter, I would just bold the terms before the colon. So bold like Citation, Loan Terms, Max. Loan Amount, etc... You might even want to leave out the first bullet, the legal status:legal, so your illegal lenders don't try to use it against you. As far as the letter, you could use the template in the sticky post. But obviously customize it to your situation where you would obviously use part b of the letter as printed below: Quote:
(b) The state of (insert your state) requires Internet payday lenders to be licensed in MY state. I have already researched this information, your company does NOT have a license to lend in the state of ___________, if I am mistaken I will need proof in the form of a license number so that I may verify it with my Attorney General. I am bound by the state laws where I reside. As I have no presence in your state or country (only insert one choice, state or country, depending on your situation.), therefore I have no legal obligation to the 'governing laws' you may have detailed.


lrhall41

Submitted by Remember Remember on Thu, 01/20/2011 - 15:35

( Posts: 18 | Credits: )


Ok so I emailed Cash Direct Express the letter, should I of sent one to the collection Co. which is Alliance Assets? Because I was suppose to send them a money gram on Monday the 24th and I didn't after looking into this loan that I took out and had already paid $600 just in interest only, Now today I get a call from Alliance but I did not answer my phone please advice on this one Thanks, Amy Shelby


lrhall41

Submitted by Amy S on Tue, 01/25/2011 - 11:20

( Posts: 34 | Credits: )


i have dealt with alliance and being an illinois resident i can state they are a bottomfeeder.ms.madigan the IL AG is very familiar with them ignore them,and file a complaint asap.just know if you did pay 600.00 in itnterest unless you borrowed 600.00 you owe nothing,in fact you might be entitled to a refund.


lrhall41

Submitted by paulmergel on Tue, 01/25/2011 - 11:42

( Posts: 15514 | Credits: )


I did borrow $600 and paid $600 just in interest nothing went to principal. I did just send Alliance an email and got a response back saying they closed my acct with them and is sending it back to Cash Direct Express so do you know what I can expect? Thanks for all the help and advice, Amy


lrhall41

Submitted by Amy S on Tue, 01/25/2011 - 11:59

( Posts: 34 | Credits: )


Ok now I just got an email from ExtraFunds.com stating that they are legal, my loan with them was $300 and I've paid $90.00 on it they are saying I owe $535.00 but will settle for $300.00 and they will consider the loan paid in full.. I will put the email they sent me and would love some advice on how to deal with this copy....

was forwarded your account from Amy in our collections department.* I want to clarify with you that we are legal, and are able to lend to people in Illinois. When you took out this loan, all terms and details of the loan were given to you, including that we are a Native American owned company operating on the Rocky Boy Indian Reservation and pursuant to the Laws of the Tribe and the Indian Commerce Clause of the United States Constitution.* These are the laws that you were subjected to when you requested and completed this loan application on our website.* You did not obtain this loan through an Illinois based company, you obtained this loan through the internet and agreed to all terms of this loan.* In addition to this, regardless of what your state laws are, you have only paid back $90.00 of a $300.00 loan that we provided to you when you were in need of it.* And no matter where you live there is no company that will give out a loan and not hold their customer accountable for paying back the amount that was given to them.* Currently on this loan there is an overdue balance of $535.00.* I am willing to reduce this balance to $300.00 and consider this loan paid in full.* We have been very flexible with you on this loan and have tried to work with you to pay off this loan under reasonable terms including giving you multiple extensions on your payments.* If you do not accept this $300.00 settlement balance, we will continue to collect on the full balance of $535.00 and you will be responsible for paying back the full balance in addition to any late fees that are added due to non-payment.* I have attached your loan documents for you to review so you can see the terms that you agreed to upon us funding the loan.* You can call us with any further questions regarding this or to schedule the settlement payment of $300.00.*

This is the email.....


lrhall41

Submitted by Amy S on Tue, 01/25/2011 - 15:25

( Posts: 34 | Credits: )


the fact that they are on an indian reservation makes that much more illegal.they can't set foot in a court of law without losing there "immunity".so don't worry as the old "tribal immunity" BS is just that BS.ms.madigan's offuce is familiar with these places too.file the complaints and know this place is most illegal as well.tell them you only owe 210.00 and won't pay a penny more,and want an address to send the money order.if not the IL AG complaint gets filed.


lrhall41

Submitted by paulmergel on Wed, 01/26/2011 - 06:26

( Posts: 15514 | Credits: )


Dear Amy Shelby,

Like I mentioned in the last email, the settlement amount is $300.00, not $210.00. If you do not agree to pay the full settlement amount of $300.00. We will hold you accountable for the full balance due of $535.00 and will continue to collect on that balance.. We will not go below the $300.00. Please let me know what you choose to do.

Sincerely Haley TorsonDirector of OperationsExtraFunds.com LLC Phone: (877)670-8890 Fax: (877)670-8889 This is the email I got back when I requested there address to send the $210.00 payment please advice and help on what my next step is to do, Thanks!!!


lrhall41

Submitted by Amy S on Wed, 01/26/2011 - 10:47

( Posts: 34 | Credits: )