Online Payday Loan help in Illinois

At first contact with Illinois Division of Financial Institutions to know whether or not pdl companies are licensed in Illinois. If not, then you are required to pay only the principal. Ask them for the refund, if you have paid them more than principal. If they are licensed, then you will be responsible for both the principal and interest. In such a case, you may enroll in a payday loan debt consolidation program to replace your multiple bills into a single monthly payment.

Kenwood Services....licensed in Wilmington DE...check with your state


US Fast Cash.....ILLEGAL....TRIBAL
You have overpaid by $120

500 Fast Cash.....ILLEGAL TRIBAL
Owe principal only.


CashNetUSA...THINK LEGAL...CHECK


Any help or advice would be appreciated. I can't afford the minimum payments on these loans as they are almost as much as my paycheck!

being in IL i can state that kenwood is also illegal.they will pull the (eastdide lenders)rhetoric that because they are in DE that law prevails.the only legal lender you have is cashnetusa,and you made arrangements on that.you overpaid kenwood,and usfastcash.you only owe the principle to 500 fast cash,and pay them via money order in increments that you can spare and when you can.

Thanks for the advice. Since my original post, I have received a collection letter from National Credit Adjusters stating Kenwood Services as the original creditor. I also recieved a phone call from them earlier today. I asked them to validate the debt and they said the original collection letter was the validation letter. Is this correct? I refused to admit that I owed any thing elso to Kenwood stating that I had already paid them more than my oIriginal loan amount. I also said that it was brought to my attention that Kenwood Services is not licensed in Illinois so the the debt is illegal and isn't valid. They didn't back down and insisted that I signed loan documents with Kenwood and agreed to the original terms of the loan and "I" should have done my homework and even said that it was Illegal on my end for me to sign the loan then.

The collection letter says I owe a current balance of $670. The original loan from Kenwood was for $450 and I have paid $775 to date.

What should my next step be???

Thanks for any help!!!

Send them a cease and desist letter. They cannot collect on an illegal loan.

Do you know of a good template or example of a Cease and Desist letter?

Do I send this instead of sending them a letter disputing the debt asking them to verify/validate the debt?

I did all the steps outlined in your post "Dealing with Unlicensed Payday Lenders (step by step). Thanks for posting as it has been a tremendous help!

Here is what I emailed Kenwood Services on 2-1-12 disputing the debt and requested a refund:

[COLOR=black]"Dear Kenwood Services,[/COLOR]
[COLOR=black]
It has come to my attention that payday lenders must be licensed by the state of Illinois in order to offer loans to its residents. Since your company has no license in my state, the loan contract I have with you is not valid. Although I am not legally required to do so, I am willing to repay the principal balance of this loan. To date, I received a deposit of $450 on 10-31-11, and have had 5 bi-monthly withdrawals of $135 debited from my account, as well as 2 principal payments of $50 each. This results in an overpayment of $325.

At this time I am requesting a return email acknowledging that my loan has been paid in full. Also, I would like a refund of the $325 overpayment. A refund check of $325 should be mailed to me at the address you have on file (xxxxx).

I am also revoking authorization for ACH withdrawals and any wage assignment I may have signed. I have given a copy of these revocations to both my bank and my employer. Any future attempts to collect funds in this manner will be blocked.
Please respond to this email with acknowledgment that my account has been satisfied in full. Details of when I can expect the refund check, as discussed above, should also be included in the email."

I didn't hear anything back from Kenwood directly, but received the collection letter from NCA. Should I continue to follow up with Kenwood and demand a refund??? Or would that be a waste of time in your opinion???

Thanks so much for your help!!!!

Kikibo

[/COLOR]

continue to press kenwood on the refund,but send NCA a response like this.

i am enclosing my state laws,and basic info(just type the amount deposited,and overpaid)to show i am owed on this and i don't owe.any further attempts to collect will result in a complaint with the IL AG,and possible legal action against you.again i am owed a refund.

something like that and send it certified mail return receipt as NCA has been sued in the past and will be in the future.whether that's by you or not remains to be seen.

Do as Paul instructed but also make it clear in your letter that you do NOT owe this debt and that you demand they cease communication with you or anyone else in regard to this alleged debt.