I need help, I have too many defaulted loans
Date: Wed, 01/07/2009 - 12:37
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!
Okay take a deep breath. First You listed your state so here
Okay take a deep breath.
First You listed your state so here are the laws of Illinois.
Quote:
Illinois State Information 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% 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 |
First Cash Call is an istallment loan so the PDL laws do not apply. You are going to have to pay off that loan.
I can't find anything on Heights finance. Do they maybe have another name?
I don't see National Quick Cash as a CFSA member which would mean that they are required to offer an EPP, Extended Payment Program. They may offer it anyway. Most store fronts do. You will need to go in and ask them. You can try and call but some will deny they have it but have litature in the store saying they do offer it.
The same applies for IL Lending Corp. They may offer an EPP.
Pheonix Debt is known to buy up PayDay Loan defaults. Can you give us the names of the loans that they are handling? They may be illegal loans which means the collections are illegal. Pheonix is also known for illegal collections as well.
I know that many here have delt with Geneva Roth so I am sure they will come along with more help and suggestions.
I am not finding a lot on USA Webcash. Maybe they have another name? Hopefully someone will come by that knows something about them
Try and remain calm. We will help the best we can.
credit card debt
I live in illinois, have three credit cards totaling $44,000. Is there a debt settlement in this state that belongs to the BBB? Or any suggestions on how to get this under control.
