Repayment Plan in IL
Date: Sat, 10/08/2011 - 13:58
Do I have the right to request they stretch the payments out over another 2 months so it's not so much - or am I stuck with this plan?
When I requested the repayment plan they said I had to repay everything in 4 payments and that was the most that was allowed. Is this true?
Thanks
Hi ddavis, As you're facing financial problems while paying of
Hi ddavis,
As you're facing financial problems while paying off the payday loan debt, you can definitely contact your payday lender and negotiate with them so that you can extend the term of the loan payment. However, it will be their discretion whether or not they will agree to your request. With the help of proper negotiation, they may let you repay the debt in more than 4 payments. However, you should note that if your payday lenders are illegal or unlicensed to operate in your state, then you will be liable for paying them only the principal amount and not the interest charges or other fees.
Take care.
a couple of questions
being in IL myself i am suspicous of the amount they are charging.a couple of questions.
1)who is the lender
2)how much was borrowed
3)is it an internet or storefront
you see in IL pdl's have a 600.00 max and when you enter into an EPP the balance is frozen.if this is internet i can practically guarantee it's not legal,and if the amount is correct then it's not a pdl.please answer those questions and we can help further.
It's Check 'N Go & it was done over the internet. The amount bo
It's Check 'N Go & it was done over the internet. The amount borrowed was $950.
I found out some details at http://www.idfpr.com/Forms/DISCPLN/0
I found out some details at http://www.idfpr.com/Forms/DISCPLN/0811_dis.pdf
You should contact with the Illinois Division of Financial Insti
You should contact with the Illinois Division of Financial Institutions in order to know whether or not pdl companies are licensed in your state. Their contact detail is as follows:
# Address - Consumer Credit Section, 320 W. Washington Springfield IL 62701
# Phone - 888-298-8089
If the lenders are licensed, then you will be accountable for both the principal and interest. In this case you may try to arrange a better repayment plan with them. Otherwise, if they are not licensed, then you can get rid of the debts by paying them only the principal amount. If you have paid them more than the principal, then ask them for the refund. Illegal lenders can???t take any legal action against you.
