IL Payday Loan Help
Date: Thu, 06/17/2010 - 06:46
I have taken out 3 loans:
All 3 are from the same Store Front: Payday Loan Store in IL
Each loan is $1000
Every paycheck I owe $840.00
This is KILLING ME!! SO mad I took these out!! Was in a crunch that I thought I would be able to repay with a commission check BUT unfortunatly it did not end up being as large as I had hoped.
The $840 covers interest and a small amount of pricipal.
I asked the manager of the PDLS if there was anyway to stop the interest and let me begin to pay back the loans. His answer was no these are installment loans not the payday loans that the state guarentees (whatever that means)
I have read about wage assesment. I am revoking the wage assesment and sending it certified letter with a receipt that they get it (I even had it notorized just in case)
I have stopped payment on the checks that I wrote them with my bank.
So what I am asking is what now???
Can I make arrangements to pay just the loan amount and will they stop adding interest?? If they dont I will never get this paid off. I want to pay the $3000.00 without them taking me to court now OR taking me to court for all the
interest? I will even pay the $75.00 for all 3 checks that go to my bank and do not get paid. I in good faith want to pay the money I borrowed.
I read in a different post that I should write a payment plan and send a good faith payment via money order to both the store front and corporate office. I will keep copies of everything I do in case they do take me to court. It will show that I tried to repay them...will this keep a judge from garnishing my wages or entering a judgement against me? (hopefully I will have paid it off in full before we get to court...as long as they stop charging me interest)
Sorry for the rambling but I am just nervous and not knowing if stopping payment/revoking the wage assement will stop the interest and allow me to repay the loan without harrasment from them.
Thanks
All 3 are from the same Store Front: Payday Loan Store in IL
Each loan is $1000
Every paycheck I owe $840.00
This is KILLING ME!! SO mad I took these out!! Was in a crunch that I thought I would be able to repay with a commission check BUT unfortunatly it did not end up being as large as I had hoped.
The $840 covers interest and a small amount of pricipal.
I asked the manager of the PDLS if there was anyway to stop the interest and let me begin to pay back the loans. His answer was no these are installment loans not the payday loans that the state guarentees (whatever that means)
I have read about wage assesment. I am revoking the wage assesment and sending it certified letter with a receipt that they get it (I even had it notorized just in case)
I have stopped payment on the checks that I wrote them with my bank.
So what I am asking is what now???
Can I make arrangements to pay just the loan amount and will they stop adding interest?? If they dont I will never get this paid off. I want to pay the $3000.00 without them taking me to court now OR taking me to court for all the
interest? I will even pay the $75.00 for all 3 checks that go to my bank and do not get paid. I in good faith want to pay the money I borrowed.
I read in a different post that I should write a payment plan and send a good faith payment via money order to both the store front and corporate office. I will keep copies of everything I do in case they do take me to court. It will show that I tried to repay them...will this keep a judge from garnishing my wages or entering a judgement against me? (hopefully I will have paid it off in full before we get to court...as long as they stop charging me interest)
Sorry for the rambling but I am just nervous and not knowing if stopping payment/revoking the wage assement will stop the interest and allow me to repay the loan without harrasment from them.
Thanks
Storefront lenders are normally legal in what they charge. IMO y
Storefront lenders are normally legal in what they charge. IMO you must contact the corporate office of the lender before stopping your payments to them. The legal lender can actually sue and garnish your wage (depending upon your state laws).
I would definitely call the corporate office, explain you are en
I would definitely call the corporate office, explain you are enduring a hardship, they may be able to work something out with you, but you won't know unless you ask.
paying back over time
Quote:
Originally Posted by Anonymous I have taken out 3 loans: All 3 are from the same Store Front: Payday Loan Store in IL Each loan is $1000 Every paycheck I owe $840.00 This is KILLING ME!! SO mad I took these out!! Was in a crunch that I thought I would be able to repay with a commission check BUT unfortunatly it did not end up being as large as I had hoped. The $840 covers interest and a small amount of pricipal. I asked the manager of the PDLS if there was anyway to stop the interest and let me begin to pay back the loans. His answer was no these are installment loans not the payday loans that the state guarentees (whatever that means) I have read about wage assesment. I am revoking the wage assesment and sending it certified letter with a receipt that they get it (I even had it notorized just in case) I have stopped payment on the checks that I wrote them with my bank. So what I am asking is what now??? Can I make arrangements to pay just the loan amount and will they stop adding interest?? If they dont I will never get this paid off. I want to pay the $3000.00 without them taking me to court now OR taking me to court for all the interest? I will even pay the $75.00 for all 3 checks that go to my bank and do not get paid. I in good faith want to pay the money I borrowed. I read in a different post that I should write a payment plan and send a good faith payment via money order to both the store front and corporate office. I will keep copies of everything I do in case they do take me to court. It will show that I tried to repay them...will this keep a judge from garnishing my wages or entering a judgement against me? (hopefully I will have paid it off in full before we get to court...as long as they stop charging me interest) Sorry for the rambling but I am just nervous and not knowing if stopping payment/revoking the wage assement will stop the interest and allow me to repay the loan without harrasment from them. Thanks |
i stopped paying it this way, i too was in a mess like you . when you dont pay, they will call and make arrangements without interest every pd, it you owe 1000, tell them i will pay you 300 or 200 over how many paydays your have in a month. they would rather have their money back, BUT keep a ledger of all you pay