Desperately need help

Hi Lauramw71 and welcome to the forum. You have come to the right place for help becuase everyone here has stood where you are at and have been scared every waking second. We can help you through this, just hang on.

I have been here for a year and had 5 payday loans all in IL store front and no interent so I am asking the "wise ones" who have been here a very long time to help and give you advise. Donkt be afraid you are no longer alone.


Luke

Welcome! You have already listed your PDLs, how much you borrowed and how much you paid back. This is a good thing. I also see that you are from Illinois. I don't interpret the state laws (that expertise belongs to others on this board) but I am sure that they will be along soon to help you out with that. You will be advised to send a C and D letter, contact the authorities (BBB, FTC, AG) and also to add the processors to the mix to help you out. Please know that everyone here will guide you with this. I came here in February of this year, terrified, not knowing how to pay my bills with 5 PDLs. I am now PDL free and paying not a penny more than I borrowed, in fact a little less. All will be okay. Listen carefully to what you hear and know that we have all been there, done that. Chin up.

Thanks for the responses and words of encouragement. I am so scared, but determined to get this done. I'll need a hand holding walk through the steps here though. haha

hello laur,being from IL my own self i can
tell you that USFASTCASH and 500 FASYCASH are
MTE therefore they are illegal.here is what you
owe each

USFASTCASH 30.00
500 FASTCASH 35.00
that is all you owe these two,i don't know about the other two.

Paul is right. You owe UFC and 500FC nothing more than he stated. You could enlist the help of their processor, Intercept EFT, to get them PID, but you need to send a C and D letter first.

Sorry bout that. . .I meant a PIF not a PID!

Oh, Im sure according to their records they'll add a 0 at the end of those amounts. LOL Is my first step to put a block on my checking account? or do I do something else to get them to not withdraw on the 20th which is when my next payday is and im scheduled for yet more deductions.

will the c and d letter get them to stop withdrawing from my account? Anyone have a template or know where I can get one to send them? And do I just email them? Like I said.. I need hand holding step by step instructions. LOL
Thanks for the help!!!

lauramw71 if you aren't going to close out that account, then you need to go to the bank and put a hard debit block on it, be advised that when you do this, only deposits can go in, but nothing can come out, including yourself, so you may want to get cash for yourself, if it's needed.

What is the first step I need to take? Sending out c & d letters? Anyone have an example of that for me? Only one's i've seen are ones stating i want to work with creditor.
Also, if I have a hard block put on my account, how do I get the cash out?
Oh what a mess i've gotten myself into, but I am soo glad I have my new friends here to hold my hand and walk me through this! Thank you SO much!!

when you put a hard debit block on you must go to the branch to get money.you must make sure your account is safe first,if the pdl's get wind of this they will debit you into a sea of red ink.block the account first.

Make sure you protect your banking account first before you send letters.

Illinois State Information

Legal Status: Legal

Citation:
815 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
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
http://www.obre.state.il.us/AGENCY/licenseinfo.htm

I am not sure about your laws, I do know that you can do a search on your laws and pdl's in the search engine above to get more information.

Good Luck.

are the other 2 illegal also? Fastbucks and nationwide?
How do I word a c and d letter? And what do I say to the bbb and the AG when I file a complaint with them? Do I file those after I've been contacted by the companies?
My phone has been disconnected and probably wont have the funds to reconnect for about another week. Depending on how much is left of my paycheck after clearing out my red. My last 3 paychecks have still resulted in a negative amount in my account. I have some recurring payments that come out of my account (credit card, car insurance) that I will have to contact those people to stop that too. I think the worst of the problem was the nsf fees the bank charged. I got into the hole, and couldn't get out.. hopefully I'll start getting there soon.
Sorry for all the questions, but I am just so terrified I can't think straight and need a step by step, hand holding, walk me through this, directions. LOL

oh, another question. I think I should probably just close my account, after I get it out of the red. Will all of the nsf's I've had on my account in the past 2 months show on chexsystems and result in me not being able to get an account anywhere else?

One precaution you might take, open another account at a different bank BEFORE you close this one. I had no problems doing it that way. :)

thats what i thought i should do.. I just wasn't sure if chexsystems reports nsf's on the account I had, making it impossible to open another one anywhere else. Then after I have that one opened, I'll have my paycheck sent to that bank instead of where it's at now. Im kind of sad, I've had this account for years. LOL But, it will also be more convenient for me to get a new bank in the small town i live in instead of 30 miles away... definately save atm fees lol

How can i find out if FastBucks and Nationwide are illegal in my state?

There is a licensed company named Fastbucks in IL.

thanks goudah.. I wasn't sure how to look them up. How do you go about dealing with someone who is licensed? Does that mean I will have to pay the outrageous interest rates? *sigh*

How do I find out if nationwide is licensed in IL? And if Fastbucks (now called something else) IS licensed, do I still send them a c & d letter? How do I proceed if they are licensed?
Thanks much!

sorry, that was me.. forgot to log in oops! ha

Is Sonic Payday licensed in Illinois?

Im still trying to find the legality of Fastbucks *has a new name now not sure what it is top of my head*, and Nationwide aka Ambassador. I looked on the state website, but am TOTALLY confused.. How do I look it up?
Thanks much for the help!!!
Laura