Help on outstanding debts

I did not find Sagamore on the IL payday loan database so they are not licensed.

Do they have any other name they go by?

I think that before making any further payments towards these debts, you should send debt validation letter to these companies to be sure how much money your still need to repay towards these debts. I found a forum discussion regarding payday loan laws in IL. You can check it by visiting the link payday loan laws in IL.

IL law on installement loans is very laxed. They can basically charge you what they want in interest. They do not fall under the PDL laws.

Store fronts and PayDay One are legal lenders.

Ignore the post from jstncredit. Irrelevant to the OP's situation.

Quote:

anyaroberts

You noticed that only one is a PDL, the other are installment.

I think that we need to clear about Illinois Pay Day loan laws. In Illinois it is a payday loan if it is required to be repaid in 120 days or less. If it is required to be repaid in 121 days or more then they are a regular installment loan. When this law passed last year (or 2 years ago) many of the PDL place changed their loans from 30 days to 121 days so they could charge whatever they wanted. This law is also in the process of getting reworded so that PDL', title loans, and others of this sort will have tighter rules applied to them.

Thanks for the clarification CV.

PDLOwner,

Yes thanks. I didnt think OP needed to send DVs since they can be handled differently.

No problem, I think...

OP, you need to be very careful with the installment loans, as they are handled very differently that PDL's. Make the calls as soon as possible.

Why would they need to make calls? The loans are legal.

The OP stated they felt the need to pay the installment loans and only wanted to verify they are different than a PDL which was already stated that they are and to verify that Sagamore was licensed which we did not find in the database.

Now I think they should verify that but the installement loans are legal.

Thank you all for the responses. All the information has been helpful. The only question I have left is what should I do with Sagamore / B & B Processing? I just got off the phone with them and they informed me that I would need to call after the next payment (since it is not longer than 3 days before the due date) so that something can be arranged. I've been paying it since November but there has been no payment made to the principle. If they are not licensed, am I not required to pay more than what the law states? Or since it's been 120+ days, is it outside of said law?


Thanks again for your help

If they are not licensed then you are only legally obligated to pay back what you borrowed.

It sounds to me like they rolled over this loan with fees which is illegal in IL. The loan term in IL is 13-45 days.

Any fees or rollover charges you have paid go toward the loan amount.

You can revoke the ACH but they are correct that they need a 36 hour window is required by federal law.

The only way to stop them is to place an ACH block on them with your bank, put a hard ACH withdrawl for all debits with a deposit only or to close the account.

Since they were rolling over this loan you can bet they are unlicensed/illegal.

Yea, I don't really want to pay an additional $260 with the fact i've paid over 2 times the loan amount in interest. I was just reading over an email they sent to me. It was a document for a use when requesting to pay off the loan. And it basically states what you said, they keep refinancing until there is sufficient moneys to pay the finance fee as well as the principle.

My main question, after all the help you guys have given me, is should I call them and inform them that under the law of Illinois I am no longer obligated to pay them such I have paid over and above what said law requires? Or, should I just pay them off and just forget about it? I wouldn't mind being $260 richer... namely, just not having to throw away my money.

Thanks once again.

Since they are illegal that is what I would do.

You ony legally owe what you borrowed.