Payday Loan Help in IL

Goudah or Cannr will be by shortly with their information regarding this situation, since they are extremely knowledgable in the money and math aspect. Keep checking back.

Hi Lucy...welcome to the board. We are here to help. First off, here are the laws for your state. Nice job listing everything out :wink:

You will find the Payday loan Illinois here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I forgot to mention that Volleyball mom may stop by too. :lol:

The Check n Go loans are going to be licensed and lending legally. You will need to set up some sort of payment arrangements with them.

The internet based companies are probably not licensed. You will need to close your bank account to stop these places from taking more money. Please read this sticky regarding some important information you need to know BEFORE you close the account.

LOL Anthony! :lol: I am trying to graduate from grasshopper to helper status :)

Question - With your Check n Go loans, at each payday do you have to pay off the entire loan, and then reborrow? Or do you only pay the rollover fee? Also, how long have you had the loans for? If they are longer then 45 days, did Check n Go require you to wait a week before you reloaned?

For both Check N Go loans, they are installment loans. I make payments 2 times a month..

I am going to be working with Langhorne to get my online payday loans taken care of. How do I go about resolving this one ~Check N go - In store-$700 - $568.48 paid.

Is there anything I can do?

lucy, if I may ask, why are you going to have Langhorne deal with your internet pdl's? Not that there is anything wrong with that; however, of the three of them, none are licensed, which means illegal, which means you only owe the principle amount of the loan.
United Cash Loan - borrowed 300/paid 0/owe 300
UpFrontCash - borrowed 300/paid 90/owe 210
USFastCash - borrowed 250/paid 60/owe 190

DO you just suggest that I pay the principal? Do I need to close my checking account?

It is suggested here that you do close your checking account. Please read the sticky regarding closing your account.
Closing it insures that these companies can not debit you anymore. Please be sure however that your bank does not force open closed accounts if an ach debit hits.
Open another account in a completely unrelated bank, and never give out your new banking info.
Doing this will enable you to gain control of your finances. It will give you a full paycheck, and the ability to take care of your other bills. Food , rent , and utilities before IPDLS.

The installment loans with Check n Go will have to be handled differently then the pdl's. They are probably backed by the First Bank of DE. They are legal. Check n Go can be very hard to deal with, and they can take actions to collect on the debt.

My suggestion to you would be to deal with these 2 loans first. Any extra money you have each month, throw at these loans. You need to get these loans paid off as soon as possible. The illegal/unlicensed internet loans can wait.

Please do close your bank account. Please read the sticky about some information you must know before you close the account.

What if the certain internet PDL places have a statement on their website about if you close your account, blah, blah, blah??

I have 1 Check N Go at a store and the other is online.. If I close my account, how will the online CNG loan be paid? Would I just have to call them?

Hi lucy-ALL pdl's will advise that if you close your account, they will try to collect and they will say anything! Those are their tactics! According to the laws posted, they cannot arrest you or file crimial charges for closing the account.

So, close my account and just pay the 2 Check N Go PDLs?? I'm sorry to be such a pain about this. I really dont want to screw up my financial history/future worse than it is.

Don't worry about what it says on their website, close the account, and MY advice is to not pay them a dime if they are not licensed....nada.

lucy, anthony is making a point to you regarding the illegal pdl's. His point is that legally they can not collect on the loans. I just wanted to make it clear to you what he is telling you. As goudah stated, make sure you pay/set up arrangments with the 2 licensed companies. That's why she stated that the illegal pdl's "can wait". You can pay only the principle amount of the illegal loans. No "fees/extensions/rollovers". And, you're not a pain. You ask as many questions as you need to. :D

Lucy - This thread also has some info on it.

Please keep all responses going on this thread. The other thread has been locked.

I called CCA and they told me to NOT close my checking account. I could get arrested?? Is that true?

I plan on paying the 2 Check N Go loans back in full and on time. Since the online loans are illegal, they aren't supposed to send funds, correct??

Quote:
Section 2-7. Wage assignments. Any payday loan that is a transaction in which the lender accepts a wage assignment must meet the requirements of this Act, the requirements of the Illinois Wage Assignment Act, and the requirements of 16 C.F.R. 444.2(a)(3)(i)(2003, no subsequent amendments or editions are
included). A violation of this Section constitutes a material violation of the Payday Loan Reform Act.


Please revoke any wage assignments asap

How do I revoke wage assignments???

lucy, who is "CCA" that told you that you could be arrested if you close your account? Answer that one first and then we'll move on to revoking your wage assignments.

CCA is Consumer credit counseling of America.

The lady I have been talking to regarding debt consolidation told me they used to deal with internet payday loans but now they dont..

Legally, do I still have to pay the "illegal' internet PDL's??

Also, my bank account is with Chase and I really enjoy their service. Could they close my original account and open a new one or do I have to go to another bank?

lucy, CCA is retarded. It's stated right on your state pdl law that criminal action is prohibited. You're not going to be arrested. What a bunch of idiots. Anyway, regarding "legally" owing your internet pdl's - this question comes up a lot. Anthony is right. If the pdl is indeed unlicensed/illegal, you can LEGALLY not pay them. They can not collect on an illegal debt. However, most people pay back the principle amount of the loan since they did receive the funds and did use the funds. So they pay back what was actually deposited into their account. It's your call. The pdl's are not going to be happy with you just paying the principle amount and they're not going to be happy if you don't pay them at all. They're not going to be happy regardless. However, they will harrass the shit out of you. They will turn you over to illegal collection agencies. But, it's your decision as to whether you want to pay them the principle amount or not pay at all. No one is going to judge you whatever choice you make. It's more a matter of legal vs moral. Legally, you can get away with not paying the unlicensed/illegal ones. Morally, you should pay the principle amount only. Whichever. So to answer your question, LEGALLY, you don't have to. Which one you decide to do is entirely up to you. Regarding the Chase bank issue, if you are happy with Chase bank, you can just close the one account out and open a new account at the same bank. It's just advised to go to a new bank because it's "safer" that way. If you stay at the same bank and close one account and open another, you need to have them put it in writing that your new account will not be "linked" to the old account. In other words, if something hits your old account, they will not touch your new account. Hope this all makes sense. Any questions, just post.

Hey Lucy...I agree with cannr 100%! I am sending you the letter also.

I know this can be scary, but not half as scary as letting the lenders take your money in illegal fees!

I just finished the 5 letters that I need to send out.. I will save $514.00 by settling this on my own, as opposed to going through longhorne. Thank you so much for everyone's wonderful advice!

Yea!!!!! Get those letters out and let them know who's boss here!

lucy, if you run into any problems or have any questions, just post. We are here for you. :D

I would be very careful having a new account at the same bank. Be sure as cannr said to get it in writing that anything from the old account will not be transferred to the new account.

Also, make sure that ACH's will not reopen the old account. If they do and the account goes negative, Chase can take the money from your new account to cover the old account without even asking you first.

The letters are on their way. In the meantime, should I file a complaint with the Consumer Fraud Bureau for the state of Illinois??

Do I go ahead and default on the 2 Check N Go loans and request a payment plan?? I am up to date on both of them..

Thanks!

lucy, did you do anything regarding your bank account? As goudah stated, you're going to have to set up payment arrangements with the Check 'n Go places. The one is a store front. You need to be in contact with them, as they have an actual check from you. The on-line one, from what goudah says, is legal and you need to set up payments. I don't know the status of your bank account. Is it open/active? Have you done anything with it yet? Have you contacted your Check 'n Go's at all yet? And as for filing complaints regarding the illegal internet companies, you will need to file with the BBB, the FTC, and your state AG.

And your state's banking dept or dept of financial institutions . . . . Complaints complaints complaints! There can never be too many complaints!

I have closed my account and re-opened another one. The lady at the store Check n go is very nice. Do I just call or go in and tell them I need to enter a repayment plan? Since I have a new account, I do NOT want the online Check N Go to find out my account information. what is my next step?

I am filing complaints with the IL state AG tomorrow. I printed the form out and I need to make copies of everything. My next step is filing complaints with the BBB and the FTC..

The guest was me! I forgot to log in! Duh!

As far as your store front Check 'n Go, you can either call and explain the situation or go on in. If they're nice, like you say, go on in. They can set you up on payments. As far as your Check 'n Go online, I'm hoping goudah comes through and gives advice on that one. She's better at the on-line legal loans. :D

As far as going in or calling, whatever you are most comfortable with. Just be sure to do one or the other.

When you make your payments to them, pay in cash, money order, or certified check. That way they will not get any new account information.

goudah, what about the on line Check 'n Go one?

What do you need to do with the online loan? That one is an installment loan, right? If so, there really isn't much you can do but make the payments. If at all possible, make more then the monthly payment so you can pay it off sooner.

Can she set it up to where she can mail payments in to them? It doesn't have to be debited, right? Can she just call them and explain the situation regarding the bank and be put on a payment plan where she can mail payments in?

Yes, by law they cannot require payment from a bank account. The Electronic Funds Act prohibits that. But if they give you a real hard time and you don't want to fight them, you can always get a prepaid debit card at a store, and only put the payment amount on it each month. That way they cannot take more then you say, and they won't have any of your information.

So, do I just call the online Check N Go and tell them I want to send them payments in the mail from now on?

I assume I have to pay the principle PLUS the finance charges...

Crap, i forgot to log in again..lol

Hi lucylu-WOW!! You are making some great progress since the last PM!

Yes, call them and arrange for payment through the mail.....they cannot force you to send a check and remember, do not send them a check.

Thanks Deb!! When I get off work, I come home, hop on here and research what I need to do! it's my new addiction..lol

I know what you mean by that :wink: Everyone here is so great! AND since you are gaining knowledge on all this, you can help out with advice too and share your experiences.

When you get a chance, go to THE Pub page...we have a lot of fun stuff posted over there.

Dont be a stranger! :wink: :D

I am preparing letters to send to the Attorney General. Since I have quite a few to complain about, should I enclose each seperate complaint in its own envelope?

I didnt....that way they are all together and you dont run the risk of having them "trickle" in seperately. AND it would save $$ on mailing.

lucy, send money orders in for your payments, okay? Don't let anyone who doesn't need it get your bank account information if at all possible. Send money orders and send them certified so that you will be sure they received them. When I filed my AG complaints, I filed them all separately, but I did also mail them all separately. I'm just a fanatic, I guess. Every one of them was individual. But, I'm kind of **** (like anthony!) about things. :D

[color=Red]****Adult term removed - Jason[/color]

Well, I just got off the phone with *online* Check N Go and I am going to be sending them moneygrams to repay my loan back. Now NO payday loan place has my new account number!!!!! :lol:

I am also sending out the complaints to the AG today. :D

lucy, you are doing good! If they want moneygrams, whatever. They are licensed/legal, so whatever floats them. They won't get your bank account information and you've got them all set up to receive your payments. Great going! And file those AG complaints. I will tell you now, lucy, it may be awhile before you get a response from the AG. Do not lose faith. One day when you come home, you'll have a surprise in your mailbox from the AG. Actually, with mine (and I know you're in a different state) it took quite some time. But when they did respond, they sent almost all of them at one time. So I figured they did their "review" of all my complaints, then did what they do, then just sent all of the responses to me at one time. So, please file and then it's kind of a waiting game. But you should receive something. It may take weeks. But you should receive copies of what they mailed to the companies you filed on. Do not give up hope. I'm still getting responses from my AG. Where I am, the AG sends them a letter. The company gets 30 days to respond. If they don't respond, they get a 2nd letter from the AG. If they don't respond to that in 30 days, they get another letter from the AG. They then have 2 weeks to respond. If they don't respond, the AG will then take the appropriate action. Now I'm not sure what that is, but I'll soon find out. I received two responses from the AG that the third letter has been sent out and they have 2 weeks to respond. So in 2 weeks I guess I'll know what the next step of action will be. I'll be sure and post to let people know what's going on.