PayDay Loan Hell
Date: Fri, 09/23/2011 - 08:42
I am in payday loan hell and I know it is no one's fault but my own. I currently have 10 outstanding loans and I was going to consolidate them so I started working with a company who had me close my bank account and start the whole process and then 3 days later they informed me that they could not work with me because I live in Illinois. I panicked, of course, and then found Progressive Debt Relief who told me they could help me. I am currently getting ready to send them my first payment to start the negotiation process but I am nervous. Am I better off doing this myself? What are my options? Please help me!!
first close your bank account. that is what i did. 9 out of 10 i
first close your bank account. that is what i did. 9 out of 10 internet loans are illegal. Verify that your bank can not reopen the account before doing so. Now here is the hard part but can be avoided. Before closing your account call all the companies and give them bogus information such as a new phone number, email address, work number, etc. so you can not be traced, other wise you will be harrassed. If they do call, let them know you are aware of the scam and that you have already paid the principal and then some, and that they are not licensed to do loans in your state and can not legally garnished your wages. you will find out your calls will stop.
we some info first
before you pay someone to do what you can by yourself we need the following.
1)names of each lender
2)amount borrowed from each
3)amount debited by each thus far
4)state you reside in
answer those questions and we can help you here.btw to the poster above me.please don't draw assumptions as we don't know the info requested above.yes chances are most if not all are illegal,but let's see what the info the OP provides first.
At first, you should contact with the Illinois Division of Finan
At first, you should contact with the Illinois Division of Financial Institutions 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 not licensed in your state, then you are required to pay them only the principal amount. If they are licensed, then you will be responsible for both the principal and interest. If you are in a financial hardship to repay your debts in full, then you may consolidate your debts yourself. The following link may help you to know how to consolidate debts on your own:
http://www.debtconsolidationcare.com/diy/#debt-consolidation
