Payday loan nightmare
Date: Thu, 08/28/2008 - 17:01
I have 5 loans and live in illinois. Is there any law that can be on my side because I am sure I have paid at least one of the loans off with the rollover and I sure wish I could use that to get some sort of reprieve. I have not told my husband yet but its getting so deep, I am going to and he is going to be angry. Please, if you have any information- let me know. Also, does anyone have a template on the revocation letter?
Hi there and welcome! Could you please list the following inform
Hi there and welcome! Could you please list the following information so we can help you. I have posted your laws below. We have members here who are from Illinois who will give you advice when they're available.:)
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.
Quote:
Illinois State Information Legal Status: Legal Citation: 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 |
