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I am drowning and don't know what to do

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I have posted before and I don't know where to begin. When I sent a message to stcadvance.com they told me that since they are not in the us, the are not bound by us law. Is this true? Also, I have searched to see if any of these loans were legal and I guess they are not. If anyone is in Illinois or is familiar with Illinois law, can you please let me know. I feel like I am not doing this right and I am in a corner. Please help.

Huskhawk group-325 paid $440 in interest
Summit group-325 paid 300 and its in collections at pdm and I was told they were going to garnish my wages up to 30% and I would have to pay $2500 in fees
mte financial (instantcash)-390- paid 270 in fees so far
Chieftan financial-260 paid 180 in fee
STC advance.com 274 paid 444 in fees




kcooks, Please hang in there. I know it feels like you are running in circles and every time you turn around a pdl is threatening or throwing something at you. Know this stcadvance is full of it. Your state law previals. DO NOT believe them. As for PDM... type PDM or Pheonix debt management in the search box at the top right side of the page and see what everyone has written about them. I can tell you that your pdls are not licensed in IL. I did check for you....so they are NOT legal loans.

Ok...here are the pdl laws for IL...

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


An internet pdl must bc licensed in IL to lend in IL.

Sub: #1 posted on Wed, 09/03/2008 - 18:33

RoxyNY RoxyNY
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Now what to do...I know you have posted however, I am going to post some information for you to read....what you already know, disregard....


[quote]You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Sub: #2 posted on Wed, 09/03/2008 - 18:36

RoxyNY RoxyNY
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Now...as for PDM, since they are collecting for the pdl, send them a letter requesting they validate the debt...they will not be able to do this. This should help with them threatening you. They are supposed to stop collection activity when they get this letter. Be sure to send this letter certified return receipt...

http://www.debtconsolidationcare.com/forums/about216.html

This should be enough to help you get in the right direction. If you have any questions, please post. Hang in there.

Sub: #3 posted on Wed, 09/03/2008 - 18:46

RoxyNY RoxyNY
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Its just seems like a neverending circle. Everything is behind and I hope I can get some type of relief. I am glad I found this site.

Sub: #4 posted on Wed, 09/03/2008 - 23:25

kcooks3973 kcooks3973

(Posts: 91 | Credits: )

Kcooks, It does seem that way. It will get better....When I came here I had 9 pdls. It took alot of work but it did get better and I did catch up on bills. Follow the steps outlined above and you will soon start to feel the relief. Closing your account and getting control of your $$ is the most important step. Food, housing, gas, electric, etc...all come first. We throw so much information at you it can be very overwhelming. Ask questions, vent, whatever you need to do. The members will be here to help.

Sub: #5 posted on Thu, 09/04/2008 - 05:54

RoxyNY RoxyNY
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