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Waukegan Loan Management LLC /

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I was contacted by a company called Loan Reverse regarding a potentially illegal loan that I had taken out through (Waukegan Loan Management). I went through the exercise of registering through Loan Reverse and getting revocations sent to my lenders. If you aren't familiar with the company, they basically do (for a fee) what you could do yourself for free.

The reps said that ispeedyloans was illegal either because they were not licensed or that the rates charged were usurious under Illinois law. After getting almost none of my money back, losing my bank account and getting obnoxious collection calls and threats of legal action, I now have someone from Waukegan / ispeedy calling me saying they are about to turn my file over to an attorney.

I imagine that since this is a consumer installment loan I don't have any rights - they aren't as regulated as payday loans are in most states. Does anyone have experience dealing with Waukegan / ispeedy? Did anyone use loan reverse?

Do you have copies of what was sent to them originally by Loan Reverse? You may just need to resend to them, however it looks like Loan Reverse may have given you some bad info. Are you in Illinois - You might want to double check - this lender may be licensed to lend in Illinois. Since they are in Illinois themselves and only lend in Illinois. If they are licensed to lend in the state - you will need to work out a payment arrangement with them.
You will want to check with Illinois Division of Financial Institutions to see if they are a licensed lender.
Here are some guidelines for Illinois:
Lending of payday loan is considered legal in the State of Illinois.

Loan Specifications
Maximun Amount of Loan - Less than $1000 or 25% monthly gross income
Term of Loan - 13-45 days
Maximum Rate of Finance and Fees- $15.50 per $100
Finance Charge on $100 loan for a 14 day period - $15.50
APR for $100 loan for a 14 day period - 403%

Debt Limits
Maximum Number of outstanding loans permitted at a time - 2
Permissible number of Rollovers - None (Rollover cannot be done)
Cooling-off Period - 7 days after a period of 45 consecutive loan days
Repayment Plan - Yes

Limits of Collection
Collection Fees Amount - One NSF fee of $25 (Presentment limit is equal to 2)
Criminal Action - Prohibited

Sub: #1 posted on Tue, 12/09/2014 - 04:05

HelpinAZ HelpinAZ
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