email from fastcash
Date: Mon, 04/10/2006 - 11:28
Your account has been flagged and we will not process any aches, however it is very important you contact our collections department at 1-800-795-9765 to make payment arrangements
Did they violate any of these stipulations? Full statute can
Did they violate any of these stipulations?
Full statute can be found here:
http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2697&ChapAct=815%26nbsp%3BILCS%26nbsp%3B122%2F&ChapterID=67&ChapterName=BUSINESS+TRANSACTIONS&ActName=Payday+Loan+Reform+Act%2E
Quote:
Loan terms: Loans cannot be less than 13 days nor more than 45 days. If a consumer has or has had loans outstanding for a period in excess of 45 consecutive days, no payday lender may offer or make a loan to the consumer for at least 7 calendar days after the date on which the outstanding balance of all payday loans made during the 45 consecutive day period is paid in full. Total principal amount of all of the consumer's outstanding payday loans cannot exceed the lesser of $1,000 or 25% of the consumer's gross monthly income. No payday loan may be made to a consumer who has an outstanding balance on 2 payday loans. Before entering into a loan agreement with a consumer, a lender must use a commercially reasonable method of verification to verify that the proposed loan agreement is permissible under this Act. If the consumer has or has had one or more payday loans 19 Prepared by the National Consumer Law Center, November 2005 outstanding for 35 consecutive days, any payday loan outstanding on the 35th consecutive day shall be payable under the terms of a repayment plan at the consumer's request. The consumer has until 28 days after the default date of the loan to request a repayment plan. Within 48 hours after the request, the lender must prepare the repayment plan agreement and both parties must execute the agreement. Execution of the repayment plan agreement shall be made in the same manner in which the loan was made and shall be evidenced in writing. Once the loan becomes subject to a repayment plan, the loan shall not be construed to be in default until the default date provided under the terms of the repayment plan. Permitted charges: No lender may charge more than $15.50 per $100 loaned on any payday loan over the term of the loan. This charge is considered fully earned as of the date on which the loan is made. If there are insufficient funds to pay a check, Automatic Clearing House debit on the day of presentment and only after the lender has incurred an expense, a lender may charge a fee not to exceed $25. Only one such fee may be collected by the lender with respect to a particular check, ACH debit, or item even if it has been deposited and returned more than once. A lender shall present the check, ACH debit for payment not more than twice. A fee charged under this subsection (a) is a lender's exclusive charge for late payment. Insufficient fund fee. Prohibited acts: Loan rollovers; threatening to use or using the criminal process in this or any other state to collect on the loan; using any device or agreement that would have the effect of charging or collecting more fees or charges than allowed by this Act, including, but not limited to, entering into a different type of transaction with the consumer; engaging in unfair, deceptive, or fraudulent practices in the making or collecting of a payday loan; using or attempting to use the check provided by the consumer in a payday loan as collateral for a transaction not related to a payday loan; knowingly accepting payment in whole or in part of a payday loan through the proceeds of another payday loan provided by any licensee; knowingly accepting any security for a payday loan; charging any fees or charges other than those specifically authorized by this Act; threatening to take any action against a consumer that is prohibited by this Act or making any misleading or deceptive statements regarding the payday loan or any consequences thereof; Making a misrepresentation of a material fact by an applicant for licensure in obtaining or attempting to obtain a license. Including any of the following provisions in loan documents: a confession of judgment clause; a waiver of the right to a jury trial, if applicable, in any action brought by or against a consumer, unless the waiver is included in an allowed arbitration clause; a mandatory arbitration clause that is oppressive, unfair, unconscionable, or substantially in derogation of the rights of consumers; or a provision in which the consumer agrees not to assert any claim or defense arising out of the contract. Selling any insurance of any kind whether or not sold in connection with the; collecting a delinquency or collection charge on any installment regardless of the period in which it remains in default; collecting treble damages on an amount owing from a payday loan; Refusing, or intentionally delaying or inhibiting, the consumer's right to enter into a repayment plan pursuant to this Act; charging for, or attempting to collect, attorney's fees, court costs, or arbitration costs incurred in connection with the collection of a payday loan; making a loan in violation of this Act; garnishing the wages or salaries of a consumer who is a member of the military; failing to suspend or defer collection activity against a consumer who is a member of the military and who has been deployed to a combat or combat-support posting; contacting the military chain of command of a consumer who is a member of the military in an effort to collect on a payday loan; advertising for loans transacted under this Act may not be false, misleading, or deceptive. Payday loan advertising, if it states a rate or amount of charge for a loan, must state the rate as an annual percentage rate. No licensee shall conduct the business of making loans under this Act within any office, suite, room, or place of business in which any other business is solicited or engaged in unless the other business is licensed by the Department or, in the opinion of the Secretary, the other business would not be contrary to the best interests of consumers and is authorized by the Secretary in writing. Penalties: Material violations of this Act constitute a violation |
Try sending them this the following via email and/or fax To w
Try sending them this the following via email and/or fax
To whom it may concern,
It has come to my attention that your company is not licensed in the State of Illinois, which is required fo all payday lenders loaning to Illinois residents regardless of the location of the business. As such, I was not legally permitted to enter into the loan contract with you, and based on advice of counsel and an opinion from the Illinois Attorney General's office, our contract is not valid. Therefore, i am immediately and permanently revoking my authorization fot you to debit my accounts.
Additionslly, I am requesting that you immediately place me in a do not loan status, and mark my account paid in full/zero balance due to the fact that our contract is illegal in the State of Illinois.
I expect your affirmative response within 24 hours of receipt of this email or I will request the assistance of the State of Illinois in seeking injunctive relief from the contract.
Respectfully submitted,
My guess is they will run away. If they don't, file a complaint with the State of Illinois
Thanks jj i did the email now will just wait and see. If it wor
Thanks jj i did the email now will just wait and see. If it works for this one I will do the same for the rest that I can email the only one that i dont have an email address for is cash2day4u or cash limited and they have taken 79.00 out of every paycheck since december.
You will not be able to settle with cash today...they are hard h
You will not be able to settle with cash today...they are hard headed to say the least...
I sent the same email to 1000 till payday (rio resources) and no
I sent the same email to 1000 till payday (rio resources) and now i cant log into there web site it says wrong ss # what do you think that means.
sorry that was me that wrote the last message forgot to sign in
sorry that was me that wrote the last message forgot to sign in