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Posts: 1
Credits: 55.8

I am in illinois and I currently have 5 loans and I am so scared. I need to put a balance hold on my account, I know but I am paying them so much, I know I have paid off at least two of them, here is the list:
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-390- paid 270 in fees so far
Chieftan financial-260 paid 180 in fee
STC 274 paid 444 in fees

Please help!

Legalities associated with PDLs in Illinois state are: -

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

I don't think they can garnish your wage.

You can complain against these pdls to: -

Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor

Sub: #1 posted on Sat, 08/30/2008 - 16:36

phoenix phoenix
(Posts: 1444 | Credits: 275.38)

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