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9 PDL's in Illinois... Need help

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I have currently 9 PDL's.
I have switched my bank account to deposit only and opened a new bank account.

Paydayavenue.com- They have already contacted my employer.. Over a 3 month period I have borrowed 1900 from them... I have paid them 1903.00 this does not include the last loan I got from them that I have not paid back to them. They are out of control with calling everyone!! How can I stop them. I don't want them calling my job!

Ameriloan- borrowed $300 paid so far $535
US Fast Cash- borrowed 300 paid $105 so far
LoanShoponline- borrowed $400 paid $604
Cash Advance Network- borrowed 300 paid 180
Impact cash- borrowed 300 paid 90
Paydayonline- Borrowed 300 paid 395
US Fast Cash- borrowed 350 paid105
Geneva Roth- borrowed 400 paid 600

Any help would be greatly appreciated!!

Thanks!




Candice, Welcome! I am really sorry to hear that paydayavenue is giving you a hard time. This is not unusual though. Many of them do. You can send them a cease and desist letter and tell them not to call you but may or may not work. Next time they call, pretend you are not you and tell them you were fired becuase they called you so many times.

As for your other pdls..here are the 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


The internet lender must be licensed in IL to do business in IL.. I doubt any of them are licensed to do business in IL. Here is really great thread on IL for you to look at. The information here is posted by another member in IL and they have posted informatio n you need to get started.

http://www.debtconsolidationcare.com/paydayloan/instantca sh-ameriloan.html

If you have any questions, please come back and post them. We will help you with anything you need.

Sub: #1 posted on Wed, 08/06/2008 - 21:54

RoxyNY RoxyNY
Moderators
(Posts: 4178 | Credits: 133.13)

Also, keep in mind that IL does not allow rollovers on PDL's! - So, that is good news to you b/c they broke the law! Since you've already taken care to secure your bank account, the next step I would take is to file complaints with the IL AG, the FTC and the BBB. That should get you a PIF on those you've already overpaid (don't know about refunds, tho).
As for the others, you are close to getting them paid so don't fret too much. We can help you here.
B/c rollovers are not allowed, you are only to payback the principal amount plus one fee. If they are not licensed to do business in IL, you really only have to pay back the principal amount.
Once you file complaints with the departments, send a letter to the PDL companies stating they are illegal and you will only pay back what you borrowed.
You are on the right track to get this resolved. You've come to the right place! Best of luck to you!! :)

Sub: #2 posted on Wed, 08/06/2008 - 22:05

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

roxy is right,i can't find any licensing for any of these pdl's.desperatly seeking sanity is also right do as she advises.
you are doing great so far.keep us posted.

Sub: #3 posted on Wed, 08/06/2008 - 22:33

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

Hi Candice, welcome to the community.

Very first step is to stop and take a deep breath. You then need to close your account (if you can) or at least work with the bank in order to keep these ACH payments from taking all of your money. Then send out a C&D letter to all of the lenders on your list that revokes wage assignments, debits from your account, and their ability to call you or anyone connected with you. At this point, you should be only be communicating with them via USPS or email.

Go to the thread that Roxy has linked above, I have written an outline of what to do based on what I have learned here and begun doing myself to get out of the trap. The only major change there is that I cannot find an email address to copy Attorney General Lisa Madigan's office on all correspondence.

You may want to let the appropriate people (HR and your supervisor) at your work know what is going on. They are as human as we are (well, maybe not the HR folks...), and will be much more understanding if you are upfront than they will be by getting blindsided by jerk collectors making threats.

From what I can see, none of your companies are licensed in IL. Regardless of what they say, IL law requires them to do business in IL and that trumps all contract clauses, etc.

Here is what you owe:

Ameriloan- borrowed $300 paid so far $535 - Overpaid, they owe you a refund or a PIF at the very least
US Fast Cash- borrowed 300 paid $105 so far - you owe them $195, offer that as settlement
LoanShoponline- borrowed $400 paid $604 - overpaid, they owe a refund or a PIF at the very least
Cash Advance Network- borrowed 300 paid 180 - you owe $120, offer that as settlement
Impact cash- borrowed 300 paid 90 - you owe $210, offer that as settlement
Paydayonline- Borrowed 300 paid 395 - overpaid, they owe a refund or a PIF at the very least
US Fast Cash- borrowed 350 paid105 - you owe $195, offer that as settlement
Geneva Roth- borrowed 400 paid 600 - overpaid, they owe a refund or PIF at the very least

If any of these companies come back with proof of licensing in IL, please post it here so that other IL members are informed as well.

Sub: #4 posted on Wed, 08/06/2008 - 23:19

drburr drburr

(Posts: 108 | Credits: 12.52)

geneva roth is licensed,but not in illinois.none of the others will
be either.in fact usfastcash,ameriloan,and oneclickcash are MNE,so thet won't be licensed period.all of these places will say they are licensed.do not believe it,they will say anything to
get to to keep paying.

Sub: #5 posted on Thu, 08/07/2008 - 01:00

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

Also, make sure you are prepared for these companies to be very insulting, and to insinuate that they did you a favor and you should follow through on what you signed.
They will also respond with a lot of legal jargon that states that all transactions took place in whatever country or state that they are in (not you), and as such you have agreed to follow those regulations. Remember that IL law deems such clauses as void, and that the laws of your physical location must be followed (so IL law).

Sub: #6 posted on Thu, 08/07/2008 - 01:07

drburr drburr

(Posts: 108 | Credits: 12.52)

The fact that you have closed your account to keep them from draining your money, has put you in the position of power which gives you time to pay them on your terms. If they won't settle, move on to the next PDL and pay them.

If you report them to the AG's office, trust me, this will get resolved soon!

Sub: #7 posted on Thu, 08/07/2008 - 02:05

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

Thanks Everyone! And Paul....MTE?? :wink: :twisted: You have to have the evil face with MTE.

Good info drburr, I read your link while I was double checking the laws for Candice...I could not have said it better so I posted it for her...You learn alot...quickly...when it comes to dealing with these bottom feeders. :lol:

Sub: #8 posted on Thu, 08/07/2008 - 04:40

RoxyNY RoxyNY
Moderators
(Posts: 4178 | Credits: 133.13)

Thanks, Roxy :)

To be honest, it was easy with all of the info available here. These guys are criminals, and while the lower level employees may not know it, the upper level management folks know it. As soon as you start dealing with them as such, you blow their script right out of the water and scare the heck out of them (with your info). They are so used to getting what they want by threatening and bullying that anyone standing up to them just makes them want to leave you alone. Very much like the schoolyard bully :)

Sub: #9 posted on Thu, 08/07/2008 - 05:16

drburr drburr

(Posts: 108 | Credits: 12.52)

Thank you guys for all of your comments..
I have emailed a couple of them already today.

Whats so funny is paydayonline was calling me saying it was a officer.. And then emailed me saying the same thing..

Thanks everyone.. I think I am in the right direction!

I just really am not sure how to handle paydayavenue.com..
I don't see alot on them through this website.. Anyone have any expierence with them at all??

Sub: #10 posted on Thu, 08/07/2008 - 05:48

candice_bower candice_bower

(Posts: 3 | Credits: 1.18)

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