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I know these loans are illegal and I have posted so many times on here. I am just ready to makes arrangements (except with stcadvance, they owe me money) So can someone suggest a letter I can use and should I also include illinois laws and let them know I have reported them to my ag, bbb, and Division of Financial & Professional Regulation. No one is working with me. When I first came here and outlined my loans, I was told they were illegal but that I am not even sure.
The financial and professional regulation said there is nothing they can do for me. I am now to the point if it takes me 6 months to pay these off, I will. Can someone suggest a letter or wording I can use to try to reach possible settlement or payment arrangements? Bank of america claims I cannot do a balance hold and I am being charged fee after fee. Please help me. I need to know what I can do and get it done, I am starting to get the calls at work.

Bank of america can and will do an ACH block on each company if you call the customer service number. Simply tell them that they are an illegal company, you have revoked their right to debit your account, and that you now want to make sure they don't try anything sneaky.

You can also close your account if it's at all possible. This will make sure they do not get any more funds.

I'm not sure who you are paying, or how much....I know that I never dealt with letters for my illegal pdl's. I called and calmly explained my state laws, that they were in violation, and told them what it was I was looking for. But I didn't do it until I had my exact figures of how much they charged me vs. how much I should be charged. Ducks in a row so to speak

Not every company is going to be compliant of course.

Sub: #1 posted on Wed, 09/17/2008 - 19:29


BOA will do a balance hold (I've done it), but speak with a manager. (If your account is overdrawn tho, you may have to make it positive first.) Better yet, if you have direct deposit, tell your payroll dept. to immediately issue you a paper check and then close that BOA account. You can open another account and then have your paycheck direct deposited again.

IL Financial & Profession Regulation are useless. I got the same schpiel from them. The important thing is to report them to the IL AG office, the FTC and the BBB.

As to your loans, I am sure that if we told you they are illegal, then they are. To be sure, call the IL Div of Financial & Prof Dept and see if they are licensed.

As to letters, there are plenty here on this board. Use the search box above right and you will get results.

Good luck!

Sub: #2 posted on Wed, 09/17/2008 - 19:33

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

just saw this as the guest advises.have the ag,ftc,and bbb told you anything.just because they don't answer right away doesn't mean they aren't working on it.i didn't get a response from ms madigan's office until 2 months after i filed far as work goes,have your co-workers say you no longer work there.if your bank won't work with you.cancel your direct deposit get a live check for 1-2 weeks,then set it up with another bank.i bank with a great bank. PM me for the name.this isn't gonna happen overnight my friend,but listen to the guest.go to your branch explain the situation.if they won't work with you then do as i advised.get control of starts with your bank.

Sub: #3 posted on Wed, 09/17/2008 - 19:42

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

I just got this automated email- How should I settle. I have already paid $180 in interest on a $260 loan.

I am not good with this so I need to not appear afraid and try to take control of the situation.

Your last payment was returned. We are now offering you a settlement
on this account prior to sending this to the credit bureau and a third
party collector. We attempted to contact you via email and telephone
on several occasions with no success. Please respond to this email
asap and advise as this is a one time offer that will be void after 3
business days. We accept the following forms of payment:


Please respond ASAP to settle this account.


Sub: #4 posted on Wed, 09/17/2008 - 22:17

kcooks3973 kcooks3973

(Posts: 91 | Credits: 24.14)

which pdl was this?you owe 80.00 nothing more.state that in your response.cite illinois law.the fact they are internet does not not back down from that.

Sub: #5 posted on Wed, 09/17/2008 - 22:33

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


Sub: #6 posted on Thu, 09/18/2008 - 03:00

kcooks3973 kcooks3973

(Posts: 91 | Credits: 24.14)

as stated before,you owe 80.00.not a penny more.that is your settlement not let them sway you.

Sub: #7 posted on Thu, 09/18/2008 - 03:03

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

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