Debt Consolidation Forums Payday Loan help forums

Reading about a scam with company I have loan with...

member profile picture

So, I'm doing research on the current company I have an internet pdl out with. I'm an IL resident and am trying to determine if they're licensed... ,in doing research on the internet, I'm seeing bunches of complaints about how they lure in the customers and then never deposit the money. Well, they deposited my money and haven't faulted on the contract to me yet... but the more I've learned on here, the more I want to see if this contract is even legal in the state of IL.

I borrowed $200 and have paid $48 in finance fees so far. I can roll-over my loan each time and have the $48 deducted from my account instead of the full amount owed.

I also have an internet pdl out with Power Funding. I borrowed $300 and have paid $90 in roll-over/finance fees. Wondering if they're licensed, too.

If these companies are NOT licensed, what's the next step I should take?




Oh and one more thing...

Each time I go to a2bcash.com to check out my loan details, I always have to reset my password as they claim the one I'm entering is not the correct one. I'm been re-setting it with the same password each time...

Sub: #1 posted on Sun, 07/06/2008 - 19:08

Unregistered


Well here is your state information posted below:

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:

Sub: #2 posted on Sun, 07/06/2008 - 19:09

Cool_Abyss Cool_Abyss
Moderators
(Posts: 2936 | Credits: 173.61)

Well assuming if they are not licensed or LEGAL, I would put a hard block on my accounts at the bank or either close it. This way your money is protected. Please read this link before doing so:

http://www.debtconsolidationcare.com/paydayloan/close-acc ount.html

Next, send out proposal letters to the companies stating you are only obligated to pay the principal of your loan and that is it. You need to calculate how much you have paid already in fees (rollovers). Most important rollovers are NOT permited in your state. So whatever you have paid counts towards principal of your loan. If you paid $144 on that $200 loan then you only LEGALY owe $56 PERIOD :wink:

Please make sure you list each company and the amount you paid so far. Others will be along to help you out as well. Best of Luck :P

Sub: #3 posted on Sun, 07/06/2008 - 19:21

Cool_Abyss Cool_Abyss
Moderators
(Posts: 2936 | Credits: 173.61)

Attachment
More information
  • Files must be less than 1.25 GB.
  • Allowed file types: txt pdf jpg jpeg png.
Post as a guest
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Post as a member

Share post

Page loaded in 0.262 seconds.