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I have 5 loans and live in illinois. Is there any law that can be on my side because I am sure I have paid at least one of the loans off with the rollover and I sure wish I could use that to get some sort of reprieve. I have not told my husband yet but its getting so deep, I am going to and he is going to be angry. Please, if you have any information- let me know. Also, does anyone have a template on the revocation letter?




Hi there and welcome! Could you please list the following information so we can help you. I have posted your laws below. We have members here who are from Illinois who will give you advice when they're available.:)
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.

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
:)

Sub: #1 posted on Fri, 08/29/2008 - 05:45

Shazzers Shazzers
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(Posts: 17342 | Credits: 1592.88)

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