I was contacted by a company called Loan Reverse regarding a potentially illegal loan that I had taken out through ispeedyloans.com (Waukegan Loan Management). I went through the exercise of registering through Loan Reverse and getting revocations sent to my lenders. If you aren't familiar with the company, they basically do (for a fee) what you could do yourself for free.
The reps said that ispeedyloans was illegal either because they were not licensed or that the rates charged were usurious under Illinois law. After getting almost none of my money back, losing my bank account and getting obnoxious collection calls and threats of legal action, I now have someone from Waukegan / ispeedy calling me saying they are about to turn my file over to an attorney.
I imagine that since this is a consumer installment loan I don't have any rights - they aren't as regulated as payday loans are in most states. Does anyone have experience dealing with Waukegan / ispeedy? Did anyone use loan reverse?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.