Tue, 12/09/2014 03:39
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?