Legal Question in Business Law in Illinois

Finance Charges

I have a concrete service, my question concerns a concrete supplier that we use. I need to find out if their finance charges are legal, in this past year we have paid them over $3000.00 on a $6000.00 bill they have charged me over $1500.00 in finance charges. Is this legal?


Asked on 11/12/04, 9:32 am

2 Answers from Attorneys

Kenneth J. Ashman Ashman Law Offices, LLC

Re: Finance Charges

It would be difficult, if not impossible, to offer an opinion on the subject w/out a review of your contract and applicable law.

If you would like to contact me for possible retention regarding these issues, please feel free.

-- Kenneth J. Ashman; www.AshmanLawOffices.com; [email protected]

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Answered on 11/14/04, 11:05 am
Patrick Tracy Patrick J. Tracy, Esq, P.E.,

Re: Finance Charges

With the amounts that they charge, the rates may approach or actually be usurious under state law. It would be a lot cheaper to go to a bank and get a line of credit to pay your bills. Check with the Illinois State Attorney's Office to see if charges can be brought for the exceedingly high interest rate.

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Answered on 11/12/04, 9:50 am


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