Legal Question in Credit and Debt Law in Illinois
I'm currently dealing with a number of collection situations. One comapny in particular has harrased me. The man I spoke to was pushy, rude, and unprofessional. One day he called my job after he couldn't get me, and ask for my supervisor! My supervisor then transfered him to me. I don't believe he told hiom why he was calling but, he should have never even have asked for my supervisor! They are not a 3rd party, they are the actual payday loan company and i thought many of the fair collection laws didn't apply to them...so what could I do?
So some days later, I spoke to an attorney via e-mail here in Chicago about the company and sent him the original contract. What he told me next truly 'shocked' me. He told me first of all, they are unlicensed. He said, they need either a payday loan or consumer installment loan license. If they have neither and use a non-Illinois address, their loans are probably illegal, unless they are a federally chartered bank. He then said to tell them I'm not paying anymore, because the loan is unenforcable......is that true??
3 Answers from Attorneys
That is partially true. If the company is unlicensed in Illinois, then you are not obligated to pay any interest on the loan, but are still obligated for the principal.
Since the attorney you have contacted has researched this and has seen the contract, you would be better served by referring your questions to him.
To get an accurate answer you would have to have the attorney answering your question review the contract.
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