Legal Question in Credit and Debt Law in Illinois

What happens when I have loans at places like the cash store and places like that. I had to default on them due to no income. I will not be able to pay for awhile what. I had to use checks for collateral but the bank closed my account due to it being so screwed up by me. what will happen?


Asked on 10/21/10, 1:15 pm

1 Answer from Attorneys
Caroline Palmer Law firm of Caroline Palmer

What happens depends on, first, whether the lender is licensed in Illinois. In Illinois, every company that offers payday loans is required to be licensed by the state in order to do business. If the lender is not licensed then you will only owe them the principal and not the interest.

However, beyond that, if you cannot pay or come to an agreement (Illinois law also requires them to try and come to an agreement with you) then most likely they will file suit to collect what you owe or impose a judgment lien on your property until you can pay.

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Answered on 10/26/10, 1:25 pm


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