I'm Confused/Payday Ok Internet Loan
Date: Fri, 11/17/2006 - 16:55
I'm Confused/Payday Ok Internet Loan
On their document it states
Origination Date 6/7/2006 Due Date 6/30/2006 Amount Financed $200 apr 260.72%
However this is information from my bank statement
5/16 deposit Payday OK $300
5/30 w/d 71.43
6/8 w/d 71.43
Does it sound like to you all that they refinanced this loan, what do you think is up with the information being so far different, any input is appreciated.
It looks like you received a $300 loan and they are saying you o
It looks like you received a $300 loan and they are saying you only received a $200 (first blessing I guess), and those look like roll over fees to me.
Ok.. hey steelers thanks
Okay then if that is true, rollovers are illegal in the State of TN
Quote:
Debt Limits: Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee) Rollovers Permitted: None (cannot renew or otherwise consolidate) Cooling-off Period: Repayment Plan: |
So then technically if they did break my state law in regards to PDL then all I am responsible for is the principle amount?
I hope the other 3 are this forthcoming with information..but I won't hold my breath
Yes roll overs are illegal but you are responsible for the princ
Yes roll overs are illegal but you are responsible for the principal and the legal interest rate TN allows by law. So you would deduct the interest rate from what you have paid in roll over fees and then the balance you will deduct from the principal. And that will be what you owe.
Okay, I am No good with math..
I intend to educate myself with this first loan so I can help myself with the others and thus help others when they have questions
This is the law for TN
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
The APR they have on the loan document is less than what TN allows, the document states 260.72% APR
What kind of math equation do I use?
I think that you have your laws, so I would start calculating ju
I think that you have your laws, so I would start calculating just to see how much you owe them..
footnote: I also have paid them 420 in money orders
footnote: I also have paid them 420 in money orders
They can only charge you $17.65/$100 and they are saying you bor
They can only charge you $17.65/$100 and they are saying you borrowed $200, you're finance charge would be $35.30, deduct that from what you paid in roll over fees and then apply that balance to your principal and that is what you owe.
Good luck in dealing with them. I haven't had any experiences wi
Good luck in dealing with them. I haven't had any experiences with them, but have with others. Some are hard to work with and then others are fairly nice about it.
$71.43 x 2 = 142.86 - $35.30 = $107.56 + $200 = 307.56 - $20 = $
$71.43 x 2 = 142.86 - $35.30 = $107.56 + $200 = 307.56 - $20 = $287.56
Is that math right, so I owe them $287.56?
No, you should only owe them; $92.44 $142.86-35.30=107.56 $200
No, you should only owe them; $92.44
$142.86-35.30=107.56
$200-107.56=$92.44
They can only charge you $17.65/100
VOD letter to PDOK
This was the letter I sent out on 11/2 to each PDL company. I received a certified letter from PDOK today and they were very cordial. I had no loan information or reference # and also had a wrong address and it still made it to them. I will be scanning the letter and posting it on my blog tomorrow
Quote:
PayDay OK 2207 Concord Pike #606 Wilmington, DE 19803 November 2, 2006 Dear Sir/Madam, I was going through a copy of my credit report and noticed that there was a collection from your company on my credit report. This is a notice that your claim is disputed. In accordance with the fdcpa, I have the right to request for a validation of my debt. This is asking for proof regarding this and verifying the same. You must be aware that reporting such inaccurate information will result in defamation of character and it would leave a dark patch on my credit report. You are supposed to stop all collection activities including reporting this information on my credit report. I????????m sure you are aware of the fact that non-compliance with this request will lead you to legal trouble. Please attach copies of the following with the reply: 1. The agreement which authorizes the creditor to collect debt on the alleged debt. 2. The signed agreement from the debtor conforming to pay the creditor 3. The documents regarding the payments made on this account validating the amount. With regards, |
My name & address plus last 4 digits of my social
Wow Steelers that is a better number than what I came up with.
Wow Steelers that is a better number than what I came up with. I have every intention of paying them back but it will take me awhile. Their letter was real nice so they move to the top of the list when it comes to picking and chosing, although each company will gte their $10 this month.
You added the $107 to the 200 when you should've subtracted the
You added the $107 to the 200 when you should've subtracted the $107 from the $200.
I updated my blog entry this morning in regards to PDOK and the
I updated my blog entry this morning in regards to PDOK and the letter that I sent out to them yesterday. Thanks again Steelers with help with the math.