Being Sued
Date: Tue, 05/31/2011 - 07:44
Submitted by kristingilbert2
on
Tue, 05/31/2011 - 07:44
Total Replies: 9
Being Sued
What type of debt? Is it your debt? Is it within SOL?
What type of debt? Is it your debt? Is it within SOL?
Who was the original payday lender? Was it a storefront loan or
Who was the original payday lender? Was it a storefront loan or an internet loan? How much did you borrow? How much did you pay before default? How much are they suing you for? Have you responded to the summons? Also, Kohn Law Firm is not licensed as a collector in WI.
It was a storefront loan, they are suing me for 1300. The debt b
It was a storefront loan, they are suing me for 1300. The debt borrowed was $850 and I made two payments of $171. I called Kohn to work out an agreement. Do I still show up for court on Monday> He said I would get something in writing, but I haven't received it yet. It's only been 3 days but I am afraid he will show up even though he told me he wouldn't be there and get a default judgement
The Cash Store is a legal lender in WI so you're going to have t
The Cash Store is a legal lender in WI so you're going to have to pay them. I'm not sure what kind of deal these people offered you BUT, WI laws are as follows:
Quote:
[quote]
Legal Status: Legal
Citation: Wis. Stat. 138.14
Loan Terms:
Maximum Loan Amount: Lesser of $1,500 including fees or 35% gross monthly income
Loan Term: Not Specified
Maximum Finance Rate and Fees: No Limit
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: No Limit
Rollovers Permitted: Yes, one renewal
Cooling-off Period: 24-hours after paying renewed loans
Repayment Plan: Yes, 4 equal installments, no additional cost
Collection Limits:
Collection Fees: $15 NSF fee, check presented once
Criminal Action: Prohibited (per Wisconsin worthless check law, a check given to secure a loan isn't "worthless") [/quote]
So, it seems to me that whatever your original payoff amount was plus $15 minus what you've already paid ($352) should be your balance. If that's not $1300, I'd show in court. Also, per WI law, they should allow you pay off that balance in 4 payments with no additional fees.
And finally, as I stated previously, Kohn isn't licensed as a collector in WI.
Going to court might be a fine idea for you. If they aren't licensed, I don't think they can collect. They're a 3rd party. Have they validated the loan for you? Have you verified the amounts owed?
It's up to you.
Thanks so much for your help. How do you know who is licensed t
Thanks so much for your help. How do you know who is licensed to collect and who isn't? Should I bring that up in my response to the summons?
And they did send me a copy of the contract I signed. So I a gue
And they did send me a copy of the contract I signed. So I a guessing that is verification of the debt.