Need help in calculating what is owed on ipdls
Date: Sun, 08/19/2007 - 00:50
Need help in calculating what is owed on ipdls
One wants and additional $560 on a $350 loan on which $315 has already been paid. Got this loan on 4/11. At 16% interest for NY I figure I owe them $54. they want $560. using the calculation formula someone posted as AMT x .16 x (number of days owned /365) = amount of interest owned.
Using this formula I also figured the bal. owed to 500 Fast Cash. Ln amt $400. obtained on 4/12, paid $240m owe 181.12, but they want $640.
All you mathematicians out there, pls. hook a sista up!
IPDL - here is your state law: NY state laws for you http://w
IPDL - here is your state law:
NY state laws for you http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I'm not sure where the 16% comes in - your state law shows PDL's to be prohibited - and the small loan rate cap is 25%, not 16%.
If you have already overpaid them you can do one of two things, based on how you feel about it:
1. If you have already paid the principal amount in full, send them a letter requesting to be marked paid in full and cite your state law, showing that PDL's are prohibited in NY. And file a complaint with your New York State Banking Department as shown in the law above.
2. Pay them the principal and the state-allowed interest of 25%. And still file a complaint against them with the New York State Banking Department as shown in your state law above.
It's up to you how you handle this situation.
Hi fellow NY'er. Ok as you already know ALL MTE and dba's for M
Hi fellow NY'er. Ok as you already know ALL MTE and dba's for MTE are unlicensed and not legal in any state. As far as NY goes there is a small loan cap of 25% but I didn't offer that in my settlements when the lenders were not licensed anywhere. So my suggestion would be to hold out for return of principle only. Take what your original loan was and subtract whatever you have paid to date. The balance of the priniciple is what you should offer. I have been able to settle my MTE's with this approach. Of course I should couch that with the fact that the ones I reached PIF with were all over paid so they took the extra paid and said OK. Let me know how it goes.
