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 Posted: Sun Aug 19, 2007 12:50 am Subject: Need help in calculating what is owed on ipdls
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Received an email from several of my MTE IPDLS referring me to a website to settle my account without human intervention - YES! Only problem is they are asking way too much. Pls. help with the following calculations:
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!
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IDPLIDIOTINNY
Guest
Debtcc Points: 100
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Posted: Sun Aug 19, 2007 12:52 am Subject: NEED HELP
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This was me - thought I was logged in. somebody pls. give me credit for that post. Thanks
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IPDLIDIOTINNY
Joined: 22 May 2007
Posts: 71
Debtcc Points: 2057
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Posted: Sun Aug 19, 2007 5:23 am Subject:
Latest Blog Post : Groceries....How to Save $$! |
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IPDL - here is your state law:
| Quote: | New York State Information
Legal Status: Prohibited
Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law § 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law § 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code § 190.40.
Small Loan Rate Cap
25% per year
Where to Complain, Get Information:
Regulator: New York State Banking Department
Address: One State Street New York NY 10004
Phone: 1-877-BANK-NYS
Fax:
Regulatory Contact: Regina A. Stone Deputy Superintendent
http://www.banking.state.ny.us/ |
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.
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SUEBEEHONEY70
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Joined: 12 Oct 2006
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Posted: Sun Aug 19, 2007 9:53 am Subject:
Latest Blog Post : Where do I begin? |
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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.
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MPEREZ56
Joined: 06 Nov 2006
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