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Posted: Mon Jun 25, 2007 9:05 pm Subject: How do I get the over payments back?

I have a pdl with magnum cash advance. This is my 3rd loan with them. I have made 1 payment to them but I recently found out that PDL's are illegal in my state(NJ) and that no one in my state can be charged more than 30% on a loan in a year. They have charged me over 500% on these loans. If they have to fowwow my state laws then I have paid back all 3 loans plus some. How do I get them to apply the over payments I have made on the past 2 loans to the current loan?

Posted: Tue Jun 26, 2007 5:48 am Subject:

I have the same situation with another company. I wrote them showing my state laws and how much I overpaid on the first loan asking it to be applied to the balance on the 2nd one and then they would still owe me money. I also filed a complaint with my state's attorney's office and the BBB. This I have just done last week so I haven't heard back as yet. But I did read they probably will not go along with it because they figure you paid off the first now you have to accept their terms for the 2nd. I am waiting to hear from the AG before moving forward with anything else.

Posted: Tue Jun 26, 2007 7:03 am Subject:

There is a saying that â€œPossession is 9/10 of the law.â€ What this basically means is if there is a dispute over an amount of money the one that has the money is right and the one that does not have the money is wrong and its pretty hard to turn it around unless both parties agree. Chances are you will not get your over payment back unless you can sue them for it. You can certainly show them the laws and a breakdown of your payments to prove you are owed money and try to argue with them for it though. I think you should push for all the overpayment back but negotiate to a paid in full letter on the second loan by getting them to apply a portion of the overpayment from the first loan which would be meeting them in the middle. You will be doing pretty good if you get that far with them.

Posted: Tue Jun 26, 2007 8:01 am Subject:

I agree with DOLLARSandSINCE. It seems unfair, but to negotiate a pif will at least get them off of your back. I would at least try to get an overpayment refund from them on the first loan. Hopefully your AG can assist you. Good luck. Smile

Posted: Tue Jun 26, 2007 8:06 am Subject: loan

Please send in that complaint to your Attornry Generals office ASAP. NJ AG is hot on these loans. They are Prohibited there. They should have never loaned you the money. You have got a good state and the laws there are on your side. Best Wishes KYSIDE38

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