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Posted: Wed Mar 26, 2008 6:56 pm Subject: canar i need ur expertise

i took a payday loan bout 3 years ago from the cash store.. a store front in wisconsin it was for 600.00 and 120.00 toward interest everyother week and it keep rooling over forever.. i finally got fed up and couldnt afford to pay it anymore.. i made payments on it and it eneded up going to alliance assett mangement then sold to paragon way. ive been making payments on it and it recently calcualted what i paid and ive overpaid them.. close to 700.00 on a 200.00 loan.. do u know wi laws? can i go to paragon way with a pif request?

Posted: Wed Mar 26, 2008 7:16 pm Subject:

perry, I'm posting Wisconsin state pdl law for you to see. As I'm looking at it, it has a whole lot of "no limits", which sucks. They have apparently turned it over to a collection agency. What you can now do is send the collection agency a debt validation letter. This way they will have to account for how they came up with the amount owed as opposed to what the original check amount was for and you payments made towards it. So, it started as a $600 loan? What did you have it paid down to before they turned it over to collections? I see you posted something about a $200 loan. Is that what it was down to when they turned it over? Let me post your Wisconsin state law and then also - if you need an example of a debt validation letter to send them, just let me know. I can post one for you. Wink

Posted: Wed Mar 26, 2008 7:17 pm Subject:

Posted: Thu Mar 27, 2008 7:33 am Subject:

You wouldn't be able to get a PIF because there is no limit on what can be charged in WI. It's not possible to "overpay" when there is no legal limit on what can be charged.

Posted: Thu Mar 27, 2008 10:00 am Subject:

goudah, this is why I was asking the question regarding the dollar amounts ($600/$200). So, if there are not limits (how disgusting!), they can charge whatever they want forever? If this is indeed turned over to collections, would the amount owed stop at what was owed when it was turned over to a collection agency?

Posted: Thu Mar 27, 2008 10:07 am Subject:

I was confused by the amounts too . . . . I think we need some clarification before we can really answer . . . .

Posted: Thu Mar 27, 2008 4:57 pm Subject:

Thanks, goudah! Very Happy

Posted: Thu Mar 27, 2008 5:35 pm Subject:

Once the Cash Store sends it off to collections all interest stops. Ours got sent over to National Credit Adjusters and all interest stopped. SO whatever your balance was at the time of default (with the fees for defaulting) is what you will pay. If you have any problems with the CA then please contact Kathleen Hanna at the WI Department of Financial Institutions, she will help you with the CA, but won't be able to help you with the cash store because they are licensed in WI. So from looking again at your post you should have a balance of almost $800.

Posted: Thu Mar 27, 2008 6:14 pm Subject:

puddle, how did you figure the amount? I'm sooo confused! This is why, first they stated the amount of the loan was:

Posted: Thu Mar 27, 2008 7:59 pm Subject:

I just looked at the first amount Embarassed

I didn't see the second one, sorry. But if they didn't pay on it and the original amout of the loan was $600 with $120 interest that would be $720 then tack on the late fees and nsf fees which would bring it to almost $800.

So it does sound like they need to send a letter and see how they are calculating the amout they owe.
Because it is supposed to be that once it is in default and it goes to collection all interest stops.

Posted: Fri Mar 28, 2008 4:39 pm Subject:

Exactly how my storefronts worked, puddle. Once they went into default/turned over for collections, I only owed what the check amount was. That's why I'm wondering if this person paid it down to $200 before it was turned over to collections (?).

I guess we'll see if perry comes back to answer the question! Very Happy