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 Posted: Wed Jan 17, 2007 4:42 am Subject: Next step in fighting Checkbook Loans? |
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Okay I have closed my checking acct, prepared Voluntary Wage Assignment Revocation letters (will be mailed out tomorrow), so now do I just sit back and wait for the fight to begin? The only other thing I can think of is to calculate exactly what I have paid each of these companies so far.
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candiceann2003
Joined: 13 Jan 2007
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| Posted: Wed Jan 17, 2007 4:44 am Subject: |
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I would get that all calculated that way you can figure out if you've overpaid on any of these loans. If you have, you may be able to wipe out some of them by getting them marked "Paid in Full".
And yes, take a deep breath, because this next part can take it out of you.  But don't back down. Come here to vent if needed, k?
Good luck!
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Jessi
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| Posted: Wed Jan 17, 2007 5:01 am Subject: fighting |
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hi jessi...i'm sure i havent overpaid...going to figure that out right now...then post....i guess my question is what do i offer to pay them? i'm assuming it's the rest of the principal plus the legal interest?
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candiceann2003
Joined: 13 Jan 2007
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| Posted: Wed Jan 17, 2007 5:37 am Subject: fighting |
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okay heres the lowdown on one of the pdl's AMERICASH LOANS (ILLINOIS) I took this loan out 10/28/06. The deal was 52 payments of $89.00 a week. @290.00% apr. So far I've paid them 11 payments of $89.00. So total I've paid $979.00. I borrowed $1500.00. Any suggestions from anyone for a repayment plan or how to handle this particular pdl?
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candiceann2003
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| Posted: Wed Jan 17, 2007 9:16 am Subject: |
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Have you called them to try and work it out?
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TASHA_MOSELEY
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| Posted: Wed Jan 17, 2007 9:34 am Subject: next |
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not yet, just trying to set up some sort of game plan.
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candiceann2003
Joined: 13 Jan 2007
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| Posted: Wed Jan 17, 2007 10:01 am Subject: |
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you have paid quite a bit towards the loann Im sure they could work something out
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TASHA_MOSELEY
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| Posted: Wed Jan 17, 2007 8:10 pm Subject: |
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I would subtract $979 from $1500, and add the interest rate that is legal under Illinois law to the original balance ($1500) and that is what you owe. So your principal is down to $521 and once you add the interest, that is what you should offer to pay them.
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kscornell
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| Posted: Sun Jan 21, 2007 3:41 am Subject: next step |
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I'm still a little confused as to wether this particular loan that i have paid $979 into is a pdl or is it installment loan? and which laws do I follow? this particular loan is from americash storefront. Are there different laws for a installment loan? Now that I have closed my checking acct these sharks will be after me, so need to work out payment arrangements. Any help would be appreciated.
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candiceann2003
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| Posted: Sun Jan 21, 2007 7:11 am Subject: |
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Candace,
When you paid, did you have to bring them the whole $1500 and then rollover? So once they got their fee, they gave you $1500 again? That's the easiest way to tell if it's a PDL.
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kscornell
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| Posted: Mon Jan 22, 2007 11:53 am Subject: checkbook loans |
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yes, i had a loan out with them, i went in and paid off the balance, then i took out another loan. but after going over the paperwork i've noticed there calling it a installment loan.
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candiceann2003
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| Posted: Mon Jan 22, 2007 4:48 pm Subject: loan |
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Candice, You will have to pay back the 1500. This is a new trick the storefronts are using. They have a bank that backs them so here is the scary part they are LEGAL. Here in WV we had one storefront that was going to do the installment thing it just started when they were shut down. KYSIDE38
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KYSIDE38
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| Posted: Wed Jan 24, 2007 10:07 am Subject: NEXT STEP |
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OKAY KYSIDE...AMERICASH JUST CALLED ...they are saying my payoff as of today is $1534.00. I took out this loan in October of 06 and have since paid $979.00. How can I still owe $1534.00? What would you offer to pay these people?
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candiceann2003
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| Posted: Wed Jan 24, 2007 7:31 pm Subject: |
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OK,
Kyside, tell me the difference between an installment and a PDL? And why are they different animals?
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kscornell
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| Posted: Wed Jan 24, 2007 7:52 pm Subject: |
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Isn't an installment loan where you have to pay off the entire amount at once? I might easily be wrong, but I remember checking into Republic Bank Online when they did PDLS..You could borrow $300, then 30 days later you had to pay back $370..There was no payment plan. They were calling that an installment loan.
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finsfan13
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