NC Laws on Payday Lending
Date: Thu, 02/01/2007 - 09:24
I am trying to calculate how much I am overpaying my PDLs and need help determining what the apr is for NC and how to calculate the interest.
Thanks for the info. Also, how do I calculate the interest rate
Thanks for the info. Also, how do I calculate the interest rate using apr?
Well, the way I see it, since the loans are illegal in the first
Well, the way I see it, since the loans are illegal in the first place, you are only responsible for principle. No interest can be legally chaged on illegal loans.
I would figure out how much you have paid to these loan places a
I would figure out how much you have paid to these loan places and if the amount is well over the original principal balance I would consdier sending a letter requesting a refund or asking them to consider the loan paid if full. Make sure you incorporate the laws into your letter. If they are currently debiting fees from your checking account, you need to immdiatly send them a letter revoking authorization to make any further debits from your account.
And if they are still taking money out of your account, I stongl
And if they are still taking money out of your account, I stongly suggest closing the account. Just because you revoke their authorization doesn't mean they will actually stop.
I am reviewing my loan agreement with FSM/CMG. To date, I have
I am reviewing my loan agreement with FSM/CMG. To date, I have paid $1125 on a $250 dollar loan. I live in NC, so I am well aware that the contract is null and void, however, is it smart for me to contact them to basically state this loan is paid in full per NC regulation and I am entitled to a refund of the overpayments? Just curious.
I would defintaly try and go for the refund, also get your Attor
I would defintaly try and go for the refund, also get your Attorney General involved.