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Might be a dumb question but....

Date: Mon, 01/04/2010 - 14:43

Submitted by anonymous
on Mon, 01/04/2010 - 14:43

Posts: 202330 Credits: [Donate]

Total Replies: 6


I received a response from another PDL and of course they also say I am bound by the laws in their state/county. They have offered a settlement of the principal only, which I know is good, but I have had several loans with them and every time before I had paid interest with the loans. Do I owe the principal amount on this current loan, or am I due a refund since all prior loans I paid interest?

Thanks, sorry for all the questions, but I just want to confirm that I am correct thinking they actually owe me a refund.


This kind of depends on you and how much you want to fight for. Me I have a couple that I have had several loans with, but i dont want the stress of fighting with them on the past loans and figure I will just pay the prinicipal on the current loan and call it a day. But thats me. Some probly have had luck in either getting a PIF and/or a refund on past loans. This is really going to be up to what you want to do.


lrhall41

Submitted by Jasgal on Mon, 01/04/2010 - 15:09

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[QUOTE="Jasgal"]
This kind of depends on you and how much you want to fight for.
[/QUOTE]
Ditto. You're probably not going to get them to actually refund any money back to you. You might try to get them to reduce your current principal by rationalizing that argument. Whether they accept your argument or not .... ?????

The end result, if you believe you are owed a refund and they refuse, then ultimately you'd have to sue them in court. Question is, do you want to go that route?


lrhall41

Submitted by DebtCruncher on Mon, 01/04/2010 - 21:55

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also, are they even located in this country? that would make it near impossible to sue them.
i personally would make arrangements to pay the principal.. you do not have to pay them all at once. i have had companies settle with me for less because of past loans but it was more them marking me settled where i was, rather than "letting me go".
on this board we advocate paying the principal, which is what they lent to you. how much did you pay on this loan? I know it is frustrating but it really might be better for your peace of mind to just pay them.


lrhall41

Submitted by bea2ls on Tue, 01/05/2010 - 08:38

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I intend to pay the principal, but I got the advise from this site that the interest I paid on the other loans meant I was really due a refund from them. They have given me payment options including a mailing address. I'm moving forward with paying them the principal amount.


lrhall41

Submitted by on Tue, 01/05/2010 - 08:45

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well, it really depends on the person.. it is a moral obligation to pay what was borrowed and people's opinions differ wheter past loans or not counts. like i said, personally i would pay the prinicpal and than be done with them. but it was not at all a dumb question :) keep us posted.


lrhall41

Submitted by bea2ls on Tue, 01/05/2010 - 08:49

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Quote:

Originally Posted by bea2ls
well, it really depends on the person.. it is a moral obligation to pay what was borrowed and people's opinions differ wheter past loans or not counts. like i said, personally i would pay the prinicpal and than be done with them. but it was not at all a dumb question :) keep us posted.



DITTO ABOVE. I personally made my decisions based on my current state and current knowledge and let the rest of it go as a very EXPENSIVE life lesson!


lrhall41

Submitted by tyleeash on Wed, 01/06/2010 - 11:41

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