PDL-Ohio law
Date: Wed, 06/07/2006 - 11:44
In Ohio, the fees for payday loans $500 or less is $5 per $50 and 5% interest per month or partial month. $20 on a $200 loan for 14 days (which would be $40 for 30 days) plus $10 interest. $30 on a $300 loan for 14 days ($60 for 30 days) plus $15 interest.
I took out a loan from AIM Fast Cash, not licensed in Ohio, on 08/25 for $200. I paid it back in Sep plus $180 in fees and interest. The interest should have been $30 for Aug and $50 for Sep for a total of $80. I overpaid $100.
I took another loan for $300 in Oct, paid $180 in interest in Oct, $180 in Nov, paid it off in Nov. Interest should have been $75 each month for $150. I overpaid $210.
Took another loan for $300 in Dec, paid $90 in interest, then defaulted. Interest should have been $75, overpaid $15.
I also paid them $40 through T&C when I thought my balance was $390. They sent me to NPA CA who said I owe $480 but will "settle for $370."
Now my questions are the following: Is this correct?
Theoretically can they charge $75 for each month, Jan through Jun? Is everything above moot since they aren't licensed in Ohio? Can I have the account PIF or is $370 a "good deal?"
I am waiting for something in writing from NPA and then will ask for validation.
Sorry for the long post and for my ignorance. I deeply appreciate any advice.
Has AIM sent all your accounts to NPA for collections? I will no
Has AIM sent all your accounts to NPA for collections? I will not like to deal with NPA if I can directly deal with the loan company. I Haven't heard good things about NPA yet, so you must be cautious with them from the beginning.
It will be better to reach to a settlement directly with the loan company. Get an itemized statement of each account and offer your payment proposal.
If you believe not to pay more than $370, you can work with them. But make sure, you get the letter from them showing your account as 'paid in full' Get it in writing before the deal is final.
While you are trying to figure out this CA authorized for collections, also keep in contact with your loan company. Get the latest statement of these accounts for reviewing purpose.
According to the Ohio Division of Financial Institutions, if the
According to the Ohio Division of Financial Institutions, if they are not licensed or registered with them, they cannot do business with an Ohio consumer. It seems that you have paid your accounts in full and I would send said correspondence to the company.