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Getting really frustrated with Paydaymax/ Mycashnow

Date: Wed, 11/15/2006 - 07:24

Submitted by KSpenneberg
on Wed, 11/15/2006 - 07:24

Posts: 27 Credits: [Donate]

Total Replies: 4


Received a call this morning from mycashnow and an email stating my current balance is $835.98 on an original $500 loan. I had made 2 payments totalling $367.58 and i reside in Indiana. They say imust remit that full payment immediately via western union.. What am i obligated to pay in Indiana...are they licensed in my state?? They are calling now and harrasing my mother-in-law.

Thanks everyone!!!


Quote:

Legal Status: Legal

Citation:
Ind. Code Ann. ???? 24-4.5-7-101 et seq.

Loan Terms:
Maximum Loan Amount: $500 (not to exceed 15% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 6 consecutive loans, lender must impose a 7 day cooling off period or convert to an installment loan payable in more than 4 installments at a rate no greater than 36% APR

Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited


So does this mean that they can only charge me one time for a returned item...because their charging me almost 200 for returned items...and does this also mean that i cant be prosecuted?


lrhall41

Submitted by KSpenneberg on Wed, 11/15/2006 - 07:40

( Posts: 27 | Credits: )