I was trying to find out how does the Statue of Limitation work. For example I have an auto loan that has been delinquent since 2003. I got the loan in the state of Nevada. But I remember sending my bills to a Colorado address. What state should I go by? I went through a big hardship which resulted in a repo to my car back in 2003. To this day I am still recovering from that and unfortunately I can’t pay them. But the letters still keep coming and the constant credit inquiries. I want to pay what I owe however times are still rough for me and I cannot pay yet. If anyone can help that would be much appreciated. Thanks all!!!
Archive for the ‘Pay Day Loan Laws’ category
How does the Statue of Limitation law work for unpaid dept?
June 6th, 2010
Want to know how finance companies lie with figures and cheat their customers?
June 5th, 2010It is all quite legal and here is a an actaual example from to day’s newspaper, typical of most of them. They simply exploit people’s ignorance of the rules of rounding:
A major finance company advertises that its lending rate is 8.4% APR and their accompanying table shows that for a loan of £10,000 over 120 months you would pay £122.05 per month,
If you calculate the true interest rate for these payments, you will find it is 8.447%. Of course in law, the company cannot be accused of telling lies, because to the first decimal place, the interest rate they are quoting is correct.
I note that some people misunderstood my point which is this: Since the true l interest charged is 8.447%, they should not be allowed to call it 8.4%
I got ripped off and have the evidence to proove it, but Do I have case worth taking to civil court?
June 3rd, 2010Ok bare with me as I try and paint the picture. Im in the army and had sold my vehicle to a man in HIgher rank than I. The agreement was $3000. We went to the Equity LOAN Company which could only give $2500 max and he was to pay me the remaining $500 that day. So we get the loan after signing over the title in his name (mistake) but legally its the loan company’s vehicle til he pays them back. After that we go to his bank which is closed. So he told me he’ll pay me the rest Monday. So I drop him off and right him a bill of sale but in it I only state that, ” I (my name) have sold (his name) a jeep (its brand) AS IS on this date”. I never put how much was givin or owed. (now i no better). Ahyh monday comes and he asks if I can wait til payday, him and his wife had issues. Well payday comes and I text him. And its his wife, who states this is not a man to man deal that shes moreless in charge. Now this lady talks too much and she speaks for her husband. So my wife takes over and trys to negotiate. So its woman to woman now cuz I cant get to this guy. She text my wife in several messages that they will pay us, and there not going to rip us off. So they plan, that we’ll swing by there house and get the rest of my money the following week because MORE ISSUES have come up. K now im getting irritated and Im strictly going off of this mans integraty, mind you the army has different laws than civilians. That day comes and again another reason comes up, So I voice record the conversation. I get them BOTH on recording talking about this money they owe me and that they would pay me in full on Feb 1, the army payday. Later on as the day goes buy this lady texts us that “the back light is out on the jeep and if it cost a fur tune shes not going to pay us our money cuz its bullshit.” So I text her, them giving me the run around and not paying me is whats Bullshit. Then she Carry’s on about how theirs nothing we can do cause we already signed the title over, and say the deal was $2500. Things get heated I called the military police (m.ps) They suggest to take this to the guys Sargent Major. So I do. I start collecting evidence 1st, so I went back to the LOAN company and had 2 workers right me witness statements about the deal they over heard for $3000. I also e-mail ALL the text messages from my phone and print them out, and I take my voice recording with me to this guys Sargent Major. So we’re all in a room and HE has no idea what I got on him. So he begans to lie. Saying, “the deal was only 2500 idk what this guys talking about”. Then I whoop out my evidence and put him on the spot. So I proove hes a lier in front of the Major. So theres a witness. But the major explains that he’s in no Legal position to make him pay and tells me to go to JAG, a law office on post. I go there, talk with a lawyer who tells me laws are different with soldiers and theres a policy in the “books” that states a man of high rank cannot owe or borrow money from a soldier of lesser rank, weatherit be purchased property or damaged. He prints of the the papers and tells me to take it to Dudes cCommanderand that the commander has the authority to make him pay. (what a run around). SO I meet with yet again the MAJOR and now his COMMANDER. So again we’re all in a room, I show him my evidence and then the Skum bag tells them that ya he owes me money but he found problems with the jeep lights and he’ll get it fixed then pay me the difference. Again thats me having to go off his word, I tell them. And the cCommander explains legally he cant make him pay me so take it to civil court. Ok with all those witnesses, text msgs, voice notes, and maybe him admitting to it, Do I have a case? Should I bother. It is $500 bucks
Home Loan Agreement- is this legal?
June 2nd, 2010This is regarding my father in law’s home. He doesn’t speak English well, and he tells me that since the very day he bought the home, he was under the impression that it was a 15 year loan.
I had the bank send me the original contract.. here are the basics:
-In return for a loan that I have received, I promise to pay US $ 83,250.00
-Interest will be 7.875%
-My monthly payment will be in the amount of $603.62
-I will make my first payment on Dec. 1, 2003.
-Maturity date is Nov. 1, 2033
Okay, so if first payment is on Dec. 1, 2003, and maturity date is Nov. 1, 2033- that means this is a 30 year loan.
But $603.62 for thirty years plus a 7.825% interest = well over $200,000!
Is it legal to charge more interest than the price of the property itself?!
I am having my father look for his original copy of the contract– but I’m wondering if someone pulled a fast one on him.
I guess I sound ridiculous asking this, since everyone that is answering says it is completely normal. I have never purchased a home and did not realize that the bank can charge $120,000+ worth of interest on a $83,000 loan. That’s crazy!
Well now I know! I hope I never sign a contract under terms like that.
Why the change in the tax law regarding withholding?
May 28th, 2010Unless I am mistaken, before federal income withholding was created, everyone paid their taxes for the previous year by tax day. Then when the atrocity of withholding was enacted, all of a sudden taxes are due upon receipt of paycheck and not on tax day. I can kind of understand how withholding makes things easier for both taxpayer and IRS, but why not give the taxpayer the option to pay the old way, all at once?
I have two main concerns with this. By never having posession of the money, the taxpayer is less aware of the amount than if they had to write a check every pay period.
Secondly, before withholding, the taxpayer could set aside and invest the money and then pay at the end of the year. The longer the taxpayer has the money, the more they could make. But withholding is in essence an instant interest free loan to the govt.
The govt knows that the taxpayer is being exploited because it doesn’t allow the individual to opt out of withholding if they wanted to.
A few of comments: First, why on earth would Congress change the law that detracts from the money they take from their constituents? That’s like asking them to reduce their salaries. It’s never going to happen.
Also, there is a big difference between seeing what was taken on your pay stub and writing a check each pay period. Since you never have the money in possession, you don’t miss it as much.
In addition, why does the IRS get interest on underpayments but the tax payer (whose money it really is) can’t? Congress obviously sees the value in the interest that could be made over the year. The deck is stacked against the citizen from the get go with no chance for recourse. Okay, a lot of people had trouble paying the full amount in April. Let them pay withholding, but also let those who don’t want withholding to opt out. It’s unfair to punish the responsible citizens who can manage their money because of the actions of the dumber ones.
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