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I paid a fee at the bank to put a stop payment on Skylending, shouldn't that work?
I have a number of things (including my unemployment) that are linked to this account. Isn't there a way to work with the bank on this?
Did my previous reply go through about how much I have paid on each loan?
I received both loans in June, and I have paid $1140 on the $950 Loan, and I have paid $810 on the $600 loan. If my calculations are correct, I would owe $47.50 on the $950 loan, and I would have overpaid the $600 loan by $60. Of course this is going by the 25% rate which if they are not registered in NY the most they could legally charge is 16%. That is also an APR and I have only had the loans since June. Does that sound correct to you?
What would be your suggestion on the Skylending loan?
Hello, I sent the following letter to Sovereign advance, and I wanted to see if this sounds correct. Please let me know.
I sent the same letter to Sky Lending and got a response back to call them. I called and the representative that I spoke with seemed shocked that I knew this, and then said that all I had been paying was the service fee/finance charge and I still had a balance of $1235 ($950 plus interest). I proceeded to tell her that I had placed a stop payment on my account for Skylending/Skyloan and that I had paid back $1140. I then said if you take what I had paid plus what they said I you want me to pay the $1140 that I have already paid plus another $1235...I said that makes $2375 to borrow $950. She then said that the loan was placed before the state law went into effect in NY, to which I asked when was she stating that the law took effect. She had no answer and just said that the agreement was signed before the law took effect. I said I could not take what she was saying as factual because she did not know the date and to consider my loan paid in full and hung up.
I did tell them that the max interest rate could only be 16% and not the percentage on my loan doc. which is 782.144%. I am copying a link to my loan docs so you can see where I got the information that I gave you.
Please let me know if I did the right thing.
I actually have 2 documents with them and I do not know which one they are going by, but both are above the limits they can charge for interest.
I have paid back $1140 to them and according to the 16% that is allowed, I should get $38 back.
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