Ask a Lawyer - Archive

While living in OH I got a Cash Call loan in June of '07 to help me move to GA. I called them 6/24/09 to get the payoff which I was told was $1885.95 and would be good until 7/7/09 (minus my June payment of $260.44). My final balance would be $1625.00. I called today and asked for the change to make sure I had exact Payment In Full. I was told the amount is now $1959.00 and that there were no notes on account of the balance I was given in June. They verified the account balance was reviewed 6/24 but the balance that was quoted to me was wrong and because there are no notes, he said I have to pay $1959. Is this correct?

I suggest that you ask for a WRITTEN payoff along with an accounting. The lender must be able to explain to you how it calculated the payoff so that you can verify it. If you disagree or if it is wrong, then I suggest you dispute it. If the lender disagrees, then you can threaten to and go to the appropriate Ohio and federal consumer protection agencies. You can also talk with a consumer attorney in Ohio as it could make a nice action. I find that many small loan lenders will work hard to keep their customers happy in order to keep the regulators out of their office and you from visiting a lawyer. Don't be afraid to remind them of YOUR rights if you're in the right!