mmarley66

state usury laws, math help needed

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I need some math help. I’m being sued for 1,299.37. In the summons they say my current balance is 949.37 + 350 in fees. In my state, IL, I looked up the usury laws and they are as follows:

Legal 5%

Usury 9%

Judgment is 5%

I’m not sure if this matters but on my credit report the amount that was written off was 640. I’m not sure how to figure out if what they say I owe, based on the allowed percentages is correct. The last payment date was 11/06…….if that helps too.

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There is a calculation for this, but it's not in my list of spreadsheet formulas. Essentailly, over the course of 3 years, you were charged 50% in interest, so as a first approximation, it looks like you were charged an illegal rate for your state.

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However, depending on the OC, they can import their own rate...

I'm thinking the OP is looking at court interest rates - post judgment.

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