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Stansbury being sued by Oregon State?
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<blockquote data-quote="BCJacket" data-source="post: 675852" data-attributes="member: 2332"><p>Under Oregon law, loans (notes) less than 62 months can be calculated using "pre-computed interest" - meaning the interest is added to the amount due regardless of payment. So, it may not be specifically spelled out in the contract how the interest is applied (though it <em>should </em>be). It also might only specify interest (at the statutory rate) as a penalty if there's a default in the repayment.</p><p></p><p>TStan might have sent in the $1.1 million (or some portion) up front and then paid (what he thought was) the remainder, through this past summer. Given paying down the principal would reduce the simple interest by a significant margin. Oregon might have applied pre-computed interest and interpreted his payments due as fixed regardless of any pre-payment. Meaning TStan was 'underpaying' every month even though he had (in his interpretation) paid down the principal and thus payments due.</p><p></p><p>See it a lot in car loans where the lender applies an extra payment to 'future payments' including interest instead of principal. I can't make the calculations work with the public info, but it's a reasonable supposition.</p><p></p><p>Also, the suit was e-filed to a County-level Circuit Court with a fee of like $800. May well be a nuisance threat rather than a real intent to litigate. I'd think TStans lawyers would argue that this would be a federal case (in the Atlanta district) given that it's a State Government entity suing an out-of-state plaintiff... Could well be that there is an arbitration clause and OSU just filed to embarrass TStan and force him to counter-file to execute the arbitration. Lawyers being lawyers...</p></blockquote><p></p>
[QUOTE="BCJacket, post: 675852, member: 2332"] Under Oregon law, loans (notes) less than 62 months can be calculated using "pre-computed interest" - meaning the interest is added to the amount due regardless of payment. So, it may not be specifically spelled out in the contract how the interest is applied (though it [I]should [/I]be). It also might only specify interest (at the statutory rate) as a penalty if there's a default in the repayment. TStan might have sent in the $1.1 million (or some portion) up front and then paid (what he thought was) the remainder, through this past summer. Given paying down the principal would reduce the simple interest by a significant margin. Oregon might have applied pre-computed interest and interpreted his payments due as fixed regardless of any pre-payment. Meaning TStan was 'underpaying' every month even though he had (in his interpretation) paid down the principal and thus payments due. See it a lot in car loans where the lender applies an extra payment to 'future payments' including interest instead of principal. I can't make the calculations work with the public info, but it's a reasonable supposition. Also, the suit was e-filed to a County-level Circuit Court with a fee of like $800. May well be a nuisance threat rather than a real intent to litigate. I'd think TStans lawyers would argue that this would be a federal case (in the Atlanta district) given that it's a State Government entity suing an out-of-state plaintiff... Could well be that there is an arbitration clause and OSU just filed to embarrass TStan and force him to counter-file to execute the arbitration. Lawyers being lawyers... [/QUOTE]
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Stansbury being sued by Oregon State?
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