Debt Relief
Q. What is overpayment and can I request a refund?
A.
Interest paid above legal limits can be refunded. Claims must be made within 10 years of the last transaction.
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Overpayment is interest paid above legal limits (15-20% depending on principal). Before 2010, lenders charged up to 29.2% (gray zone). Refund claims have a 10-year statute of limitations from the last transaction. Claiming after full repayment doesn't affect credit records.
This article provides general legal information and does not constitute legal advice. For specific legal issues, please consult with a qualified attorney.
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