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Originally Posted by iforgotmyscreenname
Can anyone break this down into laymans terms? we agree then what? lets say your owed a total of 50k from ibill how does it work out into payments and when would they go out?
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OK, i tried to explain this earlier inthe thread, but here it goes again
There are 2 sets of payments owed.
1. the original money - First Data Money - This includes Spetember 16th-28th of payments and your past 6 months of reserve.
2. Then the Gkard money that started on November 1st - all transactions from november 1st - Feburary 15th.
so let's say you are owed 10K for the 1st and 50K for the 2nd.
you will receive 60.87% (61%) of the 10K which is coming directly from First Data (no payout date released yet) - So first data will pay you $6,100.
Now you are owed by IBILL $50,000 + $3,900(left from Data) - Ibill is taking on this amount owed to you. So now ibill owes you $53,900
Now you will you get the $53,900 split into 4 payments, every 6 months.
1st payment September 05 - 2nd payment March 06 - 3rd payment September 06 - 4th payment March 07.
so you would get $13,475 per payment + 3% interest
So you will be paid off by March 2007.
I think that is as easy as i can explain it. Hope that helps
