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@Watchmann wrote:
I think many folks are getting sidetracked on what the CCC's are asking. A 2%/mo repayment will take over 4 years to pay off (ignoring interest). That is a pretty long time to pay off an unsecured loan. Now the CCC's want you pay off the loan in a bit under 2 years (20 months). I don't think this is being unreasonable, two years to pay off a debt that is unsecured sounds reasonable to me. My take would be that if you can't swing that plan you probably took out too much debt. That hurts for sure, but I don't feel the CCC's are unreasonable to expect to be paid back in a couple of years. Times have changed for many reasons and the banks want their money back in an expedient manner.
Actually, if you consider interest and those who choose to pay only the minimum, it makes your point even more valid. A $5000 balance at 2.99% with a 2% minimum payment each month could take more than 15 years to pay off. With a 5% minimum payment each month, it could still take more than 7 years to pay off ...
@Imhotrodcrazy wrote:
It appears that the local loan sharks are actually looking better than the ccc's are now.
Banks can export usurious interest rates with legal impunity. Loan sharks cannot.
creditwherecreditisdue wrote:
Banks can export usurious interest rates with legal impunity. Loan sharks cannot.
Hmmmm, I think I will take my chances with the local loan shark, IF I ever need any money, which I doubt.
@Anonymous wrote:
IT is not what I signed up for,and itis not what I AGREED to. What part of all i have wriiten do you not understand? I have tried to be polite ,but only a few like you want to stir the pot., but thanks to all others who did see it for for it really is.This is a reply to usmc58555Message Edited by bredan on 08-23-2009 02:03 PM
Oh I missunderstood then. I am sorry.
If they are breaking your agreement that you signed feel free to pursue the matter with an attorney. A quick letter from him should be all you need to get them back into compliance with the contract you signed.