topic Re: predatory lending in General Credit Topics

predatory lending

Anonymous — Mon, 05 Jan 2009 17:53:13 GMT

does anyone know how to go about getting out of a predatory loan which isnt a payday loan but almost as bad due to they are charging me a 50% interest on a loan i took they are in calif and i am in oregon and i have paid them for over a year now i know they have gotten most the money back other then dang interest , any ideas to get out from under this other then have someone co sign for me a new loan?

if i just quit paying can they sue me or do you think i can settle somehow down the road?

Re: predatory lending

marty56 — Tue, 06 Jan 2009 17:20:36 GMT

There is no legal way to get out of paying any loan other then to prove that the loan isnt yours. You could ask the lending agency to see if you can get the interest rate lowered.

If you arent able to obtain a signiture loan from a CU or bank or credit card for BT purpose, I would suggest trying to generate more income to pay the loan down. Is there a pre-payment penalty if you pay the loan off early?

Discussing stragegies to get out of paying valid debts, however unfair, is probably outside the guidelines of forum use here.

Message Edited by marty56 on 01-06-2009 09:20 AM

Re: predatory lending

Anonymous — Tue, 06 Jan 2009 02:01:19 GMT

check if your state has limits on the interest that can be charged.

Re: predatory lending

Anonymous — Tue, 06 Jan 2009 02:55:20 GMT

thank you for your comments but i wasn't trying to get out of paying them i just dont want to be ripped off anylonger, and yes i will check with my state but what about me being dumb and signing on contract with them?

Re: predatory lending

Anonymous — Tue, 06 Jan 2009 03:24:26 GMT

sorry but what office do i check with my state to verify what might be the interest rate allowed here?

Re: predatory lending

Anonymous — Tue, 06 Jan 2009 03:48:48 GMT

Are you military?

Check with the AGs office.

Message Edited by guiness56 on 01-05-2009 07:48 PM