When we were in the middle of needing some quick money we went to the local loan shop got a loan for 380 dollars at 80% and it was secured by a computer we have at home and a tv. Well we haven't paid them cause we were filing chp 7 Jan 5, so they call everyday well low and behold they show up at the door today asking if we would sign an extension for the contract. It is 2 months late. What should we do? Resign the agreement and put it in the chp 7? Won't the trustee or attny ask why we borrowed money just 2 weeks before filing? Need help fast!
It sounds like you borrowed money from the Mafia .. Borrowing 380.00 at 80% with no intention on paying it back..knowing that you are filing Chapter 7. You deserve to be called everyday.. Why don,t you give the creditor your computer or Tv that you secured the loan with..?
teresa, if I remember correctly you are military?? I remember reading something recently about loan places like that targeting the military, I'll try and find the article but the one thing that stood out w/ me is to contact JAG.... Let me see if I can find it..... lots of luck
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20031217/ap_on_re_us/troops_payday_prey_3 In skimming through the article I don't see anything about JAG, but maybe looking into what your states cap on interest rates may help???
it's not that we had no intention we have had the loan for almost 6 months and have made monthly payments every month until now, they have a ton of these loan places locally....the attny knew them when we mentioned them as a debt. I am just not sure if we should resign an agreement or not....I can't wait until we are out of this mess and then we can be done with it.
Some loans and things taken out just before filing may not be protected. There is a time frame between the time you last took out credit or a loan prior to filing. Better check with an Attorney on whats protected and what is not as it varies from state to state.
http://drs.yahoo.com/S=2766679/K=te.../www.consumersunion.org/finance/payday802.htm http://www.oag.state.tx.us/newspubs/ask_the_ag/2000/1200paydayloans.pdf
80% ?????????? ...and people here complain about 19.99% and 24.99% ???????? Even default rate on some credit cards is sometimes 29.99%.....BUT 80% ????????
yeah I hate to admit it!.....Stupid, careless and whatever else you can call me that is fine I agree But like I said that was before and this is now and I still have my future, so in the end I will be o.k. Just have to get there!
yeah I hate to admit it!.....Stupid, careless and whatever else you can call me that is fine I agree But like I said that was before and this is now and I still have my future, so in the end I will be o.k. Just have to get there!
Talk to the attorney who is handling your bankruptcy and tell him about it. He can advise you on how it handle it in relation to the bankruptcy. If that doesn't work, maybe one of the TV stations that does the consumer exposes might be interested.
If you are in the military, worry about them contacting your command. The last thing you need is a DD139 or page 13 in your record.
Re: Re: ASAP creditor showed up at door That would certainly be my fear, I think that is why it shocked me so much in that 1st article I posted where the army actually helped pay the debt... This is definitely a touchy situation and I certainly hope she contacted her lawyer. I have been searching and searching and am not having any luck in finding state caps on apr's. I am assuming this was one of those payday loan type places, but we all know what happens when we assume!!!
Re: Re: ASAP creditor showed up at door First of all we can not kicked out, second of all for some of you who just want to bring up the military we know a ton of people who are in the military who have done alot worse and filed BK anyway, I was looking for some advice and I am sorry you guys didn't have any to offer. George for you to even say anything on my post about how high the percent, you have never had a reply for me and my situation out of the whole time i have been posting, all of sudden you want to say some crap about percent when I was reaching for some advice. Don't you think I know 80% was horrific! Well I did the right thing and called the creditor back and we are signing an extension, until Jan 6th but we are still filing on the 5th a little sneaky I know but I do not have the money right, I don't know anyone who is contemplating BK that has extra money! I will also contact my attny and see what they say in the morning.
Re: Re: ASAP creditor showed up at door Texas usurious laws suck. According to the chart, looks like your 80% interest charge isn't as bad as it could have been: Maximum Rates for One-month Loans For use from July 1, 2003 to June 30, 2004 only (rate charts from previous years also available) Amount Loaned APR Equivalent $1â??$153 APR 240% $154â??$1,020 APR 180% $1,021â??$1,530 APR 30% $1,531â??$12,750 APR 12% http://www.occc.state.tx.us/pages/int_rates/pRate04.htm Call your attorney and don't sign any new contracts with the loan sharks.
Re: Re: Re: ASAP creditor showed up at door wow, u r good LOL I have been searching for about an hour!
Re: Re: ASAP creditor showed up at door Seriously Teresa, discuss the situation with your attorney before signing any new contracts. You have pushed the creditor off this long, stall another day until your attorney can advise you.
