As a single parent I had to make use of the title loan place to borrow 600 dollars to use for my rent. I was unable to pay it back the 600 dollars and the 65 dollar fee they charged to use the money in the month I planned to due to some other unexpected emergency expenses that popped up during the month. However, I have paid on time with the monthly payments of 166 dollars last month and this month. Problem is the loan is to be paid off by Jan 2nd, 2007 the last and final payment is 880 dollars, at the rate I have been going I know I will have to rob peter to pay paul so that can get this loan off my back or lose my car. My car is my everything as a single parent I know they are ripping me off, I usually beat these games but this time I might not be able to. What can I do? I feel so silly but can I complain to someone who might be able to me time so that I can get out of this mess.
2006-12-01 09:18:47 · 6 answers · asked by nene 3 in Business & Finance ➔ Credit
Do not borrow any more money!
Make arrangements to pay the debt off, the loaner just wants their money back
You will be penalized, but dont worry about that (its your own fault)
Make sure that the loaner knows that you have every intention to pay off your debt (weekly payments would be nice)
Outside of neccesities, make no other purchases
Food (homemade) , rent , utilities then debt in that order
2006-12-01 09:32:44 · answer #1 · answered by Michaelangelo 2 · 0⤊ 0⤋
I think the maximum interest rate allowed in any state, meaning that it is federally set and that is 33% per year. To legally borrow the money out they need to be licensed by your state. they need to have like a $25,000 bond, plus have paid a $500 back ground check to become a lender, each state will be a little different, but the amount of annual interest they can charge is federally set. I know those places like you went to charge as much as 100 to 300% interest a year. Your securites exchange commission can help you. It is real hard to get the ACLU to do any thing for you. When you go to their website they just want money from you. If I knew what state you were in it would help.
2006-12-01 17:35:01 · answer #2 · answered by Thomas S 6 · 0⤊ 0⤋
The police would be a good place to ask. The loan shop may well be breaking some laws. If the police can't enforce the laws, they can always tell you who can.
Make sure you take any paperwork that you signed with you.
Another place would be a local debt crisis or debt counselling service. Again, take your paperwork with you.
And lastly - don't feel silly. This isn't your fault - you got conned, so don't be afraid to ask for help.
2006-12-01 17:24:11 · answer #3 · answered by poleydee 2 · 0⤊ 0⤋
Well, at least you learned your lesson to never never never go to those people.
I suggest you go see your Church or welfare to get you out of this mess. I'm sure the Church wouldn't make you pay interest, so you have a chance there. Good luck.
2006-12-01 17:24:43 · answer #4 · answered by maryc 3 · 0⤊ 0⤋
Yes, there should be someone that can negotiate with them for you. Try the phone book - I believe there's a number (maybe211) they'll direct you to someone. I hope you've learned a lesson. Good Luck!!!!!!!!!
2006-12-01 17:26:04 · answer #5 · answered by pikeruss 4 · 0⤊ 0⤋
don't worry my dear friend u can take loan from http://www.easycash4all.cjb.net and solve your all problems.
2006-12-04 15:15:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋