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#1
11-22-2008, 05:13 PM
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 Signature Loan - Is this legal?What is the name of your state (only U.S. law)? New Mexico I took a signature loan out about 3 years ago through a small loan company. I lost my job after wards and was not able to pay so they started the court process to sue me. Instead of going through the courts I borrowed money to pay off the loan which now had a balance of 350.00. I paid 200 and they took it and cancelled the suing process but I still owed more. Well after a few weeks they said to come in, get 75.00 and refinance since I didn't have the rest still. Like a dummy I did it. Well every time I can't pay they have been having me go in and sign new contracts (not getting any money because I have yet to be able to put a dent in this loan) renewing or refinancing my loan and 3 years later I owe them more then 600.00 because they keep raising my borrowed amount so I can refinance. Even though I only borrowed 150.00 3 years ago. Is this legal of them to do? If I don't sign new contracts they threaten to sue me and I just never have the payoff amount for them so I never have a choice. I'm alone and don't have very much money. I could have paid the original amount until they tacked on a bunch of fees.. When I called and told them my concerns the secretary said "you know what, I have been hearing the same thing from a lot of people.. I should add that they have tried to sue me 2 times now, but cancel it when I go in to refinance. I have 2 court records on my record now even though I have never been to court. Last edited by Oryia35; 11-22-2008 at 05:15 PM. |
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#2
11-22-2008, 05:20 PM
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| Just pay off the loan. And of course it is legal for the loan company to charge you interest.
__________________ ~A 8 a.m. bus-stop conversation~ "So Lil'Blue...Did you like the DVDs I got for you at the library?" "Yes...I did!" "Did you learn any interesting facts about the animals on the movie (Nation Geographic)?" "Yes...I did learn interesting things!" "Would you share with me an interesting fact?" "Wellll....I learned that Naked Mole Rats are WICKED naked!" ~~~~~~~ |
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#3
11-22-2008, 05:24 PM
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| Its not interest, they are RAISING the amount of my initial loan that I borrowed. It was 150 and they have changed it to 450.00. Even though I never saw but 150.00 of it. |
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#4
11-22-2008, 05:25 PM
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| Quote:
__________________ ~A 8 a.m. bus-stop conversation~ "So Lil'Blue...Did you like the DVDs I got for you at the library?" "Yes...I did!" "Did you learn any interesting facts about the animals on the movie (Nation Geographic)?" "Yes...I did learn interesting things!" "Would you share with me an interesting fact?" "Wellll....I learned that Naked Mole Rats are WICKED naked!" ~~~~~~~ |
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#5
11-22-2008, 05:27 PM
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| I CANT PAY OFF THE LOAN. That is the problem, can't you read?? They have explained to me the new amount is NOT to cover the loan costs. They are raising my loan amount that I originally borrowed to validate refinancing me to a larger amount so I can skip a payment. This has been done 3 times now. Please, someone respond who understands what I am saying. It has nothing to do with charges or interest. |
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#6
11-22-2008, 05:39 PM
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| I just found out from an attorney this is NOT legal in the state of NM. So, nevermind. |
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#7
11-22-2008, 11:14 PM
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 A real idiotic thing to do - but I guess an idiot is as an idiot does 
__________________ Dang the Persephone for eating those pomegranate seeds. It is because of her urge to snack that we must suffer through the winter that will soon be upon us.  |
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