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.
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.
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