This is the last debt I am currently working on. Effective 1/1/11, Wisconsin changed their laws and prohibited auto title loans (and changed the laws on payday loans). The company I have mine through has been calling nonstop since Monday. I finally called them back today and they told me that since the laws changed, they were informed that the current contracts won't sustain the new law and I have come in and sign an installment loan. I have tried finding out what Wisconsin says about outstanding loans but have been unsuccessful. Can anyone jump in and give me their take on the changes and what it means for me? The company has been less than forthcoming.
My concern is this... they say my old contract won't sustain the new laws so does that make it void? I have no intention of skirting my responsibilities and intend to pay it but how can they say it is void but still collect pursuant to the terms of a voided contract? Maybe collect is the wrong word (since I will pay). How can they enforce a contract that they admit is void? And what should I be doing? Just sign the installment loan? Try to get more information? They are treating this as a matter of life and death and it has not be taken care of IMMEDIATELY because the law went into effect on 1/1/11.
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