caught in payday loan web

Date: Mon, 09/06/2010 - 18:44

Submitted by Danelle Harrison
on Mon, 09/06/2010 - 18:44

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Total Replies: 3

I have 7 outstanding storefront loans in Illinois, they r called installment loans. 3 of them are being paid by payroll deduction and the others are in default and accruing interest on a daily basis. They are threatening to garnish my wages and there is no way I can afford to pay all these loans back now. Does anyone know what I can do to get out of this meSs

What are the names of the lenders? You can revoke their right to

What are the names of the lenders?
You can revoke their right to any wage assignments you may have signed, as far as garnishments, they would need to go to court in order to obtain an actual garnishment.

lrhall41

Submitted by Shazzers on Mon, 09/06/2010 - 20:23

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The naames of the companies are National Credit Lenders, America

The naames of the companies are National Credit Lenders, Americas Financial Choice, The Loan Company, BMAC, Illinois Lending Corp, Get Cash USA and Americash Loans. I believe I signed wage assignments to all of them

lrhall41

Submitted by on Mon, 09/06/2010 - 20:35

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I'm sure a wage assignment was included in the loan agreements,

I'm sure a wage assignment was included in the loan agreements, it's pretty standard practice. Just send them a letter and tell them you hereby revoke their right to any and all wage assignments, date it, and take a copy to your employer. That is all you need to do because wage assignments are voluntary and revocable at any time. That will at least give you some time to figure out how you are going to pay them.

lrhall41

Submitted by Shazzers on Mon, 09/06/2010 - 20:39

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