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Finance Companies

Date: Sun, 07/30/2006 - 15:10

Submitted by BlueAngel
on Sun, 07/30/2006 - 15:10

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Total Replies: 3


I have read many of the topics on this forum and they are mostly about payday loans and credit card debt. I have only one payday loan, no credit cards, but about $5,000 owed to local finance companies, 8 total. The kind that have you promise them certain property (such as TV's, computers) to get a loan. I have been paying $645 a month in payments, not including the one payday loan. I am currently overdue to 4 of the companies.

I applied to CCCS of Texas, through Credit Advisors.org, but they said they don't handle those type of loans. I applied to debt reduction Services and after signing on here was contacted by Coleman Law Offices. I have yet to reply back to either because I'm scared of losing even more money. Any advice or experience with finance companies or the two debt companies would be appreciated. :)


No, they are not pawn shops, they're personal loans. You have to list personal property (but retain it, unless you default), so I guess that is a secured-type loan? I believe they are licensed, and there is paperwork involved. But there is paperwork involved in a payday loan too. I know that it is not quite the same. If you fall behind in these type loans (finance), they push you to renew, so it can be a vicious cycle. I truly want to pay what I owe, but I pay out so much money to these companies I'm left scrambling every week to pay for utilities and even food!

I guess it's ironic that while I'm not currently having problems with payday loans like some others on here, those type loans are the reason I got so into debt with the finance companies in the first place, because I had to come up with the interest money so they wouldn't deposit my checks! I'm at my wits end.


lrhall41

Submitted by BlueAngel on Sun, 07/30/2006 - 18:17

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