Speedy Cash Registration Loan
Date: Wed, 09/19/2012 - 10:53
Back in 2009, I took a payday loan from Speedycash. I live in Arizona, so of course I got caught up in the cycle - paying it off and then taking out another. This lasted until Payday Loans became illegal in Arizona, I took out 5 loans and paid them all back, interest included. When payday loans became illegal in AZ it was then converted into a title registration loan in 2010. I have been paying on it ever since, $80 per month on a $500 loan until May of 2012. In May of 2012 they had me convert it again, I have been paying $120 per month since, and my loan is not going to be paid off until Nov of 2013. I still have a balance of $800 - the first two months of payments went all to interest. I have fallen behind 2 payments and they are not willing to work with me on a payment plan.
I know that they are legal lenders, and I am sure they will eventully sue me, but I wonder if I have any chance of getting the interest or principal down since I have paid them thousands.
I know that they are legal lenders, and I am sure they will eventully sue me, but I wonder if I have any chance of getting the interest or principal down since I have paid them thousands.
Not likely. It's a legal loan and it's secured with your title.
Not likely. It's a legal loan and it's secured with your title. Your only chance is to see if you can renegotiate the terms/interest rate.
Also, please don't post the same question in the forum and in social answers. We're the same people answering them and it creates double work and/or confusion. I've deleted your other post.
I do not know much about this stuff so I will just ask: How is t
I do not know much about this stuff so I will just ask: How is the loan secured against a title AFTER it had been converted?
Per the contract, they're using their vehicle as collateral. If
Per the contract, they're using their vehicle as collateral. If they don't pay, the lender can add a lien to the title.
What does your contract say?