Share post
Debt Consolidation Forums Payday Loan help forums

What to do next about tribal loans

member profile picture
Posts: 4
Credits: 0

Right now, we are not in a position to pay anything towards my husband's two tribal loans. In Michigan, I am not sure if they are considered payday loans when it comes to the law, or what they fall under. When I called the proper agency to inquire about it, I was told their being tribal did not make them illegal, but we could file a complaint to find if they are licensed. Another lady looked up their names a different day and said they were not licensed. I am not sure if down the road we will have to file bankruptcy. We stopped ach debits, sent out letters, and my husband is going to have his direct deposit for work go to another acct. I guess credit counseling and debt relief are not options with these so should we let the two tribal loans go to collections and then deal with them or what would be the next step? Thank you.

First of all, check or not these loans are legal. In Michigan, payday loans are legal but check out whether the loans you took out are legal.
In case of illegal loans, you need to pay only the principal amount.
If these loans are legal, you can look for suitable debt relief options before filing bankruptcy. If DIY options are not working, you can opt for consolidation or settlement as per your financial condition.
It is better to make payment plans before your loans go to collections, if they are legal loans.
It is good that you've stopped ACH authorization.

Sub: #1 posted on Mon, 11/05/2018 - 05:18

Craigh.terry Craigh.terry

(Posts: 273 | Credits: )

Thank you so much for the advice. I really appreciate it.

Sub: #2 posted on Mon, 11/05/2018 - 21:59

Chelle U Chelle U

(Posts: 4 | Credits: )

Tribal loans are not legal and you should pay only the principal amount. Never file bankruptcy for paying off payday loans. These are small and short-term loans. Why should you file bankruptcy for these loans? There is an Extended Payment Plan for the CSOs and legal lenders. You can try that. But in your case, lenders are not legal. So you should chill. Let them go to collections and then deal with them.

Sub: #3 posted on Tue, 11/06/2018 - 23:25

David Martin David Martin

(Posts: 388 | Credits: )

Page loaded in 0.195 seconds.