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THIS WILL BREAK ME

Date: Wed, 12/11/2013 - 05:39
Submitted by on Wed, 12/11/2013 - 05:39
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In April I took out a $2000.00 loan from Cash Central. I have made payments of $446.00 monthly. By the time I finish paying them I will have given them over $7000.00 dollars. I contacted them but got no help. I went on the State of Missouri site and they say they are legal. Do I have any other options...these payments are going to break me.

Thanks,

Mika


You’re right. Cash Central is a licensed lender. You are liable to pay them both the principal and interest. You may try to negotiate with them and if possible set up a payment arrangement with them. Otherwise try to get help from your friends and relatives because they can file a lawsuit against you because nonpayment of debt.


Submitted by on Wed, 12/11/2013 - 21:53

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Your only other option would be to default and let the account go into collections. This will give you time to stop the bleeding and get back on your feet and you can then negotiate with the collection agency. I had to do this on one of my PDLs which was legal in Texas. Once I defaulted, it stopped the renewal fees from accruing and it gave me time to get back on my feet. The collection account did go on my credit report but when I was in a better position, I was able to negotiate a PFD with the collection agency and it has since been removed. It's not a perfect situation, but it is an option to stop the cycle if you do not have the funds right now to pay it off in full.


Submitted by momofthree27 on Thu, 12/12/2013 - 08:54

momofthree27

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