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@duster: this is a real post. And after reading these responses I guess our best bet would be to keep paying the monthly payments but also try to find some money to set aside each paycheck (cutting whatever we can) and pay off the $1690. Thanks guys for answering!
Do you have ANY liquid assets at all that you can cover the $1690? A 401k or retirement disbursement? Jewelry, tools, gold fillings...anything you can pawn? If you don't, then you have a perpetual problem this forum can't help you with.
Can you get a credit card. ANY credit card? Even if it is at 29% APR, its better than the rate you're paying. Put all expenses on that card until you've saved up enough cash to pay off the title loan. It's a very foolish idea, but really it is the only option you have.
Anyone who would let themselves be sucked in a rip off like this obviously doesn't have the ability to manage any car debts......That is why we have buses..
In the event this is a real post, I would ask the following questions:
- Why did you let a title lease balloon up to $9K of interest alone and, indeed, why did you take out that lease in the first place? It won't help the current issue but perhaps (unless it was a life-and-death emergency that forced you to do so) it might help you re-evaluate your future decisions.
- How good your credit is (my guess is: not very) and how much it matters to you (my guess is: not a whole lot).
- Can you do without a car in the event it gets re-possessed?
I could draw a whole host of inferences from your situation but there isn't a point in doing so. You've got an issue on your hands that you need to get a grip on. Sit down with a financial advisor (your local community center should have someone with a 13-grade education who understands single and compound interest) and figure out what is going on and how you can dig out of this mess. From a purely ethical standpoint 2tall is absolutely correct: you owe what you owe. Nobody here is going to give you a way to beat that as it's not only unethical, it's illegal. If you want to try to settle with Easy Money, sit down with one of their loan sharks and see what solution you can come to, but don't be surprised if they refuse, come to re-possess the car and hit you with collections notices in the process.
Have you had full coverage insurance on the vehicle? I have seen force placed insurance drive the balance of a vehicle to over 3X the original balance of the loan. I would ask more questions on why it has been so much. Sit down with someone and ask calmly for account statement so that you can look at it while you discuss the loan.
OP---contact the United Way in your area. They have free debt counseling classes. Although the classes won't be able to help you with the specific debt, perhaps they can at least help you understand better what happened.
In your case, I would consider bankruptcy. Be careful how you tread with this, too. Bankruptcy lawyers can also be vultures, perhaps the United Way could help steer you down that path.
Good luck, there is a light at the end of this tunnel
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