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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31021
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I live in the State of NH and in January, I was having financial

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I live in the State of NH and in January, I was having financial difficulties- I took a loan from Western Sky for $1,000.00 which was promptly sold to Cash Call. I paid $198.00 dollars a month from Feb- Sept, plus $66.00 for the month of January. The total amount paid is $1650.00 I called today to get the pay off amount and it is $1593.28 which brings my total to $3243.28. I do not mind paying interest but this is outrageous. I was told when I took out the loan if I paid it off early I would not be paying over 300%. Is there a way that I can get the pay off reduced?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 4 years ago.

Hi - my name is Kirk and I'm a Bankruptcy litigation attorney.

The only way that you can get out of this obligation without paying any additional interest is to file chapter 7 bankruptcy and have the debt discharged as an unsecured debt.

Otherwise, you have a contractual obligation to satisfy the debt. These types of loans are outrageous and usually always results in bad situations like this. This is especially true in states like yours, where there is no usury limit (no maximum legal interest rate).

You certainly can call the lender and try to reach a settlement for less than you currently owe. The best way to achieve this is with a lump sum offer. However, if the lender refuses to negotiate, bankruptcy is the only guaranteed to get rid of this debt.

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