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CalAttorney2, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 10215
Experience:  I am a civil litigation attorney representing individuals and businesses.
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Idk what to do I thought I was getting a loan to pay off

Customer Question

Idk what to do I thought I was getting a loan to pay off some of my debt at a 7% interest rate. When I finally got a hold of them they said that they don't actually pay the loans and they let them default to erase them off your credit. Now I am on the hole and past due on 3 including the loan that was supposed to help me. I have no idea what percent they are charging me I was told when I got ahold of them that I was actually approved at 4% but now am at 9%. I am soo very confused stressed out and have no idea what to do. I looked them up on the bbb and it says that soo many have filed complaints that they are a scam. Please help
Submitted: 3 months ago.
Category: Consumer Protection Law
Expert:  CalAttorney2 replied 3 months ago.

Dear Customer,

Thank you for using this forum. My name is ***** ***** I hope to assist you today.

I am very sorry to learn of this situation, unfortunately it is not an uncommon scam.

You can (should) report this to your state attorney general's office.

You can also contact each of your creditors directly notify them of the issue and ask that they cooperate with you in allowing you to bring your payments current and perhaps remove any negative entries against your credit (the creditor has no obligation to do so, but many will if they find out what is going on - sending them letters showing that you are demanding reimbursement from the "credit repair" business and filing suit may help).

Finally, you can make a demand against the fraudulent company (do so in writing) for both the money lost and any late fees and interest that accrued during the time they were "managing" your loans. If they do not pay, you can sue them in court for breach of contract and fraud.

Customer: replied 3 months ago.
I don't really know if they are a scam because there are so many complaints but then I see some good reviews do I need to talk to a lawyer and if so what kind?
Expert:  CalAttorney2 replied 3 months ago.

I would recommend reviewing this link from the FTC, but based on what you are posting, it sounds like a scam to me (they are taking your money, not paying your creditors, and letting all of your debts go into default - your creditors can still sue you for the debt and your credit is going to be shot for years)

If you decide to talk to an attorney, try to find a "consumer rights attorney" - but any general litigation attorney or general practice attorney could assist you.

You can find local attorneys using the State and local Bar Association directories, or private directories such as;; or (I personally find to be the most user friendly).