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Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 89095
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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How can I legally get out of this title loan. Ive been paying

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How can I legally get out of this title loan. I've been paying it for eight months. And I've paid way over the original loan. I currently have two weeks worth of late fees and I can not pay it?
Submitted: 4 years ago via ExpertLaw.
Category: Legal
Expert:  Ely replied 4 years ago.
Hello,



My name is XXXXX XXXXX I am one of JustAnswer's attorneys. I'll be helping you resolve your matter today.



Please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



Is this on a house? So you mean you just want to give it back and forget about it?





Customer: replied 4 years ago.
No it's for a title loan
Expert:  Ely replied 4 years ago.
What did you provide as collateral?
Customer: replied 4 years ago.
My vehicle, I've been paying on it since 10/09. My interest is around 300% or more. I really need my vehicle and I've run out of options, plus I have to spend more money to fix it.
Expert:  Ely replied 4 years ago.
I'm afraid that if you default the loan, they can take the auto. :\ You generally have three options.NEGOTIATIONContact them and explain that you have received an “x” amount of funds and that you would like to propose a settlement. Usually starting like that will get their attention.
Also you might mention that you are attempting to clear up all of your debts in order to avoid being forced to file bankruptcy. These are usually very good key phrases.
The end of the month is also the best time to get best deals, so let them know that you can settle before end of month (also a good key phrase).CREDIT COUNSELING / DEBT CONSOLIDATION
This is a free service offered by a non-profit that will negotiate with creditors to establish a debt management plan (DMP) for you. The DMP often includes lesser payments per month and maybe even an overall lesser debt. While many promise 50% cut, a cut of 10% to 20% is more likely.This is a good option, but your credit will reflect it, and your credit might suffer a little because of it.BANKRUPTCYWiping the slate clean and getting to keep a lot of your stuff (house, car, jewelry, thousands in cash, etc, etc – basically a LOT) is a good plan for many who just are FED UP, and it might work for you if you really feel you will never ever pay the debt off. Your credit will be down in the dumps for seven years, but then you will emerge reborn. You generally have two options available for personal bankruptcy:-Chapter 7, which basic liquidation of many assets and the quickest; and-Chapter 13, if you have a steady income, it allows non-liquidation and the Court sets up a a plan to repay all or part of what you owe.



Best of luck in your matter. I'm here if you need any more clarification or follow up information.



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Ely, Counselor at Law
Category: Legal
Satisfied Customers: 89095
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Ely
Ely
Counselor at Law
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Private practice with focus on family, criminal, PI, consumer protection, and business consultation.