How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tina Your Own Question
Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
4460311
Type Your Legal Question Here...
Tina is online now
A new question is answered every 9 seconds

I feel I am victim of a Predatory Loan. I am being sued in

Customer Question

I feel I am victim of a Predatory Loan . I am being sued in small claim court . do I have any legal rights. the loan was made by check in the mail.
JA: Because laws vary from place to place, can you tell me what state this is in?
Customer: alabama
JA: Has anything been filed or reported?
Customer: yes I received documents from small claim court . or I was served paper @ my job
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 6 months ago.
Category: Legal
Expert:  Maverick replied 6 months ago.

Welcome to Just Answer! My name is***** give me a few minutes to review your inquiry. Thank you for your patience.

Expert:  Maverick replied 6 months ago.

There are about fifteen different predatory lending practices that may give rise to a defense. Much would depend on your facts. Just the fact that the loan was made by a check in the mail is not sufficient to qualify as a predatory lending practice.

Customer: replied 6 months ago.
I was unemployed and was told that I could used household items as collateral. I was given a right of rescission either
Expert:  Maverick replied 6 months ago.

The federal Truth in Lending Act requires creditors who lend money to consumers to provide written disclosures regarding the finance charges and any related aspect of a credit transaction. The Act specifies a three-day right of rescission for credit agreements that establish a security interest in your primary residence.

In Alabama, the right of rescission relates specifically to home equity loans. The three-day grace period does not apply to loans for building a principal residence, refinancing a loan with the existing creditor without borrowing additional funds or when the creditor for the loan is a state agency.

Not sure what type of loan you have??