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Ask Tina Your Own Question
Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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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: 10 months ago.
Category: Legal
Expert:  Maverick replied 10 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 10 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 10 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 10 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??