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Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 31768
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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August 2016, I borrowed $4,000, from a title loan company.

Customer Question

August 2016, I borrowed $4,000, from a title loan company. They assigned the first day of every month as my payment date of $480. The first payment was made, however I informed them that because I am on a fixed income (social security and Veterans disability), I was not possible to pay on the first of every month going forward. I let them know that I could make the payments on third Wednesday of every month instead. I was told that it was okay. so that is when I made my second payment and every other payment of $480, for a whole year. On September 2016 I went to the to make what thought my final payment, only I found after paying $480, per month on the loan, I had paid less then $400, for the entire 12 months.
JA: Because laws vary from place to place, can you tell me what state this is in? I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: I meant that I took out the loan in August 2015. I am senior on a fix income and feel that I have been taken advantaged of. I am now paying the same $480, per month for another year. I have been told that since the contact was that payment were to begin on the first of every month, my telling them that I can only make the payment on the third Wednesday of every month, did not matter. Even though I made the payments. I was told it did not matter that I made the payments to as I said I would, they told me that they could not change the original due date since it was in the contract. I have already paid more the $8,000, for the $4,000 loan (and still paying). Is there something that can be done?
JA: Has anything been filed or reported?
Customer: no.
JA: Anything else you want the lawyer to know before I connect you?
Customer: I think that's all.
Submitted: 8 months ago.
Category: Legal
Customer: replied 8 months ago.
I borrowed the money August 2015 not August 2016.
Expert:  Roger replied 8 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

This issue is likely going to turn on what the interest rate is for your loan. Often, these title loan companies charge upwards of 20% interest......so that could explain some about why your balance remains high. However, you should ask the creditor to provide you with an accounting of the loan to show all payments made against the interest that has accrued to make sure that you've been given credit for your payments.

Expert:  Roger replied 8 months ago.

Once you get the accounting, you will be able to determine whether or not your creditor has failed to properly credit your payments.

Expert:  Roger replied 8 months ago.

Also, you can contact your state's consumer protection division of the attorney general's office and ask them to investigate the matter IF it appears that the creditor has not given you proper credit.

Customer: replied 8 months ago.
how much more, after the $59?
Expert:  Roger replied 8 months ago.

I believe that amount is in regard to whether you want a phone call from an expert on this site. You don't have to accept it. The site automatically generates those offers, but you may accept or refuse it.

Customer: replied 8 months ago.
what was the first $36, for?
Expert:  Roger replied 8 months ago.

That amount is for the conversation here.....

Expert:  Roger replied 8 months ago.

Please let me know if you have any additional questions. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thanks again!

Expert:  Roger replied 8 months ago.

Please let me know if you have any additional questions. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thanks again!