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I'm hoping that someone will have some advice on what is…

Good Evening,I'm hoping that someone...
Good Evening,I'm hoping that someone will have some advice on what is considered a "Predatory Loan" in Washington state?? My Parents are still paying "Interest" only on a loan that was taken out on My Mother's 2000 Buick Century,***** Not only is it Incredibly OLD... It's just completely Falling apart on My Mom, and Completely "unsafe" and "unpredictable". I believe that this loan was taking out for approx. $8000.00 10 Years ago, and I believe they went back in 2012ish again to take just a little more of a loan out. My parents have been only paying the "Interest" only, due to not being able to afford the full monthly payment... (This was approved by "One Main Financial") My Mom, is getting constant "Harassing" phone calls daily that's completely been stressing out A lot, especially for a 74 year old woman... (Not Good!!) My Mom wouldn't mind if they took back this Old~Broken~Down, but I was informed that they should completely Stop Making Payments Immediately... Okay, she hasn't made this months payment just waiting for her car to be repossessed... (Then, what happens after that??) Should she call them back?? If so, what should She tell them?? I believe that there is still $5000.00 on their loan, for a car that might be worth $500.00 or less now. This informative friend of ours said just to let them take the car back, due to the "Overpaying Amount" that's been paid back already through the Years?? We would Truly Appreciate Any and All advice or suggestions that You may have A.S.A.P.Thank You So Much Ahead of Time!!!
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Customer reply replied 3 months ago
I think it's called "Predatory Law" of Washington State.... lol..lol..
Answered in 5 hours by:
3/25/2018
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,221
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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They may repo the car or just file collections suit here.If they file such a suit she may consider Chapter 7 here to discharge.You are correct to quit paying , let the car go back and go from there.Honestly it would surprise me if they repo it.They are more likely to just file collections suit and seek judgment.You can argue in collections suit that the suit that loan was predatory, etc.Also again she can file Chapter 7 pro se here if she has too.

These are your options, see if they repo and see if they bother to sue her.They might just write it all off since they have been paid so much.

I appreciate the chance to help you and wish her the best.

If you can positive rate 5 stars it is much appreciated.

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Common Predatory Lending Practices

  • Equity Stripping
    The lender makes a loan based upon the equity in your home or car, whether or not you can make the payments. If you cannot make payments, you could lose your home through foreclosure or car by repossession and suit.
  • Bait-and-switch schemes
    The lender may promise one type of loan or interest rate but without good reason, give you a different one. Sometimes a higher (and unaffordable) interest rate doesn't kick in until months after you have begun to pay on your loan.
  • Loan Flipping
    A lender refinances your loan with a new long-term, high cost loan. Each time the lender "flips" the existing loan, you must pay points and assorted fees.
  • Packing
    You receive a loan that contains charges for services you did not request or need. "Packing" most often involves making the borrower believe that credit insurance must be purchased and financed into the loan in order to qualify.
  • Hidden Balloon Payments
    You believe that you have applied for a low rate loan requiring low monthly payments only to learn at closing that it is a short-term loan that you will have to refinance within a few years.
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Chapter 7 forms and checklist if she has to file pro se

http://www.wawb.uscourts.gov/csChapter7ChecklistAndForms

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Customer reply replied 3 months ago
Thank You for Your Quick response Ray, I appreciate all Your Help on our situation!! My Mom is stressing out, feeling like a complete "Convict"... She's stressing pretty bad now. Should She call them herself?? Answer their phone calls?? Is there something she should let them know, to quit the "Constant" phone calls?? Last thing, what will Chapter 7 due to Her "Excellent" Credit Score?? Thank You So Much Again, for all Your insight...

Once they repo the car and sue for collections her credit will already take a hit.But there is life after Chapter 7.I have a client that filed Chapter 7 twice and he just closed on a home loan the other day.There are too many people that have had to file, eventually credit rebounds and you move forward.It is not a life sentence here at all.

Chapter 7 dings your credit for say max 7 years.

Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,221
Experience: 30 years in civil, probate, real estate, elder law
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Customer reply replied 3 months ago
Ray,Thank You So Much for all of Your Excellent Advice and Insight!! One thing that I'm actually wondering about, is there a way to stop all the "daily" phone calls?? Should all communication with "One Main Financial" completely stop now?? I may have more questions for You in the future, on this same subject. We will only request YOU each time, You're officially our one and only "Favorite" saved on Just Answer... !!!Thank You Again, So Much For Everything So Far ....

Two ways here.File Chapter 7 and all creditors get noticed and quit calling.The other is an answering machine to screen the calls.

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