My fiancé have gotten a 1,500 loan from American Web Loan. He talk to them over the phone to get the loan it was no papers involved. One of the representatives said they he will only pay 900$ in Interest. He made 2 payments for 273 one in July 19 and the other one August 2, 2019. The negotiations was to pay 273 a month now they are saying they charge 18$ a day . We said they are scamming us and we have no way to track loan payments. Awl are now stating they are taking another payment out August 16 ...so we added it up they are trying to
Make us pay 5,000 back for a 1,500 loan . We payed 546$ already and AWL said only 85$ went tho the actual loan. What should we do ?
I switched the practice area to Debt Settlement so you can obtain the best response possible.
this is general information and not providing specific legal advise nor is it creating an attorney/client privilege nor an attorney/client relationship.
Debt settlement is a SCAM and bankruptcy is a real solution. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced MD bankruptcy attorney. Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck. THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
If you found this Answer helpful, please mark it as "Best Answer" Please be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
These type of loans are considered predatory in nature and will have you caught in an endless cycle of repayment. I suggest you reach out to an experienced, local bankruptcy lawyer who can give you good advice on how to make the payments stop, and how you can perhaps eliminate this debt altogether.
I agree this is a predatory lab and you should seriously consider filing bankruptcy. In the short term, take all the money out of the bank account and deposit it in a new account at a new bank. Have any direct deposits go into the new account. Ask the Bankruptcy attorney if this sort of loan is legal in your state. If it is not, contact the consumer protection division of the state attorney General.
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