It's a 1200.00 loan at 553% interest, the payments are more then I can afford each month, as I have other debt. I'm retired, and struggle with Fibromyalgia and anxiety. I'm on social security. What can be done, if anything?
What you are saying about your debt is an excuse, not a legal defense. You were competent enough to find a lender, take the money, and presumably spend it. In my community, your physical problems would not be enough to find that you weren't responsible for this debt, unless you were declared to be INCOMPETENT and had a guardian appointed to manage your finances.
But the good news is that if your only source of income is Social Security, no creditor can attach that. So even if the creditor sued you, got a court judgment, the creditor could not attach your benefits to collect. Hope this perspective helps!
Comment or add more information about this question in this public forum. Do not contact me privately about this question or my answer.
If your only income is social security it would be difficult for a creditor to attach/garnish your wages. However, a creditor can make life very difficult. This is particularly true if you maintain a bank account. Unfortunately, it doesn't sound like your medical issues are going to assist you in reducing/modifying or otherwise cancelling the debt. Bankruptcy sounds like a good option for you.
Note that I am not a legal practitioner in your jurisdiction and there may be local rules, etc. that correspond to your question.
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