150% interest
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You are currently reading a thread in /adv/ - Advice
You are currently reading a thread in /adv/ - Advice
So my step dad took out a $3,025 loan at 150% interest rate in my name and stuck me with the bill. Initially I said no I wouldn't do it but my step dad said it was to help get the family back into a house and out of a hotel. Ill do any thing for my siblings. However, I wasn't expecting to be dealing with the bill myself. So now a year and $2,700 later and I still owe more then the initial loan and can't afford to keep making payments on this while trying to take care of my own debts. In the end I'm supposed to pay out $16,000 if I keep paying month to month. Any suggestions or loop holes?
>>16502662
>someone else took out a loan in my name
but that's wrong, nobody can take out a loan in someone elses name
for a start, your family was taken advantage of, and your stepfather was a fool
consider
1. freezing the debt, in my country you can enter into a registered debt agreement to stop interest on loans you can't repay
2. bankruptcy, why would you keep paying someone back money they didn't lend you, fuck your creditor
people say you won't get another loan, and to some extent that's true
but that is not nearly as bad as being a slave to debt
3. you could claim you were coerced into taking out the loan by your stepdad, that you didn't understand the terms, or what the repayment would be, that you were taken advantage of because your family was in poverty
4. flee from your debt, if you live in a country that's laws let you become a slave, then leave
>>16502662
>150%
Dude what the fuck? how?
>>16502662
Dude wtf in my country every family loan over 17% interest is considered illegal. Also /adv/ is not the place for those things, ask a lawyer.
>>16502769
well guess you don't live in the great US of A, the greatest country in the world then?
A country where it's more important to bomb sandniggers than taking care of the sick.
The only other country in the world where women don't have maternity leave.
A country where.... etc. etc.
>>16502662
pay some cracknigger to get the money from your step "dad" by force. Maybe sell one of his kidneys or something.
>>16502662
Take your stepdad to small claims court or whatever it's called there and sue him for the full amount of what you've paid and still owe. Then pay it off.
(And incidentally, to the other Anons, in the UK short-term "just to payday" loan companies charge well over 3000 % interest, totally legally)
>>16502662
What country are you in and how old are you? All answers need to know this...
>>16502852
>A country where it's more important to bomb sandniggers than taking care of the sick.
Well, to be fair, bombing sandniggers is actually very important.
Try to sue him in small claims court first. If you're this broke, you'll have to provide the evidence yourself and be your own lawyer. Will take some research. If that doesnt work, file bankruptcy.
You shouldn't buy anything on credit anyway, so fuck the score.
Mortgages and loans are a terrible idea for what ((should)) be obvious reasons.
You can't predict the future and if you lose income due to disability, medical condition, losing a job, then you lose your whole house and everything dollar you've put into it so far.
I don't understand, how can he do that? If you were a minor at the time, he would have had to cosign and he's equally responsible for you, and if you weren't a minor then you can't be held to a contract like that unless you signed and therefore agreed to take on the responsibility
>Any suggestions or loop holes?
bankruptcy
>>16503040
>in the UK short-term "just to payday" loan companies charge well over 3000 % interest, totally legally
so, usury is totally legal in the UK?
fucking jews, no wonder that worthless country was once an empire. hopefull WWIII will start and the global north will be wiped
Where did you get a 150% interest rate anyway? Most loan sharks don't even go that high.
At that rate, I would definitely either dispute the loan or file bankruptcy. If for whatever reason you don't like that option, see if you can get a credit card and pay it off. Cards are less than good, but 23% is way better than what you've got now. I mean, shit.
As other anons have said, loans are never a good deal. The only difference between getting one and not getting one is now you owe twice as much(normally, in your case, more like five times as much).
Mortgages, though, are a little different in that at least you gain the use of something for as long as you keep paying the bill with full ownership being transferred to you on completion. Pretty much the only time debt makes sense, and then only at a reasonable interest rate.
>>16502662
>150% interest rate
They could smell the desperation on him. That's sad. If he did it without your permission than he is a shit head.
>>16502699
In your position i would get a lawyer who specializes in debt and try for number 3.
This is too dumb to be real. Pic or it didn't happened.
