Legal Question in Credit and Debt Law in California
I'm being ripped off
I got a loan for 2500 in Sept 05, I have paid the copmany 3710. In Jul 06 the amount they said I owed was 1877 in Aug they said I owed 1730, they are now saying that I owe 1611 more on a loan for 2500 that I have made payments of 265 on. At the time I signed the contract the lady said that I will have to pay back 2900 however according to the company I still owe more then the loan is worth the amount owed goes down but then stops at an amount for a few months when I asked a company rep why I still owe so much he said charges that were not in my contract am I being ripped off because according to the company I owe at least 5000 on a 2500.00 loan. I understand finance charges, but I feel that they are going over board I began renting a computer at the same thime I got the loan from them the computer was 3523 that has since went down and I only owe 579 on that, that is why I feel as if I am being taken by this company, I reported them to the ftc, they have also threatened me with taking my vechile before I am 30 days past due and they have threatened me with criminal charges is there anything that I can do.
2 Answers from Attorneys
Re: I'm being ripped off
There are a couple of issues going on here.
First, it sounds like their conduct may be a violation state and federal fair debt collection practices act.
Second, you need to read your contract closely. They may be charging fees on top of the interest.
You may need to have an attorney review this for you and make some recommendations on how to proceed, including possibly considering bankruptcy.
Re: I'm being ripped off
By the way, you can now buy a decent computer for under $300, so it makes no sense to continue leasing one.
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