Legal Question in Credit and Debt Law in Georgia

I got a loan to pay for truck driving school. The payments were 225 a month. I no longer drive and couldn't afford the payments. The loan company said I could pay 112 instead because of my financial situation. I made the payments for the past 6 months. I assumed my already good credit was improving. They called me recently and told me my loan was in default. Now my credit as far as I know is now completely ruined. I've tried to get loans to pay off the reduced amount that they came up with, but I have been unable to get a loan. If I had known this would happen I would've gotten a loan 6 months ago to pay it off. I talked to them every month and they never discussed my loan heading towards default with me. Being poor the one good thing i had going for me was my credit score. Now I'm stuck. I live in a bad neighborhood and was recently robbed. My development is letting people out of their leases because of the danger. I however can't move because of my bad credit. The lender is threatening with litigation.


Asked on 1/12/10, 4:34 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

You made two huge mistakes six months ago. One was not reading your contract, which told you that any change in your contract must be in writing. The other is not asking a lawyer at that time and finding that out.

You might at this point need to look at bankruptcy and see if that is an option (I'd have to know more about your loan to know if it is dischargeable or not).

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Answered on 1/17/10, 5:01 pm


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