Legal Question in Business Law in Massachusetts

Personal Loan

I have an outstanding personal loan (10,830.00) I've been paying on average 200.00 a month on the account for 2 years and the balance has not gone down. What can I do about this loan to get it paid off?


Asked on 4/04/07, 10:47 am

1 Answer from Attorneys
Carl Chan Law Office of Carl Chan

Re: Personal Loan

This is really a financial question and not a legal matter.

You need to examine the loan terms. Obviously, your current payment does not include paying down the principal loan balance. Is the payment calculated as an interest only payment? If so, that is why your loan balance has not decreased.

You can always make additional payments against the prinicpal to reduce the loan balance. Ask Beneficial how this can be done.

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Answered on 4/04/07, 12:06 pm


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