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car title loans

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How to get out of a title loan in Illinois, Ive paid double the loan and with 300%interest I still owe the whole amount?




DebtCruncher

Posts: 2298
Credits: 26979.080293007

Sub: #1 Unfortunately in IL, the PDL laws don't apply to title loans. S
Fri, 12/12/2008 - 17:06

Unfortunately in IL, the PDL laws don't apply to title loans. So basically title lenders can charge whatever interest they want, and if you sign the contract, I'm sorry to say there's not much you can do.

These are simple interest loans, which mean they charge daily interest. Payments are applied to interest before it touches the principal; so the key to paying them off, is that you need to pay more than the interest. If all you do is pay for the interest, then the balance will never go down.




Richard Brooks
Posts: 10
Credits: 153

Sub: #2 Yes you need to pay more than the minimum balance or pay the who
Wed, 12/17/2008 - 21:36

Yes you need to pay more than the minimum balance or pay the whole thing off in one lump sum. That's pretty much the only way out. This is financial quicksand if you don't wiggle your way out of this soon.




ohmystars80
Posts: 6
Credits: 160

Sub: #3 Many times they compound the interest as well if you miss a paym
Fri, 12/19/2008 - 12:02

Many times they compound the interest as well if you miss a payment, so the sooner you can get out of it, the better. These types of loans can quickly escalate to the point that paying them off isn't possible.




Unregistered

Sub: #4 need more time to pay off my title loan
Sat, 01/17/2009 - 05:50

i need help right away. I'm disable and i'm behind on my title loan. i will have the funds in two weeks what can i do.




SOAPLADY


Debt Samaritan
Posts: 17211
Credits: 474637.03869987

Sub: #5 Have you talked to the title loan company??
Sat, 01/17/2009 - 06:30

Have you talked to the title loan company??




Unregistered

Sub: #6 I am in debt with a title loan. I borrowed 500.00 for the vehic
Thu, 03/26/2009 - 15:15

I am in debt with a title loan. I borrowed 500.00 for the vehicle, have paid over 700.00 in interest and still owe 800.00. I have tried to settle on a lump sum but they won't budge. any advice?




Unregistered

Sub: #7 if i sell my car that has a title loan on it is there an easier
Mon, 04/13/2009 - 10:43

if i sell my car that has a title loan on it is there an easier way for the new owner to get the title




SOAPLADY


Debt Samaritan
Posts: 17211
Credits: 474637.03869987

Sub: #8 You cannot transfer a title that has a loan still attached to it
Mon, 04/13/2009 - 11:05

You cannot transfer a title that has a loan still attached to it cause you do not have clear title to the property.




Cool_Abyss

Posts: 2937
Credits: 17361.249242083

Sub: #9 The business where you obtained the title loan has a lein on you
Mon, 04/13/2009 - 14:14

The business where you obtained the title loan has a lein on your vehicle. Therefore as SOAPLADY stated it cannot be sold or transferred. You must pay off the title loan before you sell your vehicle Legaly.




DebtCruncher

Posts: 2298
Credits: 26979.080293007

Sub: #10 Watch out bree. As other said, you can't legally sell the car w
Tue, 04/14/2009 - 16:24

Watch out bree. As other said, you can't legally sell the car while the lender has a lien on it.

There are ways to do it, and I won't say how, but if you managed to sell that car while a lien is in place you could be charged with fraud / conversion of mortgaged property.

Not to mention the lienholder could still go repossess the vehicle from whoever you "sell" it to. Naturally they will be wanting their money back if that happens, and could sue you for it.




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