Brookwood loans at 96% interest. How to get out of it?
I very stupidly got into some post Chapter 7 BK debt. My BK was filed in April 2006 and discharged in July 2008. So I should have been free and clear with a fresh start, right? I don't know how I did it, but obviously I was living beyond my means. I was scammed out of 2,200 in an advance loan fee scam, but that only explains about 10% of my total post BK debt, which is about 25K. I know, how the hell did you do that? Really, really dumb. I'm not into gambling or any kind of substance abuse, I just made some really bad decisions in the last couple years.
I actually solved most of my PDL problems and the credit cards are conolidated with Town & Country, so that's not really that bad. The really ugly part is the following:
1. Brookwood loans @ 96% interest. $2600 loan taken out in May, and I haven't made a payment yet. The payments are $238 per month and the balanced has ballooned to almost $3200 and is growing exponentially. The original term was 24 months. T & C has been unable to help with this at all.
2. Think Cash - $2100 balance on a 96% installment loan with payments of $96.21 due every two weeks - that's over $195/month. I haven't made a payment since May. T & C has been unable to help with this as well.
3. Cash Call - 20 more monthly payments of $217, 96% interest. Payoff balance is about $2100. I was barely over 30 dyas past due and they threatened to take me to arbitration ( I failed to opt out of the arbitrtion clause within the first 60 days of the loan, so they can/could do that). I am current on this, but only because i made a payment in July and they brought me current because they were about to take me to arbitration. T & C could not help.
4. Prosper.com loans. I have two of them.
One has about a $3500 balance with monthly payments of $179, but I'm three months past due. The second has about a $4400 balance, $204/month, and am over 3 months behind. They have 27% and 36% interest rates respectively. I feel very badly about these, because they were individual lenders (regular people who pool their money to lend). The first one I was doing pretty well on for the first 12 months. I was on time for one year. But then everything craashed at once about April/May when I really started having problems. The second one I was only about 6 months into a 36 month loan. Both loans are over 3 years.
I only take home about $2100/month, and simply cannot afford these payments, together with the credit cards, etc. Obviously, I can't file BK 2 years after a ch 7. T & C cannot help with the above loans. They can only help with credit cards and payday loans (getting the interest rates reduced, re-aging, etc.). It's the above loans that have had to take a back seat the last three months while I got the credit card and PDL situation straightened out, along with a few bounced checks. So now I'm in deep doo doo with the above loans and not sure what I'm going to do.
I'm wondering if I should try debt settlement with someone like Superior debt relief. I don't know if they can help with the above lenders. Or, should I contact my BK attorney and see if he can help with post BK debt in trying to avoid law suits and holding these people at bay - maybe even negotiate lower rates, buy some time, lower the payments, re-age?? But I don't know if BK attorneys are the best people to handle debt negotiation/settlement? This guy is a sole practitioner.
Any help/advice would be welcomed.