I am in need of some help with working with and determining the legality of three tribal installment loans. I live in MA, payday loans are illegal. However, these were "installment loans" as that is how they were marketed, not payday loans, even though the apr is beyond 460% and the payments are made when I get paid. I cannot continue to pay them at the current rate and schedule and am not sure the best way to proceed. I have spoken to a few debt consolidation companies (Freedom debt relief, Solid Ground, Oak View Law Group) with some mixed information as well as offers to help me settle that seem absurd and too good to be true. MA has clear limits on APR on installment loans but I believe the tribal lenders will claim that they are not bound by the state laws. The details of each loan are below.
Big Picture Loans:
Original Principle Balance- $1500
Paid to date: -$1669.15
Today's balance- $1390
$333.33 every other week
My Loan Site (Dakota Lending):
Original Principle Balance- $2200
Balance pay off today- $2600
$679 every other week
American Web Loan:
Original Principle Balance- $2500
$430 every other week
I want to be clear that I am not in the business of not repaying my debts and never intended to get into this situation. I fully intend to repay the money that was deposited into my account but cannot do so at the rate that I am being charged. I have dug myself into a pretty deep hole and want to get myself out without the use of a shady third party that is taking my money with absolutely no guarantee of fixing the situation. Does anyone have experience with this? I have searched most of the forums and cannot seem to find a clear answer with tribal INSTALLMENT loans. If these were PAYDAY loans I think I would be pretty sure the route I would take based on the fact that they are not legal in my state.
I have also heard people use overpayments on principle of previous loans with companies as a means to barter and settle the principle on the current loan. I do have past loans with BPL and MLS and thought of that but know its a long shot.
Any and all help/information is greatly appreciated.