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Payment settlements
#1
Have you experienced settling unpaid loans? I did, it almost got to a thousand percent more. I already told the story of it in a reply on the "loan shark" thread in here. To cut the story short, I have settled my payment to just stop hearing from the loan shark. I paid the amount plus 250 percent more. Just wondering if anybody have the same experience or story.
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#2
I've not had such experience and it's pathetic that you had to go through such pain repaying the loan amount plus the interest on it. This is the reason we've got to be careful with the way we seek loans from various schemes that are readily available to lend to us, but with ulterior motives we can't decipher at the start of the process.
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#3
Wow... Thats a waste. A total waste of a lot of money. How long that loan was left unpaid? Thats too much for an interest. Didn't you have any contract to begin with? Or loan sharks only have it verbally? Its scary, now I know not to really deal with those sharks. I am afraid that instead of solving my financial shortage with a loan from them, I am actually digging my problem more deeply and the next I know I am buried deeply with it.
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#4
I have got a sort of payday loan and the percentage of interest was absolutely ridiculous. Sadly it was a something I needed to do at that time and the loan was a big help. When paying back the loan and analyzing the amount to pay back, then it sinks in more you know. I dealt with the situation at and appreciated it although never used that road again. Sometimes some of us go through the experiences and learn hopefully from the mistakes or bad choices. I think that everyone should do their research if they are going to get a payday loan. I was doing some reading on loans and the FTC was saying that  it would be best to get your credit good so you can do some small personal loans. They have better interest rates and help build on you credit paying the loan back properly. I have decided I am slowly rebuilding mine and my husbands credit so that we can have some more options if we need or want.
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#5
That's why you should not gamble on loan shark, you should be more careful in who you trust. Just be careful next time, sorry for your waste.
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#6
(01-08-2018, 06:42 AM)joshuacabrera Wrote: That's why you should not gamble on loan shark, you should be more careful in who you trust. Just be careful next time, sorry for your waste.

The keyword here is for the poster to be careful next time for it is not always a smooth sail once one have gotten the loan. The thing is that getting such loans is easier till it's to start repaying the loans and the interest attached to it. 
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#7
That is why I would never use a Payday loan. I realize there is a difference between a Payday Loan and a loan shark, but with the amount of money they both charge I think Payday loans could be considered to be loan shark type loans. I know they frequently get in trouble with the government by violating usury laws which are laws to guard others against financial exploitation.
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#8
Accumulated interest make the loan much harder to pay. So as much as we can, try to pay on time to avoid penalties.
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#9
(01-05-2018, 01:30 AM)marblank1313 Wrote: Have you experienced settling unpaid loans? I did, it almost got to a thousand percent more. I already told the story of it in a reply on the "loan shark" thread in here. To cut the story short, I have settled my payment to just stop hearing from the loan shark. I paid the amount plus 250 percent more. Just wondering if anybody have the same experience or story.

You really should not have borrowed from a loan shark. Interest rates are bad enough when lending from legitimate sources, and loan sharks can do just about everything they want. He could have made you pay even more. I don't know which misfortune made you lend from a loan shark, but as you can see it was not worth it and hopefully you've learned from this experience.
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#10
Yes, I've been in this situation for once. It made so much pain on my head having a payment settlement with my unpaid loans. Since i am not capable anymore to carry the load from my interest loan, i try to negotiate with the lender to settle the payment balance in full. I really asked their good and kind heart to waive my interest as a whole and settle the remaining principal balance. I am very thankful that they grant my very humble request.
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