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Old 01-30-2009, 06:49 PM  
Micjones Micjones is offline
Whose house?
 
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Join Date: Mar 2007
Location: KCMO
Casino cash: $5015
Title Loan Sham.

I just learned how title loans work.

A friend of mine is in deep shit now that her car's been possessed.
Where in the world is the protection for borrowers?
States are allowing these businesses to run wild.

She borrowed $800 from the company in exchange for her title.
She's been making steady monthly payments, but the interest reduces those (small) payments to next-to-nothing.

As a result... The company has repossessed her car and are threatening to auction it off 15 days from now if she can't produce $2,000.

How on earth is it legal for a creditor to keep more than the borrower owed?

I thought the payday/signature loan business was bad.
This sounds worse.
Posts: 15,285
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Old 02-06-2009, 08:26 PM   #331
Saul Good Saul Good is offline
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Join Date: Jul 2005
Casino cash: $12261
Quote:
Originally Posted by Brock View Post
I've bought stocks literally thousands of times, and I've never noticed any disclaimer telling me that I could lose money on it. I'm not talking about an ad on TV, I'm talking about the act of buying stocks.
There should have been a government employee standing next to you ready to kick the pen out of your hand so that you couldn't buy the stocks. Hell, I'll support that if we can also get a government employee to kick the dicks out of the way before they find there way into the orifices of women like our protagonist in this melodrama.
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