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I Took Out a Cart Title Loan With Lone Star Loans I Can’t Afford to Pay Anymore. – Nancy

“Dear Steve,

CAR TITLE LOANS – IS MONEY YOU BORROW – BUT THE 2500 I BORROW – I’M STILL PAYING ON IT ABOUT 5,000 I PAID – NOTHING GO THE PAYMENT LIKE A REGULAR CAR LOAN -THIS IS NOT A REGULAR CAR LOAN…..

I HAVE A LOAN W/ LONE STAR LOAN – CAR TITLE – I BORROW 2500 – PAID 5,000- I CAN’T PAY THIS LOAN – I’M LAID OFF – WHAT CAN I DO?

Nancy”

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Dear Nancy,

Can you please tell me more about this loan? It sounds like you pledged your car as collateral for a short term loan. If you now owe double the amount I think you may have not paid off the loan by the first due date and instead have rolled the loan forward or extended the length of the loan. Is that correct?

If the contract is valid and the amount due is in accordance with your state law and the contract the best course of action is going to be for you to negotiate a solution with Lone Star Loans. If you have a valid contract, unless you can exercise your ability to negotiate a solution with them, continue your agreed payments or pay the loan off in full you risk the repossession of your car.

You can seek advice on the contract from a local attorney licensed in your state.

When it comes to car title loans, if you default they take your car.

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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