My Springleaf Financial, Regional Finance and Time Financing Loans are More Than I Can Handle

“Dear Steve,

Fell behind on light bill so in order to keep lights on took out a personal loan, then couldn’t pay that one so applied for another small loan same thing- now have three loans not able to pay for. Kept getting letters in mail saying I was approved.

I am drowning in debt with three small loan companies- Springleaf Financial, Regional Finance and Time Financing. I have been doing my best just to stay above the water but now nothing is working. I have been back and forth with all loan companies and pay them what I can- unfortunately it is all going to interest. Time Financing calls all the time, they have come to my house twice and offered to come to my job to pick up money.

I was told yesterday that if I couldn’t come up with some money to pay them by the 1st they would be forced to take legal matters. Do I have any rights- I can’t pay all this money that I owe and feel like I was targeted for these loans when I couldn’t afford them to begin with.

I checked the Bank of Commissioner site and Time Financing isn’t even licensed in NC. Do you have any suggestions- what if they take me to court, not just Time Financing but all three, what can I do?


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

Dear Aimee,

The North Carolina has worked hard to deal with payday lender abuse. In fact the Attorney General helped outlaw storefront payday lenders in North Carolina.

But it is unclear if these were payday loans or just general consumer loans. The Time Financing loan is interesting because if they are truly not registered to do business or as a lender in the State the loan may be unenforceable.

I think you should contact the Attorney General office and talk to them about your specific loans to see if they are legal and enforceable in North Carolina. Call 1-877-5-NO-SCAM or click here to file a complaint.

See also  How Do I Get Out of Payday Debt? I Have 10 Payday Loans. - Robin

Don’t forget, if the loans are part of a bigger issue of problem finances, you might want to consider filing for bankruptcy to eliminate all your debt in 90 days or less and to get the legal fresh start you are entitled to.

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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