Today, the Consumer Financial Protection Bureau (CFPB) took action against a web of corporate entities operating under TMX Finance, broadly known as TitleMax, for violating the financial rights of military families and other consumers in providing auto title loans. The CFPB found that TitleMax violated the Military Lending Act by extending prohibited title loans to …
Question: Dear Steve, I took a loan from Title Max, and I’ve been paying the interest with $308 every month for almost six months. My vehicle is now messed up, and I’ve had it fixed, but the mechanic informed me about all the multiple problems aside from my main problem & how I do need …
Question: Dear Steve, I took out a title loan from Montana Capital (Simple Cash Loans) in 2016. Unfortunately, I lost my job and couldn’t continue making the payments. Tax records downloaded from the IRS website show the entire debt was canceled in 2019. I still have possession of the car, but Montana Capital is still …
Question: Dear Steve, I need help paying off my title loan to keep my truck and make money because I am homeless and unemployed, and all I have is my truck, and I’m sleeping in it. Dennis Answer: Dear Dennis, You are trapped in a vicious circle. You probably took out the title loan for …
Question: Dear Steve, I filed chapter 13. I had a title loan on a car that is in my name and my daughter’s name. My lawyer told me I had to include this debt in chapter 13. Well, they didn’t file the paperwork to be paid during my chapter 13 so no payments are being …
Question: Dear Steve, TitleMax loan 10/2019 for $1100. After the full amount payments of 180.00 for 23 months. I will have paid nearly $4300.00 back. I’ve never been late on any payments. This is the 3rd loan I have got through them also. All payments were always on time and never went into default. My …
Question: Dear Steve, In 2012 I got a title loan and I couldn’t pay the loan back within 30 days. ACE told me I had 5 days to have their money at their office or they would pick up the car. I told them to come and get they never did. They sold my account …
Question: Dear Steve, Can I file a bankruptcy with multiple title loans? I have a 2014 Chevy Spark that is being financed through a private lender. Through some unfortunate employment situations, I was forced to take out 3 title loans to help support myself and my fiance. The monthly amount that I pay to each …
Question: Dear Steve, I am in deep doo-doo, pawned my car title and now I can’t pay cauze I got behind, don’t want my car taken, credit not good, so where do I stand! I put my question in the first paragraph, I don’t know how to get out of this spiraling situation!! Nancy Answer: …
Question: Dear Steve, March 2019, I took out a car title loan for $5,800. I paid $1,000 towards the principle and approximately $4,395 in interest (5% interest, $293 per month interest. I am a Lyft driver and the interest payment is so high for me that I have only made interest payments. I am at …
