Author Topic: Another Lendmark Financial Case  (Read 492 times)

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TradCat4Christ

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Another Lendmark Financial Case
« on: January 16, 2018 12:48:21 PM »
I know someone already posted about this financial institution but I am due to defend myself against Lendmark Financial in a court case at the end of February. A number of years ago I had taken a personal loan out for $5,000 because I was an Alchoholic and addict at the time and they charged me 23.99% in interest. I had just gotten kicked out of the United States Coast Guard and was really on my own for the first time in my life with a drinking and money problem. I used my car and several other valuables as collateral at the time.

Since then I have paid back the loan in interest alone with nothing going towards my principal amount. It has actually gone up to over $6,000 due to late fees and a couple of times of refinancing through them to try to catch up on missed payments. I am now a sober father of 5 kids and my living expenses have changed drastically. On paper I have always made enough to make my monthly payments but with my current life situation and only making the minimum payment nothing is going to get paid off and I might as well be burning my money. Any help or insight will be greatly appreciated as I have already had wages garnished by the treasury and I have never been involved in anything like this and am only trying to survive like the rest of us. Thanks.

CleaningUp

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Re: Another Lendmark Financial Case
« Reply #1 on: January 16, 2018 04:27:23 PM »
Unless you are going to push the "I was incompetent at the time I took out the loan, you are probably better off in front of a judge than you are trying to get them to be reasonable.

There is a trade to be made...Once a judgment is in place, the interest will be a the state-mandated post-judgment rate, not the nose-bleed default rate that you now are experiencing.  That's a plus.

But..there is always a but...you will have a judgment on your credit report for years to come.  If your credit is already tanked, as it probably has, the effect may not be that bad.  And time is one of the best cures to credit report problems.

Think this through and do the math.  Then make an informed decision.

I also want to suggest, and this is in no way intended as an insult, don't have any more kids until your finances are under control.  It's better for your financial situation, and far better for the kids if you aren't having to stretch your income every month to assure their support.

Bubbles

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Re: Another Lendmark Financial Case
« Reply #2 on: January 16, 2018 10:50:44 PM »
I would just stop paying.

Regardless, don't forget that they might sue anyway.

Worst case is a judgment, which is not the end of the world.

Judgments can ususally be settled for 70 percent or less.

Tax on forgiven debt is only on forgiven principle - no interest or fees included.




Bubbles

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Re: Another Lendmark Financial Case
« Reply #3 on: January 17, 2018 02:51:42 AM »
Oops.

I guess they already filed suit.

Did you respond via motion or answer?

And if responding via answer, did you include any counterclaims and/or affirmative defenses?

Still:

Worst case is a judgment, which is not the end of the world.

Judgments can ususally be settled for 70 percent or less.

Tax on forgiven debt is only on forgiven principle - no interest or fees included.

TradCat4Christ

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Re: Another Lendmark Financial Case
« Reply #4 on: January 25, 2018 12:50:20 AM »
I did file a motion to defend myself being ignorant of the impact of the interest rate at the time. I can do a lot better dealing with a judgement and knowing what to expect every month vice trying to combat this. I greatly appreciate everyone's advice. I think all I can do is be honest about where I'm at and what I'm trying to do and let a judge work it out for me. Lendmark probably wants to avoid this but I hope I can just be humble enough to except the punishment and move on with my life. Thanks again guys