California | Banking Law
8/13/09, 2:40 pm
Legal Question
I have a loan with Household Finance Company with an extraordinary high interest, 30%, with a balance of $13,000 with is more than the balance was three years ago. Only $6 is going to Principal each month and based on this in 180 years it will be paid off. Obviously this will not ever happen.
So my question is if I stop paying what will happen? I am 62 and will start drawing SS in 3 years and the payment will be 1/4 of my Fixed Income. I want to be proactive and handle this now. They refuse to negotiate a lower interest and there is also a charge for paying down the principle of 15%.
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Read More Answered By: Larry L. Doan |
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