Legal Question in Banking Law in California

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%.

Help


Asked on 8/13/09, 2:40 pm

1 Answer from Attorneys
Larry L. Doan Law Office of Larry L. Doan

There might have been predatory lending going on with a senior person. A lawsuit possibly could force them to change the terms of the loan. Please consult with a consumer-law or financial law attorney.

Read more
Answered on 8/13/09, 11:28 pm


Related Questions & Answers

More Banking Law questions and answers in California