Florida  |  Credit and Debt Law

Legal Question

Asked on: 6/29/13, 5:57 pm

I live in Florida and have a installment loan through Western Sky which was immediately sold to CashCall. This Loan Agreement is subject solely to the exclusive laws and jurisdiction of the Cheyenne River Sioux Tribe, Cheyenne River Indian Reservation. I believe it was drawn on a bank in Delaware. My loan was for 2600.00. The interest rate is 135%. I have paid about 4100.00 so far. The balance I owe is 2535.00 plus any daily interest accrued. Am I just stuck or do I have options

Thanks

1 Answer


Answered on: 6/30/13, 12:46 pm by Steven Meyer

The interest rate is very high. It would be an illegal interest rate in Florida, but may well be legal under the terms of the agreement (because either the Tribal law applies or a different state's law applies).

You may want to consider filing for bankruptcy, which would probably wipe out this debt and any other debts such as credit cards and medical bills.


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