Discussions

Hi everyone i need some advise please, here's the back story 2 1/2 years ago i was in a desperate place and had no other choice but to take out a loan, I've paid 3000 back of the 10,000 loan with 28.99 interest. Last month due to a accident I'm now on permanent disability and cannot any longer afford to pay the $350 a month payments.. My question is what will happen to me now that i cannot pay it? I put up my furniture as collateral but even if they take it, it's not worth much, can they take my disability money? any answers are appreciated thanks

I would suggest contacting them asap. Let them know the situation. Was there insurance being paid on the loan in case of a disability or loss of income?

WOW. Yes first call and explain to them what happened. Not knowing the loan company it's hard to say what they will do. They will likely take your furniture to start with. If you cant come up with the money then they will likely take you to court. Just don't take out another loan to pay that one off. Some people do and end up worse off. Best of luck.

Did I read that correctly? 28.9% interest? I would recommend finding a credit counsellor to help find a way to fix that. Maybe someone here would know some place you could find one. In this day and low interest climate that's a horrible interest rate.

I'm not sure if i can say the name but its citifinacial and i contacted them the only thing they said they can do is redo the loan with a longer payback which means pretty much my whole payment will go to interest and none or barely any to the principal, I know my credit will be shot but now being on disability i will never have enough to buy a car or home so im not worried about my credit, Im just worried about getting charged or them taking my income

on Ebrandon and call MNP!!!! Everyone will have an opinion here and a different story they heard from a buddy of a buddy. And if you're lucky enough to get real true life story from someone that has gone through bankruptcy or credit "counselling" that is will be THEIR story and it may be VERY different then yours might play out.  
My experience when I went bankrupt 12yrs ago due to a failed business will differ from your experience and could be different in 2017 if I had to experience it all over again with the exact same debt load and assets. Only a professional can tell you what you will or will not lose! No one here can, and to go talk to someone is free and they will tell you the full truth and law to support their finding.

what is MNP?

i don't think i can afford bankruptcy from what i read its expensive

at the bottom of the page it shows MNP you can click right on it. its an advertisement  
it is an accounting firm. located on princess ave.  
 
or hopefully this link works if u can not see it  
 
http://bankruptcy.mnpdebt.ca/d/Manitoba?utm_medium=display&utm_source=GDN&utm_content=debt_TC3&utm_campaign=DSK|MB|EN|TC3

A loan for 10,000$ at almost 30 percent interest per year means that over the term of a 3 year loan, you will be paying almost 20,000$. I was under the impression that these types of loans were no longer legal. You definitely need to contact Myers, Norris and Penny.

Meyers, Norris and Penny bankruptcy consultants.Bet way to find out your options.

I used to work with a company similar to Citi and I know how it works. The loan officers have monthly targets for insurance sales as well as loan volume. They are required by law to disclose to you if there is insurance on the loan. One of the insurances that they push on you is Loss of Job insurance. In the event that you lose your job at no fault of your own, it will make your monthly payment for you for a period of time. Read your loan documents. They love putting this on there because they tack the insurances on before charging interest on the loan. It boosts the principle loan amount to earn them more interest. MNP or BDO offer a free assessment to see if you qualify for bankruptcy.

You a PM

sara321 said "i don't think i can afford bankruptcy from what i read its expensive "

googling and go to the professionals. It is not expensive as they deduct a certain percentage based on your income and you'll probably be at the lowest percentage. I am sure there are ways to receive help for your situation as well. But like I said before ONLY a professional can help you with it. The longer you delay the longer it'll take to be free from this stress and work towards reestablishing your credit rating.  
And lets be honest, you can't afford to pay close onto 30% for a $10,000.00 loan (not many could), so a small percentage for maybe 6mths (if I remember correctly) will relieve a lot of stress.

go talk to myers. norris. penny

company doesn't care. they just want there money.

thanks everyone i sent them a email for a free consultation, i refused the insurance when i took out the loan cause it was a extra $30 a month payment, im thinking ill just have to let them sue me and take my furniture and kill my credit not much they can do after that