Too many Seattle residents fall victim to the usurious terms of payday loans. These short-term, high interest loans can land consumers in even more financial hot water than they were before.
While there are provisions in place to protect consumers from predatory practices, the proliferation of Internet payday loans has caused more collection headaches for Washington residents. Although they are illegal in the state, residents continue to be victimized. Because they are illegally contracted in the first place, the lenders have no legal rights to pursue repayment. However, that doesn’t mean that they won’t employ every technique at their disposal to shake down debtors until they are bone dry.
If you are being intimidated or harassed about a payday loan, you do have options. You can contact the state Department of Financial Institutions and file a complaint. You can also seek the counsel of a Seattle bankruptcy attorney. At the Law Office of Ruth Nelson, we work with our clients to assure that they select the best options available to them to help them get out of their financial dilemmas.
We understand that bankruptcy is often a scary thing for consumers to contemplate filing, but sometimes it is the best financial decision they can make. Deciding to file for personal bankruptcy can clear the slate and allow consumers to start over fresh with a clearer understanding of how to budget and live within their means.
Predatory lenders may tell you that your loan debts will not be discharged in a bankruptcy proceeding, but this is not true. Seattle debtors can indeed have these loans discharged. Credit counseling can help those in dept learn financial tactics that will make these loans unnecessary in the future.
Contact us to discuss your debt options and move toward a brighter financial future in 2015.