I took a loan and knew that the interest will be high. I happened to look at my statement and noticed that the principal has not dropped much. Out of a $220 payment $217 was interest. How can this be? I contacted a debt management company and they will try and work with them to bring the interest down. How are they different from predatory lenders. I realize I was in need and don't have good credit, but should they do what they want since I don't have other options. I live in Washington state and some suggested I check in with the office of attorney general.
I used my car as collateral. I called the manager to ask if they can release the title so I can sell and will put that money towards my debt. They needed $2500 and the car is only worth $1000. I tried to explain to them I have another car but no they need $2500. I have paid them for 3 years on time except when I was out on medical leave for 2 months. Would never recommend this company to anyone. Even if you are now desperate.