Car title loans snare victims at 300%...

Car title loans snare victims at 300% rates

There are 195 comments on the Chicago Tribune story from Jun 21, 2008, titled Car title loans snare victims at 300% rates. In it, Chicago Tribune reports that:

Rosa Mobley never imagined her debts would swell so large. There were times when the 66-year-old widow, who struggles by on Social Security and her pension as a school crossing guard in Chicago, fell behind on ...

Join the discussion below, or Read more at Chicago Tribune.

Hot Box

El Dorado Hills, CA

#138 Jun 23, 2008
Joseph Ledford wrote:
<quoted text>
Sir,
I sincerely pray you never have to suffer from multiple back operations and a staph infection which nearly claimed your life, as you would be in a bit of money issues as well, regardless of insurance. Guess what? Last time i checked Im a tax-paying American citizen as well.
Joe, are you at a library or a friend's/relative's home? If not, then how much do you pay for your internet service? While you're out on disability, shouldn't you consider cancelling all unnecessary items?

If you have not already, cancel everything that you do not absolutely need, such as cable, internet, land-line service (you can get something known as measured service, so you still have access to 911). If you have a cell phone, get rid of the land-line!

Hopefully you don't smoke because at $7 per pack, that's quite a fortune!

Stuff like that adds up, and since you're taking a hit in your income, it could really help you out of this situation. Can you take in a roommate to offset rent?

If you still can't manage, then you sound as if you would qualify for bankruptcy protection, and that would at least give you a fresh start.
Hot Box

El Dorado Hills, CA

#139 Jun 23, 2008
Joseph Ledford wrote:
<quoted text>
Hot Box,
Yes, I did have a attorney, however
he was either afraid of a large corporation (Wal-Mart was were I worked at the time) or just to busy with other larger cases to give mine the effort it required. I did wind up getting a very small settlement (I cannot say the amount, of course) but needless to say that was it. No benefits of any kind. Due to my limited insurance, the medical bills very rapidly accumulated, and thusly were submitted to collections, thereby destroying my credit. Otherwise a traditional bank would have been my first choice for a loan.
What I regrettably did was a very much last resort to prevent eviction.
My then wife and I paid our bills as follows, she paid the rent, I paid everything else. She spent ALL her rent money on medication for her (she was quite ill) however I was not aware until I had paid all utilities and other household expenses, you follow? Enter Title Cash of Bloomington/Normal.
Seriously consider filing for bankruptcy. You will be able to get the creditors off your back and your credit is already messed up, so it will not hurt you. In fact, you can then start anew.(Crap, I sound like a commercial). Medical bills are the number one cause of bankruptcy filings.

Your attorney was not a good one - Walmart has deep pockets, and a decent attorney would have been thrilled to represent you. Just because you received a settlement doesn't necessarily mean it's over. Sometimes, a really good attorney can find a way to circumvent the settlement...rare, but it can be done.
Joseph Ledford

United States

#140 Jun 23, 2008
Hot Box wrote:
<quoted text>
Joe, are you at a library or a friend's/relative's home? If not, then how much do you pay for your internet service? While you're out on disability, shouldn't you consider cancelling all unnecessary items?
If you have not already, cancel everything that you do not absolutely need, such as cable, internet, land-line service (you can get something known as measured service, so you still have access to 911). If you have a cell phone, get rid of the land-line!
Hopefully you don't smoke because at $7 per pack, that's quite a fortune!
Stuff like that adds up, and since you're taking a hit in your income, it could really help you out of this situation. Can you take in a roommate to offset rent?
If you still can't manage, then you sound as if you would qualify for bankruptcy protection, and that would at least give you a fresh start.
While I appreciate the advice, I do not drink/smoke/use street drugs. I do use a measured rate on my phone. My internet is part of how i make some money!(money earned is greater than cost of net service by a good margin) As for bankruptcy, it is in the works for Oct. 2008.
Hot Box

El Dorado Hills, CA

#141 Jun 23, 2008
Joseph Ledford wrote:
<quoted text>
While I appreciate the advice, I do not drink/smoke/use street drugs. I do use a measured rate on my phone. My internet is part of how i make some money!(money earned is greater than cost of net service by a good margin) As for bankruptcy, it is in the works for Oct. 2008.
Good for you. See, I wish the Tribune would have gone into more detail about your circumstances, because, unfortunately, there are people who take out these types of loans because they can't manage money at all. And it has nothing to do with serious medical issues or anything like that. They're just financially irresponsible.

I'm glad to hear about the bankruptcy plans - okay that sounds bad, but you know what I mean. These types of loan schemes are generally bad, though I would imagine they do help some people. It's just an enormous gamble. I do believe there will be some form of regulation, but even then, I would strongly advise people from ever, ever entering into these types of loans because they interest rates will always be ludicrous.

So, my apologies for "jumping" to conclusions, and I really wish you the best of luck.

Oh, another question, did the hospital offer to work with you to establish a payment plan? I know I've seen on my statements offers of that kind and I always wondered if that worked for people who had trouble paying their medical bills.
Joseph Ledford

United States

#142 Jun 23, 2008
Hot Box wrote:
<quoted text>
Good for you. See, I wish the Tribune would have gone into more detail about your circumstances, because, unfortunately, there are people who take out these types of loans because they can't manage money at all. And it has nothing to do with serious medical issues or anything like that. They're just financially irresponsible.
I'm glad to hear about the bankruptcy plans - okay that sounds bad, but you know what I mean. These types of loan schemes are generally bad, though I would imagine they do help some people. It's just an enormous gamble. I do believe there will be some form of regulation, but even then, I would strongly advise people from ever, ever entering into these types of loans because they interest rates will always be ludicrous.
So, my apologies for "jumping" to conclusions, and I really wish you the best of luck.
Oh, another question, did the hospital offer to work with you to establish a payment plan? I know I've seen on my statements offers of that kind and I always wondered if that worked for people who had trouble paying their medical bills.
Yes, for those who meet their qualifications and if the funds are available, they do offer charity. Even though my income level met the required criteria, my needs exceeded by far what their given limit was for assistance. I gladly accept your apology and thank-you for that. I know, it would be really hard for the Trib. to give all the detail, or their papers would be the size of novels!:o) Blessed be to you and yours, and I appologize for being rude earlier. Best to you.
Joseph Ledford

United States

#143 Jun 23, 2008
Jack wrote:
How embarrasing for a 30 yr old to have your mommy sticking up for you in a public forum
Excuse me, but I did not ask anyone to stand up for me at anytime. In fact, I would very gladly field any questions you may wish to present. Let me ask you, if your family cared about your well-being, or say, your child was being degraded, would you just sit by idly and watch the clouds float around?
Joseph Ledford

United States

#144 Jun 23, 2008
Wary Larry wrote:
<quoted text>
Yep. Bet Mr. Johnson had this guy in a headlock and wouldn"t let go until he signed. Sounds like little Joey was raised to believe that it's always somebody elses fault. Some mother.
Wow. You are by far the least intelligent person I have ever read anything by. Frankly, I'm surprised you can even read or write.You are obviously a joke and not worth further attention.
I apologize to you

United States

#145 Jun 23, 2008
Piece of cake wrote:
Hey, Joe Ledford, I am the tow truck driver sent to reposess your car. Thanks to the Tribune photo, I now know exactly where to get it as identifying your yellow garage with the white trim and side door is all I needed to get my meat hooks into your bumper. Consider it gone, dude! Thanks again, Trib!
Joe, I'm the tow truck driver. Thank you for writing your own messages to respond to others on this messsage board. I have decided I am not going to be the one to tow your car. I like you. They can get someone else for all I care. My best thoughts, wishes and prayers for you and your family. Many Blessings!
brenda carstens

Gillespie, IL

#146 Jun 24, 2008
we are trying to get these politicians off their high horses, and try to get some low intrest loans out their for people that are low income, and have disabilities. then maybe these loan sharks would be out of business!! brenda
dowant

San Francisco, CA

#148 Jun 25, 2008
You're basically calling to shut down an entire industry because a handful of people cry foul. The best way to protect people from penalties and interest rates is for the people themselves to pay back their loans, on time, as promised. All the legislation and rate caps in the world can not protect a person who manages their finances irresponsibly.
Ann Lee

Carlinville, IL

#149 Jun 25, 2008
The problem with this whole situation is greed. Sometimes people fall on hard times, and do desperate things to keep afloat. It's easy to sit back and judge when you've got your cushy job and your cushy life style. What would you do if you lost your health and as a result you were unable to work? For our lawmakers to allow sharks to take advantage of the desperate is inexcusable.
brenda

Carlinville, IL

#150 Jun 26, 2008
dear dowant, do you work for a title cash INDUSTRY!! INDUSTRY is a joke, far be it from that. any branch of manufacturing is considered an industry. Tell me what Title Cash is manufacturing, other than re-posession of cars!!
Joseph T Ledford

United States

#151 Jun 27, 2008
This is my last post on this issue. In short, yes, it admittedly was a error in judgment to put my signature in blood on the contract from the furthest reaches of hell. Note it will never happen again. To those who think these
"company's" and I use the term very loosely, should continue to extract the
people of this wonderful country, and it IS a wonderful country, taking the
very thing that allows most people to
get to work, their car. I ask you, walk to where ever you work for one day. Unless you live in a short radius I can promise you if it is snowing, thunder and lightning, you would be wishing upon a star that you had you car. Remember, whatever good you do in this world, will find its way back to you, and the same for the
ill. All of your opinions are welcome,as this is a free blog in a
free country, and I am not by far a closed minded person. People who spit venom just to release their own inner demons I will ignore. Deal with your issues, don't spread them to people who do not care, for it does you no good. I wish no ill for anyone who made any negative comments regarding my situation, and would like to thank
those who felt moved enough to speak
in a positive, effective manner. Your kindness will not be forgotten. Blessed be.
sunshine

United States

#152 Jul 4, 2008
u gotta be kidding wrote:
when one gets to the point they are getting a loan of this nature, they have to be pretty desperate. it seems to me that these same individuals are also probably at the point they qualify for public aid of some kind. so, why don't we turn these lenders into public aid information offices as well as cutting the interest rate. that would encourage them to get out of the business.
First I need to educate you about who apply for these loans, Its not just the poor its everyone and the reason I know is because I use to work for one of those loan stores in the Downtown area of Chicago and all walks of lofe get these loans so you should keep those bad comments to your self IDIOT!!!!!!!!!!
brenda

Carlinville, IL

#153 Jul 6, 2008
dear sunshine, we are quite educated on who applys for these type of loans. You are comparing apples to oranges, with public aid.
brenda

Carlinville, IL

#154 Jul 6, 2008
dear people who responded to joes comments and mine. I wish to tell everyone title cash sttled with joe, he has the title back in his possession. dear tow truck driver, they did not give joe his spare key back, said the tow company has it, hopefully it will be mailed. This key is expensive to duplicate. I hope this story has brought a greater awareness about these title loan places. There are other options, just think clearly, instead of using these loan sharks!! respectfully, brenda
Harry

Pompano Beach, FL

#155 Jul 6, 2008
Can I take out a loan on my car to go to the (hard Rock) casino here is S FL/ I heard black 14 is a lucky bet and I want to double my money. It can't miss.
brenda

Carlinville, IL

#156 Jul 6, 2008
dear Harry, that would not be a wise thing to do,he did not take out this loan for that purpose, if you would have read the whole story, u would know this!! that was a uninformed comment, you do not know the circumstances, do not judge, hopefullu you will never be in a financial predicament,that can put you over the edge!
CAS

Chicago, IL

#157 Jul 9, 2008
You are a real ignorant person.

“Death to humans!”

Since: Jul 08

A long way from here...

#158 Jul 9, 2008
Harvey Wallbanger wrote:
With apparently no regulation of this type of auto loan business, those who support the idea of getting rid of government regulation of business should be proud of the results.
I'm neither proud nor ashamed of the results. You sign on to a loan, you better be darn sure of the terms. What I am ashamed of is that Joe Q. Taxpayer will once again be asked to bail these guys out.

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