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Question
I took out a signature loan over a year ago with Mountain Loan Center and have had several issues over the last year financially.
I made arrangements with their legal department to pay make payments once a month but at the end I ran into a hardship and couldn't make the payment. Over the course of the year I have paid them 3 times what I borrowed and they are still asking me to continue to pay. I have contacted them and tried to set up arrangements to pay it off but there is never any give from them. The continue to charge me daily interest along with late fees and tell me that no matter what I do I am basically going to be paying on this forever. They tell me they cant change the due date of my payment so that I can pay it on my paydays and they tell me there is nothing they can do about the interest. What will happen if I default on this loan and let it go to collections? How long would I generally have until they try and garnish my wages?

Answer
Hello Christie:    

The first thing I would say is that you should dispel any idea you may have of paying them anything more.    Whether you take action yourself, or whether you let them make the next move, you have options available to you that are better than paying them anything -  in fact, depending on where you are located and when the loan was taken out, and when you made your last payment, you might be actually hurting your position by making any payments to them at this point.    

This would be much easier to talk about if you were to call me on the phone.  I will not charge you just to talk on the phone.   You can call me anytime you wish at this number:


Jack Hall J.D.
jackhallbk@aol.com
915  261-3893

Collections Law

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