I joined for my brother because there must be something we can do to prevent these loan sharks from taking advantage of people desperate to survive. He put his 1996 pick-up (which he uses to haul junk) up as collateral against a $4,000 loan. He recently told me about it after paying on it for almost a year because his balance is now $4,700. So far he has paid $5,700 and still owes $4,700. I realize he should have never signed this agreement, but it’s too late for that. He has now given me permission to represent him as a 3rd party and my first inclination is to tell them to pick up the junky truck and buy my brother a new one. At least he’d have something to show for the next $5,000 he spends. I wonder if I would have any luck in small claims court (the contract has a clause preventing him from being part of a class action).
I realize some California legislation (AB 539) has been implemented against and title loans, but it’s my understanding this only applies to loans after Jan 1, 2020. I would be interested if anyone thinks I could take a stand on this to lower the pay back amount.
Interested in joining any action to prevent predatory loans, including Student Loans.