Debtnightmare
Oct 13, 2009, 11:51 AM
Took out a $2,500 loan with Beneficial of Florida in 2002. I know I have paid the principal of this loan three times but the 26 percent interest, occasional late fees and insurance I cancelled but they sent a check instead (of course I used it) has made this debt a monster. They got a summary judgment against me last month. I realized it was in court records and that I hadn't showed up for a court date.
But--last week I petitioned the court to have the judgment set aside. I got a rehearing so don't know if it was actually set aside or not. I told the judge as soon as I was informed and process served with the paper lawsuit, I had contacted Beneficial requesting a complete accounting for this case--payments, late fees, interest, and details about insurance I elected and then later cancelled. Instead of cancelling the insurance, Ben. Sent me a check for what the insurance would have cost and added it to the loan balance. I understand if they did indeed add interest to the insurance amount--it was illegal.
Still too soon to see if they follow the judge's orders to send me the full accounting. But, I think if they fail to do so then the case will be dismissed??
Does anyone know about the interest/insurance issue?
I told the judge the 26 percent interest was usurious and he said well--you signed it. It's financial slavery. I stopped making payments in April 2007 because of my husband's terminal illness and subsequent death. Now I'm a single mother. I know the Statute of Limitations in Florida is for five years from the last date of payment so I can't use that defense. I know they can't garnish my wages and my daughter's social security because my wages are too low and SS is exempt. But, I own a time share which is actually leined to another debt collector when they are ready to take it. The only other property that may be in jeopardy is a car someone gave us as a gift when my husband died. The car is worth about $9,000. I live in Florida and they can force the sale of any vehicle worth more than $1,000.
Please help.
But--last week I petitioned the court to have the judgment set aside. I got a rehearing so don't know if it was actually set aside or not. I told the judge as soon as I was informed and process served with the paper lawsuit, I had contacted Beneficial requesting a complete accounting for this case--payments, late fees, interest, and details about insurance I elected and then later cancelled. Instead of cancelling the insurance, Ben. Sent me a check for what the insurance would have cost and added it to the loan balance. I understand if they did indeed add interest to the insurance amount--it was illegal.
Still too soon to see if they follow the judge's orders to send me the full accounting. But, I think if they fail to do so then the case will be dismissed??
Does anyone know about the interest/insurance issue?
I told the judge the 26 percent interest was usurious and he said well--you signed it. It's financial slavery. I stopped making payments in April 2007 because of my husband's terminal illness and subsequent death. Now I'm a single mother. I know the Statute of Limitations in Florida is for five years from the last date of payment so I can't use that defense. I know they can't garnish my wages and my daughter's social security because my wages are too low and SS is exempt. But, I own a time share which is actually leined to another debt collector when they are ready to take it. The only other property that may be in jeopardy is a car someone gave us as a gift when my husband died. The car is worth about $9,000. I live in Florida and they can force the sale of any vehicle worth more than $1,000.
Please help.