Personal Finance

Help with EasyFinancial

  • Last Updated:
  • Feb 27th, 2018 1:19 pm
[OP]
Newbie
Feb 22, 2018
4 posts

Help with EasyFinancial

Hey guys,

I fell for it. I signed up, took the loan, did not pay back their loans for a long time and now they're offering a refinance.
Does anyone have experience with this? I'd love some help on what to do next and how not to get **** by my own ignorance then double **** by predatory loan sharks that work off financial ignorance.
10 replies
Member
Oct 11, 2013
202 posts
58 upvotes
Almost American
thetenbarons wrote: Hey guys,

I fell for it. I signed up, took the loan, did not pay back their loans for a long time and now they're offering a refinance.
Does anyone have experience with this? I'd love some help on what to do next and how not to get **** by my own ignorance then double **** by predatory loan sharks that work off financial ignorance.
I don't feel sorry for you, if you don't repay loans this is what happens. Negative remarks on your credit report, collections and legal actions against you which could include writ of seizure and garnishment of bank accounts or wages.

Your best option is just pay it off as soon as you can - this way you're not paying interest on the refinancing / payment plan.

Source: I own a loan company [removed link]
Last edited by Mars2012 on Feb 25th, 2018 3:40 pm, edited 1 time in total.
Reason: external link removed
Deal Fanatic
Nov 22, 2015
5792 posts
5299 upvotes
thetenbarons wrote: Hey guys,

I fell for it. I signed up, took the loan, did not pay back their loans for a long time and now they're offering a refinance.
Does anyone have experience with this? I'd love some help on what to do next and how not to get **** by my own ignorance then double **** by predatory loan sharks that work off financial ignorance.
The only way to not continue to get screwed is to pay it off in full.

Work a second/third job, live like a student, take public transit, etc., until it's all paid off.
[OP]
Newbie
Feb 22, 2018
4 posts
I will pay it off.
I'm just wondering if it's a bad idea to refinance.
Jr. Member
Feb 3, 2010
143 posts
65 upvotes
If its been 2 years they cannot legally come after your stuff unless you acknowledged the debt again. Many people get into situations when they are desperate, I know I've been there. If this has already hit collections, see if making a deal with them will work. If not try making arrangements with Easy Financial without refinancing (means more interest for them).

After 6 or 7 years this debt will fall off your credit report.

Best of luck.
[OP]
Newbie
Feb 22, 2018
4 posts
it hasn't been two years, maybe half a year at this point. they're threatening "legal action" including garnishment of wages and court summons. would you happen to know if this is something they would be able to do?
Deal Fanatic
User avatar
Aug 24, 2016
8325 posts
8940 upvotes
The Prairies
thetenbarons wrote: it hasn't been two years, maybe half a year at this point. they're threatening "legal action" including garnishment of wages and court summons. would you happen to know if this is something they would be able to do?
Absolutely.
And I’m sure they will at some point if they know you’re working and have wages to garnish.
Banned
Jul 18, 2016
2014 posts
781 upvotes
expresspotato wrote: I don't feel sorry for you, if you don't repay loans this is what happens. Negative remarks on your credit report, collections and legal actions against you which could include writ of seizure and garnishment of bank accounts or wages.

Your best option is just pay it off as soon as you can - this way you're not paying interest on the refinancing / payment plan.

Source: I own a loan company [removed link]
Stop trolling. Easy Financial and their ilk are predatory. You can have no sympathy for the OP. I have no sympathy for Easy Financial if the OP chooses to give them the middle finger. Like it or not, these institution prey on the desperate. They exploit the desperate with high interest loans that they can't really afford, hoping that they can string them along for a pile of interest.

http://www.cbc.ca/news/business/instalm ... -1.2971067

So, having said all of that, perhaps we should actually deal with the original question, and help the OP to actually deal with ( Let's admit it, OP), his foolish error in judgement for taking on one of these predatory loans.

OP, if you aren't at the point statute of limitations, you really have only two options:
1) Risk a lawsuit and choose not pay.
2) Refinance to yank it out of collections.

Who owns the debt? Which collection agency? Has the debt been sold, or is it still owned by Easy Financial and the collection agency is simply collecting on their behalf?
[OP]
Newbie
Feb 22, 2018
4 posts
thank you for replying.
at this point easy financial still owns the debt.I'm a few days away from having to make a decision. at the end of that time line they're threatening legal action.

shall I just refinance to a lower regular payment amount?
Deal Addict
User avatar
Dec 11, 2003
2424 posts
995 upvotes
Toronto
thetenbarons wrote: thank you for replying.
at this point easy financial still owns the debt.I'm a few days away from having to make a decision. at the end of that time line they're threatening legal action.

shall I just refinance to a lower regular payment amount?
The only advice I can offer is to NOT pay a lower amount. The less you pay the higher the interest you'll pay and the longer you'll end up paying. Pay as much as you can every week, 2 weeks, whatever time period. As somebody else said, try to live cheap for a while. Don't go out. Stay at home and cook. Go for walks if you're bored. Save as much money as you can and pay this debt off as fast as you can.
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"You're only as dumb as you look"
Newbie
Feb 28, 2018
1 posts
I'm there right now, and I can tell you it's ABSOLUTELY A BAD IDEA TO REFINANCE WITH THEM. They are unscrupulous and devious, and they will lock you in at 52% and you will never get the debt paid off!
I just got off the phone with the Credit Counseling Society, and they are very familiar with Easy Financial and totally understand the ways they operate.
I suggest you call them and ask what your options are.
I wish I knew what I know now before I ever turned to those crooks for help.

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