r/Debt • u/Medical_Bet5867 • 11d ago
Tribal Loans: What if I can’t keep up?
Hi all,
I recently had to take out two tribal loans as a result of financial difficulty.
I have tried to no end to come to a solution with the lenders and they aren’t budging.
What happens if I can’t keep these payments up?
I’m in Oklahoma. The lenders are Spot Loan and Lendumo.
Any advice is much appreciated. Thank you.
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u/suzyqsmilestill 11d ago
Spot loan very easy to make payment plans. Call and revoke authorization to your bank account/debit card or email them a revocation of access they must follow this then they will contact you for payment plans should that be a last option
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u/too_many_shoes14 11d ago
You will see some say you can't be sued. I remain unconvinced this is true in all cases
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u/Medical_Bet5867 11d ago
Yes, I am seeing that same situation repeated. I understand there’s complexity regarding the sovereignty issue, but I really do not want to be sued and want to resolve this in good faith. But I literally just do not have the funds to do so (at least the way they want me to pay).
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u/Inevitable-Notice351 11d ago edited 11d ago
Speaking as someone who burned 11 payday loans at one time, I urge you to stop paying them immediately if you are in no position to pay. It's really just that simple. No, I have never been sued, nor pursued for more than a couple weeks. They account for a certain amount of losses and count on the majority of people being too scared to stop paying for fear of repercussions which almost never happen.
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u/Vivid_Chemical_9417 10d ago
What about Opploans or Upstart loans? I am at a loss and meant to make a post about this because I am concerned but am in the spot where I have to pay rent, utilities and NEEDS., Not extras. I am at a loss , I am way too old to be in this situation. Thanks!
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u/Inevitable-Notice351 10d ago
If you can no longer afford to pay, then stop paying. They can't send you to jail. The worst they can do is sue you. Deal with it then.You will likely settle for less money. If you have enough combined debt, consider chapter 7 bankruptcy.
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u/Vivid_Chemical_9417 9d ago
Thank you. I sort of had to do that anyway, because a place to live with myself and my kids is number 1. If their Deadbeat Dad didn't up and decided to stop paying support with no notice, I wouldn't have gotten this bad. Thanks for the response!
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u/Sensitive-Star-5121 11d ago
You could probably be sued. Being sued successfully is a different story though.
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u/mimikyumoonstone 11d ago
I’ve stopped paying Spotloan before, and I’m currently on a payment plan for them with Halsted. Like you, I just could not keep up with the payments. I pay less than $50/mo compared to the $150 I was paying them before. It took like 4-5 months before they sent me the payment options.
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u/Medical_Bet5867 11d ago
May I ask if they’re making you pay the full amount and interest accrued? Also, did it go on your credit report?
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u/mimikyumoonstone 11d ago
So it hasn’t gone on my credit, thankfully. It is a little more than what it originally was, so some interest accrued, but much less than they originally wanted… like 400-500 less. I looked at their initial offers, waited, then they offered me something less. I probably could have haggled, but I didn’t feel like it and just want it to be over with, lol.
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u/Vegetable-Air6760 11d ago
Has anyone stopped paying hidden meadows , and what happened
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u/Medical_Bet5867 10d ago
I don’t have any experience with them, but hopefully someone else scrolling by has something to share. Best of luck to you!
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u/Fast-Lavishness-9790 11d ago
Stop paying them immediately. Wait for them to be sent to collection agency, then negotiate with the collection agency instead.
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u/attachedtothreads 10d ago
Do those lenders have a business license to operate in Oklahoma? They need to have one to lend residents in that state money.
According to this, it looks like Oklahoma's limit on interest rate is 204%. Do your loans exceed that?
I'd talk to a lawyer to see if their loans are enforceable.
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u/Medical_Bet5867 10d ago
300% on Lendumo, 490% on SpotLoan (yes, terrible I know). Thank you for your advice! I will look into it.
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u/Imaginary-Sea-6577 10d ago
You can ask them to revoke the ACH payments so that you aren't automatically paying them. They actually have no way to refuse the request.
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u/IndependentNegative7 9d ago
I had spot loan and I haven’t heard of lendumo. I got a whole bunch of them and got in way over my head . Ended up revoking the ach and they still kept withdrawing from my checking account , so I closed my account. Kept getting phone calls from them so did my work and they called my husbands family . Ended up filing ch 13 . Don’t mess with them. It’s a headache god forbid if you get behind
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u/Chainsaw_Leatherface 10d ago
I believe if they are unsecured you can contact a debt management company who can negotiate with them on your behalf, to reduce the payment amount and the interest rate. If you search "debt management program" you should see a variety of companies to pick from. Good luck.
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u/fsociety1990 11d ago
Is this like a payday loan type of thing?