I have over $7000 owed to me in child support and am looking for a way to borrow against it.
2006-07-13 08:30:48 · 22 answers · asked by Deann G 1 in Family & Relationships ➔ Marriage & Divorce
No you cant. In order to secure a loan you must use collateral in your possesion that you have clear title to or money in the bank. That child support that is owed to you is money you may never receive so they will not accept that. If you don't pay your loan and don't receive the child support, the loaning agency has no guarantee that they will receive their money.
2006-07-13 08:32:27 · answer #1 · answered by thematrixhazu36 5 · 1⤊ 0⤋
Really the only thing you can do is take it up with the state..if you are owed that much..the state really should have been on it already..garnishing wages and what not...unless it wasn't a court mandated child support thing...
I don't think that you can just call up somewhere and say "Hey, I haven't been paid my child support in X amount of years...Can you give me $7000 dollars and get the money from him..thanks"
I don't think it works that way.
2006-07-13 08:34:28 · answer #2 · answered by Bevin M 3 · 0⤊ 0⤋
Not usually. Perhaps some banks will loan you the money if you have a judgment filed against the person that owes you the money, or a garnishment. Most likely, most banks will run away from the loan opportunity because they know the chances of you getting your money is slim if the county and state can't get it. Good luck
2006-07-13 08:35:44 · answer #3 · answered by marks3kids 5 · 0⤊ 0⤋
No you can't. ALl you can do is hire a lawyer. Not paying child support is Contemp of Court. Of course, it will cost you about $1000 up front to go to court. The best you will get is the back $5000 plus your legal fees, and then his wages can be garnished to guarantee you get paid. But, if he doesn't have the money or a job, then the best is he will go to jail.
There are LOTS of women out there who's husbands never pay up, and there's not much that can be done.
2006-07-13 08:35:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There is no way to borrow against it. It is owed to you but not considered an income unless you receive it on a regular basis.
Good try though.
2006-07-13 08:34:24 · answer #5 · answered by 4X4 Woman 3 · 0⤊ 0⤋
You cannot borrow against what you do not have. That is not considered an asset. There is no equity in child support.
2006-07-13 08:33:57 · answer #6 · answered by Nicole C 4 · 0⤊ 0⤋
You can't borrow on back shild support but you can use an independent collection service who, for a fee, will collect the support in full and pay you once they have deducted their fees.
2006-07-13 08:34:40 · answer #7 · answered by fun_guy_otown 6 · 0⤊ 0⤋
LOL, no... be nice if you could though cuz my mom is owed over $25000 Maybe some day the government will make all these dead beat parents pay up... or spend the rest of their lives in jail....
2006-07-13 08:33:02 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Borrow 7k from the person that owes it too you. That is the only way.
2006-07-13 08:34:02 · answer #9 · answered by ed h 1 · 0⤊ 0⤋
No, it's not an asset that you borrow money against.
There is a service called supportkids.com that can help you collect for a fee. I haven't used them myself, but it's out there.
2006-07-13 08:34:03 · answer #10 · answered by lynn 5 · 0⤊ 0⤋