2006-08-30 08:08:22 · 8 answers · asked by Mandy M 1 in Local Businesses ➔ United States ➔ Other - US Local Businesses
Contact the lender and explain the situation. There may be a way to defer some of the payments or completely restructure the loan.
Good luck!
2006-08-30 10:48:39 · answer #1 · answered by Angie P. 6 · 0⤊ 0⤋
It will cause you no end of trouble in the long run. Go to your lender and explain what's going on. They will usually try to find a way to work with you. Sometimes they will give you three or four months where all you have to do is pay the interest on the payments each month. Then they move the payment to the end of the loan. The closer you are to the end of your loan payments the smaller the interest will be. They will be able to tell you what those payments will be. There are probably other ways in which they can help you. You never know till you go talk to your loan officer. Not paying will eventually have bill collectors calling you all the time and your credit getting ruined. You don't want that if you can avoid it.
2006-08-30 08:17:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-28 07:32:28 · answer #3 · answered by ? 3 · 0⤊ 0⤋
What do you think happens. First the collection letters come. Then the repeated phone calls. Then the lender turns it over to a collection agency and you get double the harassment.
****In the meantime they have reported the collection account to the credit bureaus and all of your credit card companies raised their interest rate via the "universal default clause" to 30-31%! without warning!!!
Depending on the amount owed and what you have pledged for the loan, the lawsuit comes. Tack on another 25% for the attorney's fees along with the penalties and interest.
Take everyone's advise and call the lender and make arrangements before they report a late payment to the credit bureaus. The universal default kicks in with 2 consecutive late payments.
Get a job, any job or at the very least find someone to borrow the money from until you can get back on your feet.
2006-08-30 10:34:22 · answer #4 · answered by Sam B 4 · 0⤊ 0⤋
Contact the lender first by phone, then make sure to follow up with a letter pay the extra for delivery confirmation.
Negotiate some sort of payment arrangement that you can afford and make the monthly payment. If you can't make the monthly ammount send them a check for $5.00. Save all the documents and checks
If you get hauled into court you will be able to prove that you are making a monthly payment.
When you are working, pay off the loan and request in writing a "Letter of Satisfaction" Keep it forever.
We went through a rough period, places I worked for kept going out of business. We did not pay a credit card ($1500.00). Several years passed, things got better, we went to refinance our house. The unpaid credit card was in our credit report and the mortgage lender said that we would have to pay it off from the proceeds of the refinance, which we did. We did not get a "Letter of Satisfaction" from the credit card company.
When we defaulted on the credit card, the company sold the debt to a collection agency who sold it to another collection agency, etc.
Pay attention here!
17 years later an aggresive collection agency bought the debt and filed documents with the court to sieze $12,000.00 from our bank account (interest & penalties)
We spent $2,00.00 on a lawyer to fight the seizure and did win.
We didn't do the right thing when it came to the debt and really came back to haunt us 17 years later.
Don't think they'll forget!
2006-08-30 08:36:11 · answer #5 · answered by Freddy B 2 · 0⤊ 0⤋
If you don't pay a loan on time, you are "in default". Depending on the amount of the loan the lender can take you to court, attach personal property, or future wages. Not a smart move.
If the loan is due, call them right away, send a registered letter. Tell them the situation and offer alternatives to paying.
2006-08-30 08:14:51 · answer #6 · answered by words_smith_4u 6 · 0⤊ 0⤋
The fact you are not working is not a concern for the lender. You agreed to the term for the loan and you are obligated to make the payments.
You can call the lender and ask for extentions or alternate way of payment.
The worst thing to do is not call and not make any payment.
2006-08-30 08:16:24 · answer #7 · answered by tkquestion 7 · 0⤊ 0⤋
Mandy,
My name is Mark, please call a friend of mine her name is debbi. she might be able to help you with an atty, which in this case YOU MIGHT need one. tell her mark referred you .
Debbi Carroll is her name 18664713782 or www.debbicarroll.com . good luck
2006-08-30 08:19:15 · answer #8 · answered by Mark 6 · 0⤊ 0⤋