I finally have enough loot to start my own business, and I am a felon myself and have used bail bondsmen. However, I have never really learned the process behind how these bondsmen make money. I do know that if the person being bonded doesn't go to court that they have to pay the full amount of whatever bond they were given, and that at the time the bondsmen post bond, it is normally ten percent of the total bond. Any help is appreciated,,,
2006-11-14 03:38:48 · 8 answers · asked by Anonymous in Politics & Government ➔ Law Enforcement & Police
They make money because YOU (the criminal) pay the bondsman a certain percentage (depending upon your risk, I'd assume) of the bond that they get to keep no matter what.
2006-11-14 03:42:02 · answer #1 · answered by Perdendosi 7 · 0⤊ 0⤋
Same way insurance companies do.
Bonds work like insurance. The person getting it pays a fee, and that fee is kept by the company, whether they pay out or not.
A bond means that the person being bonded will pay a certain amount of money as a fee (in criminal context, usually 10% of the bail). The bondsman then guarantees the bail amount. Sometimes it's handled as a loan, or secured with personal property. But the basic concept is the same.
If the defendant shows up for the trial, then they are no longer out on bail. So, the bondsman doesn't have to pay out. But the bondsman still gets to keep the bond fee, just like an insurance premium payment.
2006-11-14 03:48:55 · answer #2 · answered by coragryph 7 · 1⤊ 0⤋
From a 2005 Times-Dispatch article (Virginia):
"Bondsmen make money by charging jailed clients a percentage of the bail set by a judge. A $10,000 bail, for instance, typically will yield a $1,000 payday for the bondsman who writes it. The bondsman, or his company, is then responsible for ensuring that the client shows up for court. Otherwise, he must pay the whole bail.
To operate, bondsmen need property as collateral or the backing of an insurance company."
Check the article for more information, including new rules in Virginia. Your state may have specific rules governing the bondsmen as well.
2006-11-14 03:42:30 · answer #3 · answered by Yahzmin ♥♥ 4ever 7 · 0⤊ 0⤋
You paid the bail bondsmen, lets say, $200 for a $2000 bond.
He keeps that $200.
Unless of course you don't show. That's when he looses money unless there's a reward for your no show.
2006-11-14 03:42:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the bond posted is refunded to the bondsman and it is your money that pays that bond
so on a 10,000 bond they post 10,000 which they get back and you pay them 1,000 to do this ( and as the above stated they cover their butts by holding titles in case you run - that way they still have a 1,000 profit )
2006-11-14 03:41:31 · answer #5 · answered by Anonymous · 1⤊ 0⤋
They keep the ten percent that the person pays them. It's like a really high interest loan.
2006-11-14 03:43:03 · answer #6 · answered by Shane 5 · 0⤊ 0⤋
i thought that people had to sign over like titles to cars or something like that and if they don't show up for court then the bondsman has rights to take the vehicle.
2006-11-14 03:40:46 · answer #7 · answered by my cat killed a bird 1 · 0⤊ 0⤋
they make 10% of what you borrow from them. if they post a 30K bond for you, you own them 3K.
2006-11-14 03:42:17 · answer #8 · answered by Anonymous · 0⤊ 0⤋