what would happen to me?

Question

i took out 2 loans with different banks 7months ago and cant afford to pay them back. i have now run away from the problem 4 times as these banks have payed to get a private investigator to get me. i was told by the investigator that hes filling a case against me in court and it dont look good for me to keep running. i no longer have an account with these banks. these loans are huge.

what will happen to me if he catches up with me.

no sarcasm and horrid comments as i know i have done wrong and if it wasnt for my kids i'd have giving myself in. i also have a warrent out for my arreat over this.

Answer 1

If you keep running you wil probably end up in prison which would be worse for your kids. The best thing to do would be to get professional help (try citizens advice bureaux) and advice on how to sort out your finances.

It is in the bank's interest to work out a repayment scheme rather than send you to prison as they want their money back. Get in touch with them asap. They will be tough but only because they have had to chase you.

You need to do this for your kids and yourself.

Answer 2

try contacting one of those places that talk to the creditors for you. They might even know how to deal with the warrents.
If they don't, then make a list of questions you have to ask a lawyer. Actually write them down. Most lawyers let you call for the first 1/2 hour for a consult. When that time is up then call another lawyer. keep calling different ones till you get your answers filled. Write down any lawyers that you felt comfortable talking to just in case you need to get one. Then after that you will know if you need a lawyer. I'm not sure if the credit handlers will deal with that. I would say no. DO THIS. You don't want your kids to see you go to jail. Do you? Get a job at a factory and learn to like it. Factories usually pay pretty good and have fairly decent benefits. Then go to a food store and get a part time job. Or even at a drug store. Work a store so that if they have super sales or super markdowns you can save on food. Even if the food is damaged. If you know it's safe and still edible you are right there and can ask for it. Don't be shy. It's called getting by. Watch the coupons at the store and tell yourself that you can only buy things if they are food. Nothing else. If you get these jobs then if you DO end up in court then you can at least say that you got 2 jobs to try and catch up. There isn't much more you can do. Sell some of your possessions if you have to. Learn to scrap metal. Go out on garbage night and take the metal off of old appliances and stuff that people are throwing away. It's good for at least $50 bucks if you do it right. A truck load will pay around $100 or so. Call the local scrap metal place and ask their prices. Copper pays real well but is hard to find. As long as you pay something then you should be ok. but you have to get the credit place to lower the payments. Good luck. Your in for a long long haul.

Answer 3

Is there no way that you could work out a small repayment with the bank just now. I know of people who have done this with credit cards etc and they pay about £10 a week towards it.

Are you sure it isnt a court summons that they have out for you not an arrest warrant?

Good luck - i'm sorry that you have got yourself into this state but it is better to face up to it than run away from it.

Answer 4

Well, the PI was hired to serve your papers to appear in court. If you didn't go then thats why the warrant is out for your arrest. If you would have retained a lawyer by your court date, then the lawyer would have contacted the banks & you wouldnt have to run. But the loans are your responsibility, so I think you need to own up! & what are you teaching your kids by running away from your problems?? You should hire a lawyer & turn yourself in before the hole you're in gets a lot deeper.

Answer 5

If there is a warrant out for your arrest, I suggest you turn yourself in TODAY. Turning yourself in looks a lot better to a judge than having the cops have to track you down.

As for the debts, you may want to consider filing Chapter 11 Bankruptcy. That will remove the requirement for you to repay the debts, but it will nuke your credit rating for the next 7 years.

Private Investigators have a tendency to "over-exaggerate" (spelled L-I-E) in order to get people to do what they want them to do; I know, I was a PI for a year and got out of it because I hated having to do that. Tell the PI to go $%(@ himself.

Can't express how important and serious it is that you find out the truth about that warrant, though...and if you do have that much debt, I'd VERY seriously consider filing bankruptcy.

Good luck!

Answer 6

They'll probably just annoy the hell out of you. Although it is against the law to take out a loan that you know you're not going to be able to pay. It's like bouncing a check you know is going to bounce. It's your life, and you're screwing it up by not paying for it. You may get nothing out of it except a huge interest rate and a bunch of annoying mail from debt collectors.

I am not 100% sure since I do not have this problem, but I have friends who dropped out of college, either that or never started to pay on college loans, and all they get is a bunch of crap from collection agencies in the mail.

Answer 7

Sorry I don't have a finite answer for you, however citizens advice can help and from experience i can tell you that the relief you get from confronting this will feel so very much better than anything you feel now, I love the saying that "if you want to make God laugh, tell him your plans" Sh*t happens in life, it doesn't make you a bad man, really hope you find some peace and get on top of things. Best wishes Hang on, it will improve if you get pro-active.

Answer 8

If you're UK, go and see Citizens Advice Bereau. They're really helpful. They tell you the steps to take and will advise. Good luck! From the day you start looking after your finances you'll start to sleep better again. I ran for 10 years before sorting my finances out. I have a seven year plan, but no one's knocking on my door anymore.

If you're USA get a lawyer. Everyone's gonna sue your *** then you can all go to therapy together

Answer 9

i hope you have payment protection plan if so call them they should pay it for you and deal the case, that will be the best option and that is what they are for you.

Tell the bank you can't pay and they will some times increase the time to reduce the payments or give a break for your payments for few months and then start again

Good Luck

Kittu

Answer 10

I don't understand why they have warrants out for you. I could see why they would hound you for the money, but not the warrants. Anyway, the longer that you run the harder it will be for it to be straightened out. I would definitely consult a lawyer if I were you. Can you not claim bankruptcy?