I have a laon with Amscot in Tampa Forida. I do not have the money to pay them back.
2007-01-28 06:44:07 · 17 answers · asked by gooch44975 2 in Business & Finance ➔ Credit
They will report you to a Credit Reporting Agency and after that for 7 years everytime you try to get a loan or credit card it will pop up in your credit report and will affect wether you get the loan or not. Even if they give you a loan or a credit card the limit will be much lower.
Also if you apply for a job somewhere and they run a background check on you, it will pop up again and to a lot of employers not paying a loan means the person is irresponsible and dishonest.
I have the same problem as you and have gone through everything I mentioned above.
You will also receive a 100 phone calls a month from creditors asking when you are going to pay them back and also harrasing letters.
As for being taken to court, that depends how much you owe and 99.9% of the time they don't bother because it is very expensive to take someone to court and rulings are almost never inforced.
Ignore them if they try to scare you, it is all just talk.
2007-01-28 06:53:56 · answer #1 · answered by DECEMBER 5 · 0⤊ 0⤋
Take it from a person who just finished cleaning up her credit not even a year ago...you do not want to default on this loan. Call the company and let them know your financial situation. See if you can possibly work out a deal with them to lower your monthly payment. You may even be able to defer a few payments to give you a chance to save up a little more money. However, deferment and longer payment plans cost you more in the end. But it is worth it when you really need it.
If that doesn't work, call a consolidation company. They can help you improve your financial outlook. But be careful and check the company out first. It's always best to go with a not for profit company, that will save you money.
You don't want to just stop paying because Amscot can attach themselves to your paycheck and your income tax returns. The last thing it seems like you need is a lack of income.
2007-01-28 06:57:27 · answer #2 · answered by shawlegg 2 · 0⤊ 0⤋
First of all get ready for collection calls. Depending on the dollar amount they could turn you over to a collection agency that will only intensify the collection activities hounding you constantly for payment. You could be turned over to an attorney for further collection procedures and could either garnish wages or force you to bankruptcy. Every creditor works differently on their process. The answer really depends what the loan was used for and how much the loan was for. If that is your only debt, work things out with them. If you have have alot of debt, consider a consumer credit counseling plan for repayment. Bankruptcy might be an option but will haunt you for a long, long time.
2007-01-28 06:56:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Call them and work out a payment plan. They may be able to put a hold on your account or reset it to push back a few payments. If not, you will go into default and it will reflect on your credit report which can haunt you for 7 years. Depending on the type of loan, they can come after your property or your wages.
Just call them. They would rather collect something rather than nothing.
2007-01-28 06:47:38 · answer #4 · answered by pretty_brown_eyes 6 · 0⤊ 0⤋
Talk to them! They'll want to work out a payment plan that lets them get their money (and interest) eventually.
That said, what do you mean by "I do not have the money to pay them back"? Maybe it's time to get a better-paying job so you can pay a debt you owe. Maybe you should sell some of your posessions to pay it off. What did you spend the loan on? Sell that and pay off the loan. You are responsible for this money, don't expect to just walk off and leave them holding the bag.
2007-01-28 06:58:39 · answer #5 · answered by lee m 5 · 0⤊ 2⤋
they will send it to colections and then they will take it out of you pay checks that u get and then that is how they do that and if u have someone or something on that loan then they will go after them and then or if u put something on there like a car then they will come and get it
2007-01-28 06:49:16 · answer #6 · answered by megryanmc 3 · 0⤊ 0⤋
Pay what u can or they will garnish your employment wages.
Just write them a note and put at least so much a month in the envelope to pay them even if it is just one dollar or they could take u to court for warrant in debt.
2007-01-28 06:49:17 · answer #7 · answered by sunflare63 7 · 0⤊ 0⤋
first, if there's a lien, you could loss that. second, there could be penalties for late payments, and interest on interest coul occur. check your loan document.
the bottom line, you'd get deeper and deeper in debt.
2007-01-28 06:59:45 · answer #8 · answered by McDreamy 4 · 0⤊ 0⤋
The interest is going to pile up fast and your going to be in dept for a long long time,just try to make the minimum payment each month!
2007-01-28 06:47:10 · answer #9 · answered by molliehollie 7 · 0⤊ 0⤋
If it is secured, they will take the collateral, and if that does ot cover it, they will get a judgment for the balance and put a lien on whatever you own and maybe garnish our salary.
If not secured, they will get a judgment for the amnt you owe and put a lien on whatever you own and maybe garnish our salary.
2007-01-28 06:48:35 · answer #10 · answered by Anonymous · 0⤊ 0⤋