My boyfriend is a Vet Tech at a local animal hospital and he is paying restitution of 27k to somebody that was injured in an automobile accident 6 years ago. He is also in school to become a registered nurse. He owes 27K and he hasn't been able to come up with the payments so they put him in jail and unless we come up with the 27K he will have to sit in jail for 2 years and then come out with a judgement on his name. My QUESTION is not, should I leave the man I love, the QUESTION is how would I go about getting a loan for at least 20K with poor credit?
2007-05-02 06:30:15 · 7 answers · asked by summer123 2 in Business & Finance ➔ Careers & Employment
Family.
No bank will give it to you with 'poor credit' and no collateral. So if you don't have any relatives who can or will loan the cash...I'm afraid he will be off to jail.
2007-05-02 06:39:40 · answer #1 · answered by jw 4 · 0⤊ 0⤋
What a question!
I tried to put myself in your shoes and come up with an answer, I haven't been able to do it!
There is much I don't understand , are you saying that when he has done his 2 years the debit is clear? If so who compensates the victim?
The other point is I don't know where you are from but in the UK it would have been established by the court on how much your b/f could afford to pay monthly, why was he 'unable' to fulfil this obligation? And what ever the reason was, why didnt he inform the court at the time??
As to your actual question, there is no way you can get a loan based on the info you have given here.
I class myself as an understanding father, but if my Daughter came to me with your story there is no way I would ever 'up front' this sort of cash.
2007-05-02 15:37:58 · answer #2 · answered by budding author 7 · 0⤊ 0⤋
Family, friends and honesty.
If you can't find a family member with that kind of money, then maybe one can co-sign a note for you.
If you are open and honest with people, you may be able to get somewhere, but with poor credit and a looming lien, it will be tough.
It would probably make sense for your boyfriend to cut back on (or out of) school until this gets settled. He will have more time to earn an income and fewer education expenses to pay. The number one priority for him is to get his finances in order before they take over his (and your) life.
Develop a budget and 3-5 year plan and present them to whomever he owes the money to. Show how he is going to pay the debt and what actions you are both taking to make sure he meets the plan. Part of the plan should be adequate insurance coverage to make sure that he does not have another uninsured accident to compound the existing problems.
Good luck!
2007-05-02 13:45:31 · answer #3 · answered by JJ 5 · 0⤊ 0⤋
Its more a question of well whos fault was the accident and as a consequence he is paying a huge amount of money in compensation.
I dont think its either of those questions more a case of acceptance that he will have to go to prison for non payment and get on with it. If you can't get a loan thats just tough and he will do his time. Sorry to be harsh but he should be held responsible for what hes done and not looking for a way out
2007-05-02 13:44:14 · answer #4 · answered by Scatty 6 · 0⤊ 0⤋
There are hundreds of adverts out for loans for people with bad credit - downside is that they charge ridiculous amounts of interest, but start out with them.
Although I'd advise him to get a loan for as long a term as possible to reduce the repayments to a manageable level not you.
I know you want to help him, but it wouldn't be right for you to take on his debt as god forbid you two were ever to break up you'd be left with a huge loan to pay.
He's obviously had a repayment arrangement with the court, so if he's not able to meet now that they may even be able to reassess his finances and alter the agreement - as they definitely can't get money from him sending him to jail.
I hope you sort it all out.
2007-05-05 12:28:43 · answer #5 · answered by Agony Aunt in training 3 · 0⤊ 0⤋
Nothing quick, I can tell you that much. Tell your man to stay in jail for a few months while you come up with the money. The best I can think of is selling a bunch of stuff that are collecting dust that you both own on ebay. It'll probably ring in a few hundred dollars but it's better than nothing.
2007-05-02 13:44:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋
he belongs behind bars
2007-05-02 20:02:34 · answer #7 · answered by Dan the Man 5 · 0⤊ 0⤋