okay see my boyfreind is a really bad pill addict(were gettn him help) so i took out a couple loans(about 10) to help him get by... well he was working and making really good money but he quit his job... well all the loans are due and i dont have the money to pay the places... so should i get another big loan to tryn pay the loans off... or should i close my bank account and make payments to the places when i get the money?? im scared to close the account though because i dont want to be taken to jail!!! please give me advice... and no rude comments please!!! i know what i did was stupid but its hard to sit there and watch the person you love go through so much pain... i seriously dont know what to do!!! heeeeeeeelllllllllppppppppp!!!! <3
2007-07-27 07:48:04 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
thanks for all your answers... i am going to tryn pay them off, but im wondering can they take me to jail?? im so scared... im only 19 so i dont want to file bankrupcy... and i really really dont want to go to jail!!!!
2007-07-27 08:08:30 · update #1
it really depends on how much money were talking, but by the sonds of it... its alot.
there are many agencies that specialized in consalodating debt and they could problably help you
or
bankruptcy is always an option, however you would need a lawyer and go to court and that will ruin your credit for 7 to 10 years (depending on your state)
or
you could just try to explain your situation to who you got the loans from and try to make an arragement for payments that you can live with
but
no matter what you choose to do (or when you decide) make an attempt to pay all of them (even if it is $5 a month) because then it will be much harder for them to file suits against you, garnish your wages, or harass you because it shows an attept to pay and that you are trying to take care of it
and
in most states it is illeagsl for creditors to bother you at work or at home after 9 PM (some states its 6 PM) and they are not supposed to call your personal cell phone (assuming that is not the only phone number they have for you)
good luck, everything will be okay
2007-07-27 08:02:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Unfortunately there really is not much you can for this other than try to make payments or file for bankruptcy. You could get another loan to satisfy the others, but you probably wouldn't qualify based on the fact thqt you can't make these other payments. I would contact an attorney and/or unaffiliated credit counselor and see what advice they ahve to offer.
2007-07-27 14:59:20 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
If you can't make the loan payments after rent, food, and other mandatory expenses, you need to negotiate with your creditors so that you can afford the payments or file for bankruptcy protection.
As for jail, we don't have debtors prisons. Any action they take will be financial unless you do something really stupid like hit them, threaten them, or act in contempt of court.
-->Adam
2007-07-27 14:53:31 · answer #3 · answered by great_and_mighty_adam_levine 4 · 1⤊ 0⤋
Call a Bankruptcy Attorney.
10 loans = no light at the end of the tunnel.
2007-07-27 14:59:07 · answer #4 · answered by Feeling Mutual 7 · 0⤊ 0⤋