im scared and dont know what to expect, ive not been able to make my bank payments in months,(owe about 8,000) and they want to repo my boat, they can have it, but i still cant pay so what will happen to me? can they garnish my wadges? can i be arrested? what should i do? thanks for your help.
2007-08-07 10:12:34 · 10 answers · asked by ben k 1 in Business & Finance ➔ Credit
You can't be arrested - thats debtors prison and they were done away with 100's of years ago. They will repo the boat and then they will probably sue you for the additional $$$ you owe them. Assuming they win a judgement for however much, they may be able to garnish your wages depending on the laws of the state where you live. If they can't garnish your wages they'll probably attach the judgement to any property you own (so the sell your house, for example, you'd have to pay off the debt). If you have no assets and they can't garnish your wages they'll probably have to eat the loss, but they will slash your credit report for many years to come.
2007-08-07 10:21:31 · answer #1 · answered by Slumlord 7 · 1⤊ 0⤋
The bank will repo the boat, sell it at auction, and come after you for the unpaid balance. The amount will be big enough tht they will take you to court and get a judgment. Then they will attach your bank account, garnish your wages, and/or put a lein on your house.
Have you tried to sell the boat? Even if you are upside down on your loan, you can probably sell it for more than it will bring at auction.
You really need to rethink your spending habits. Sure looks like you're living beyond your means. It's time to learn the difference between WANT and NEED.
2007-08-07 11:57:45 · answer #2 · answered by bdancer222 7 · 1⤊ 1⤋
Nothing is going to happen to you except a terrible credit score. They will repo your boat and send your account into collections but you won't go to jail and they cannot garnish your wages. They will hound you will collection call and notices and try everything to scare you into paying. Can you set up a payment plan with them? Most credit agencies want their money and will do everything they can to help.
2007-08-07 10:19:26 · answer #3 · answered by Shavon 6 · 2⤊ 0⤋
They cannot garnish your wages unless they take you to court and they win. They are probably going to take your boat, auction it, and you will still owe them whatever costs the auction does not cover.
The best thing for you to do is to call them and talk to them. You may be able to work something out with them, but if not at least they can tell you what to expect.
And don't worry, they cannot arrest you for not paying.
Good luck.
2007-08-07 10:19:45 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Call the loan company and lay it out to them. Most lenders would rather try to work out something rather than spend time and money in collections. Ensure when you call that you are speaking to your lender and NOT a call center.
Otherwise, yep... repo. For $8000 (or the value of your loan) you will be hauled into court and wage garnishment is an option.
Bill collectors are very annoying people and I would think the option of being honest is better than taking those calls.
2007-08-07 10:18:29 · answer #5 · answered by AlexAtlanta 5 · 1⤊ 2⤋
They can't garnish, they can't arrest. If the get a judgement against you they may try to get your home or other holdings you may own. If you own nothing it will just be a bad mark on your credit. Remember if they get a judgement, it can stay on your credit for as long as they want to re submit the judgement.
2007-08-07 10:17:38 · answer #6 · answered by Anonymous · 1⤊ 0⤋
You'll be pursued by collections agencies. Depends on the bank and how much money they want to put into trying to collect the debt. Doubt it though. Let it go and forget about it. Your credit is shot and nothing else that happens is going to hurt you more. Sorry that you had to get to this point and I truly hope you get yourself together.
2007-08-07 14:31:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋
are you in the U. S.? if so you cannot be arrested for bad debt. that is in our constitution but it is possible your wages can be garnished. you can also be sued but if you don't have any money, what can they get? if you own a home i would think about putting it in someone else's name. and anything else you may have of value.. good luck.
2007-08-07 10:21:07 · answer #8 · answered by Anonymous · 0⤊ 2⤋
Yes, your wages can be garnished, and yes you could (doubtful) be arrested.
Get another job and pay off your obligations.
2007-08-07 10:17:05 · answer #9 · answered by Squat1 5 · 0⤊ 5⤋
gulp , debtors prison
2007-08-07 10:16:01 · answer #10 · answered by smoothopr_2 4 · 0⤊ 6⤋