I give them 50 bucks a month...I owe out to a "car loan financer"...they insist I either get a loan (which I can't) or sell my vehicle (I need it to get to work and to move my daughter around to daycare etc.) They keep threatening to garnish my wages etc. What can I do? What can they do?
2007-09-25 10:53:29 · 5 answers · asked by Mongo 2 in Business & Finance ➔ Personal Finance
They really can't take anything from you without a court order and before that can happen, you have to be served with the lawsuit they are filing. This gives you your day in court.
You can just tell them to stop contacting you, in essence, fire them. As long as you are making payments, they really can't do anything.
2007-09-25 11:01:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I am confused. Your initial question talks about a student loan, while your additional information speaks of a car loan. Which is it. Because depending upon what you have the answer will be different.
For a school loan I advise you to call the finance company and explain your situation and they are usually accomodating if you aren't already in default. Upon going into default they do have the option to begin garnishing your wages which would be about 5%- 15% of your paycheck each check. They have the right to do this by law. They do have to notify you before they begin taking the money. They do not have to take you to court first they just do it.
If it is a car loan then the rules are very different. If the amount agreed upon is $50 there is no issue and they have no right to hassle you. However if you owe more than that per month that means with each payment made you are becoming more and more pass due. This means that they can eventually reposess your vehicle and then put the information on your credit report. Afterwards if they want they can take you to court for the rest of the amount owed.
They can't garnish your wages for a vehicle unless you have been to court and the judge states that this is the best way for them to get paid. It is rare that this occurs for a car loan.
However if this is for a student loan garnishing wages earned are very common.
2007-09-25 11:02:57 · answer #2 · answered by Flourqueen 3 · 0⤊ 0⤋
Well Mon Dongo you are really Mixed up...
you should have thought about that / think what you are doing
i think you should finish your semester put it off and go out and get a waiters job or bus boy..[fast cash]
i think it is your daughters turn not yours and if you can
not handle go to social service those children need a
mother so no girl friends what do you mean I need to get to work..You have too..!!not one but two
and as far as the Loan yes they will garnish your pay,,
and the boss might not like that,,,and then what..
you need help you have but one choice eight er your girls
and no education is worth what you plan to gain ruining your
credit any where you go for the good job they want a resume
and no where on that slip it says Charge ME,,!!
they are trying already,,,!!! forgive me ..but it is not my fault
you asked time to push yourself .cause nobody
can help you if you do not try for not only you but those that
are more important then YOU..you are not hopeless they are
2007-09-25 11:33:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
IGNORE the collectors until they repossess the car. Before they so, SELL THE CAR. You CAN find something cheaper to get you around until you get your finances in order.
2007-09-25 13:00:48 · answer #4 · answered by STEVEN F 7 · 1⤊ 0⤋
$50.00 per month is less than $2.00 per day.
If you work as a waiter for a few hours each day then you will make at least $20.00 per day in tips.
2007-09-25 11:16:40 · answer #5 · answered by Anonymous · 0⤊ 2⤋