 I loaned some one money to buy a boat. This person failed to meet the requirements of the contract. what can i |
| My boyfriends son needed money for the purchase of a boat. I loand him the money and made up a contract with him for repayment . the boat was put up as colateral and I have a lien on the boat. He has ... |
|
 How do you manage your credit cards? |
| Just wondering how some people handle there high credit cards amount in order to lower them w/out consolidating! I only have one credit card and the dollar amount really isn't that high it'... |
|
 A credit card for a 13 year old? |
| What do you suggest? I'm going to DC in April and I'm bringing a credit card (If I could find one). My parents said I should bring that and cash, because we need to pay for everything thats ... |
|
 What can i do to make my credit report better? |
| recently i lost my job and had financial troubles. eventually it led to a cell phone, and one credit card company refering me to a collection agency. now i know it will be on my report for 7 years, ... |
|
 Please Answer!!!! Help!?!?!? |
| Wells-Fargo is threatening to garnish my wages concerning a credit card I haven't paid in awhile. I haven't had the money and they have threatened to garnish my wages. Can they do that???... |
|
 Cant pay credit card debt? |
I used to live in the UK and moved to US 3 months ago.
My plans didnt work out well and Im bankrupt, I dont have any debts here and can afford just to live on my earning but Im in debth to ... |
|
 Are there any good sites where I can check my credit? |
| I got different credit scores from 2 different sites, why is this? if anyone knows of any good sites post them here, I would appreciate it, thanks.... |
|
 Is it better to negotiate charge off amounts with creditors or pay in full? |
| should i negotiate a discount? or pay in full? whats better for my credit report/ does it matteR?... |
|
 I want to improve my credit but all my debt is at least 3 years old and all in collections. What to do? |
| My credit score is currently 570 and I want to improve it but because my debt is all in collections and they are all at least 3 years old I don't know what to do.... |
|
 Credit card problems? |
| i tried to order something through Paypal (which i do all the time), but the transaction didn't go through and it said that my card was denied by my credit card issuer. I didn't cancel my ... |
|
 Is there a way to get your money from someone who borrowed your credit card? |
| I let my friend use my credit card to charge something, he said he was going to pay it right back in a couple of days, or he could put the limit right back on my Visa with his Visa. But since I let ... |
|
 I have a 1 year old debt, does credit get worse the longer I don't pay? |
| I'm currently 20 and about a year ago had to visit the hospital due to an ear problem. The bill is approx 2,500 and I have yet to pay it. I have no other form of credit history that I am aware ... |
|
 Which is the best credit card to get?? |
| I dont know much about credit cards...help please. I have the student visa from bank of america but i want another one.... |
|
 Credit card? |
| Is there any problem if we'll not pay the bill of credit card. Or, If we'll go for settlement, they keep the details as defaulter or, wht? plz advice....... |
|
 Can I get a used car loan? |
| I just turned 18 last week. I have been driving a 1988 Ford Escort for a year and a half. I paid $500 for this car so I am not sure if it is even applicaple for a trade in. I think it is time to ... |
|
|  |
Crystal W | Whats the worst that could happen if I dont pay off a bank loan? |
My ex-husband took out a bank loan in my name (with my consent) and now that we are divorced I am obligated to pay it and I dont have any money to spare I am living paycheck to paycheck working two jobs. He also left me with $6,000 in credit card debt. does anyone have any suggestions and whats the worst that could happen? and how long before my credit is good again? |
 |
 
trigam41
 |
If it's an unsecured loan, then you'll simply be harrassed by the lender and the collection agencies. It will also show on your credit that you did not pay for a loan.
If it's secured, they can take whatever collateral you used to secure it (house, car, first-born, etc).
I would recomend calling the bank. Tell them you are divorced and are having a very difficult time paying it. They may be able to work out a payment plan that's an easier burden to bear.
You really don't want your credit to suffer too bad or you won't be able to get another loan. You may not be in the market for another loan now, but what if your washer/dryer crap out and you need to rent-to-own a set. What if your car craps out and you need to get to work? You'll need to be able to borrow money for any big expense that you may not be expecting (especially if you are living pay-check to pay-check).
Good luck.
BTW, the United States does not jail people for un-paid debts. Ignore that guy.
The answer below is wrong, too. Wages are only garnished for Alimony or Child Support. |
|
jynxx25
 |
If you do not pay it, is will go to collections. You do not want a collection agent harassing you. Even through there are laws that are setting boundaries of what a collection agency can and cannot do, some agents are not aware of those laws. I still hear stories of debt collectors call at all ends of the day and at the person’s work, which is now illegal. However, if you plan to take them to court, the process will not more swiftly.
I hate to say this, but you are stuck with the debt. It might be best to seek other alternatives such as family assistance, cutting back expenses, or rearranging your financial lifestyle to pay the debt. |
|
jacob m
 |
Theres really nothing you can do but sue him for the money and your credit will pretty well be destroyed for life and depending on how you worked the loan the bank could possibly come take your car or house or something of that nature so i'd reccomend paying the loan |
|
davidg32
 |
The bank (or their agent) can come and repossess whatever you put up as collateral. Also, they can garnishee your wages...and can ruin your credit.
Contact Consumer Credit Counseling and talk with them...they're a non-profit credit counseling agency who might can help you. (Make sure you've got the right one...there are a lot of for-profit companies out there using similar names.)
Good luck! |
|
BJC
|
what was used for collateral? cuz whatever you used, they will come and take it away and sell it to pay off your debt... |
|
osteoguy
 |
There are several bad things that will happen.
Your credit will be trashed for 7 years.
They will repossess the property securing the loan (probably the car) and sell it.
You will be lliable for the remaining debt, or ALL the debt if the loan is NOT secured.
If you do not pay the loan, you will be taken to court. There will be a judgement entered against you and an order from the court to pay the debt. If you do not pay the debt after getting a court order to do so, you CAN be put in jail, despite the ignorant comment to the contrary.
The judgement will be put on your credit report, and THAT will stay there for TEN years.
You should have had your lawyer put in the divorce affadavit that these debts were HIS responsibility. In the meantime, all you can do is sue him and try your best to pay them. Perhaps start looking for a second or better-paying job. |
|
Misha
|
Find out if your state is a marital property state. If it is, then he is required to pay half of everything regardless of the fact that it's your name on it.
7 years after you start repayments that are on time, then your credit will be able to be good again. |
|
michboo
|
To be perfectly honest with you, the worst would and probably will be, the need to file bankruptcy. Your credit will be at the lowest for 5 to 7 years. Sorry to hear of you dilemma.
Good luck |
|
designerista
|
They will not leave you alone for sure. It will stay on your credit record for 7 years AFTER and IF you settle with the bank.
Is his name at all on the loan or credit cards? You can take him to court for half at least if he is on there.
I know that sucks... but all it is going to do is rack up interest and then when you do settle you will be paying even more. It will also hurt your chances of getting a car or home loan in the future.
It wont be easy to get rid of it... but best of luck. |
|
joe m
|
What is the worst that can happen? A judgement will be awarded against you and your name will be tarnished for 7 years. It's my understanding wage garnishment is not permitted in Texas (but check with a lawyer anyhow) so your earnings are safe.
Same thing on the credit cards, but if their individual balances (including the loan) don't exceed $3500, the law suit (judgement) probably won't be filed.
But the delinquent accounts, will have the same effect as a judgement, and no more.
It would be helpful if I knew the balances. |
|
JustAsking
|
The worst that could happen is jail, but that's not likely. Next worst is seizure of your assets - cash and property. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
12 | 29 minutes(s) ago
| | | |
8 | 33 minutes(s) ago
| | | |
12 | 39 minutes(s) ago
| | | |
11 | 56 minutes(s) ago
| | | |
11 | 3 hour(s) ago
| | | |
11 | 6 hour(s) ago
| | | |
10 | 7 hour(s) ago
| | | |
11 | 8 hour(s) ago
| | | |
11 | 1 day(s) ago
| | | |
11 | 2 day(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
