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oosties777 | Can unsecured loan companies make you sell investments/shares in stock market to pay back their loans? |
i am currently going through bad patch and cannot meet the repayments. i hope to be back at work soon though?! any help greatly appreciated. |
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muncie birder
|
Not without a court order, they can not. If the loan is unsecured, it is unsecured. Their recourse is limited. Mostly to harrasing phone calls. A court would be extremely unlikely to attach your shares, especially if they did not know about them. Mum is the word. |
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angie
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the best thing to do is phone the company and tell them your situation and come to an agreement of what you can afford at the moment before it becomes to much for you, you'll find most companies are ok with this and appreciate you been honest, i remember i had hire purchase on a few things years ago and was in the same situation i then phoned every one i owed money to even gas and electric and they were all ok with just a small payment as long as i was honest enough to let them know when my situation changed back to where i could resume normal payments. |
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Mahal
 |
This is US law:
The only assets that can be taken are those you put up to secure a loan. However, they can take you to court and the court can order the sherriff to collect your assets and sell them to satisfy the debt.
Personally, I'd sell the stock myself and pay, and remain in complete control of both the loan and the assets. |
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snetterton
 |
Yes, if they force you into bankruptcy. Your stocks and shares are assets which be included in your assessable wealth should you default on the loan. |
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dawn18415
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The loan is unsecured therefor the lender can not make you do anything that you do not want to do. |
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Paul
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I would suggest you to check the website http://money-review-site.com/loans.html to learn more on unsecured loans
Hope it helps
http://money-review-site.com/loans.html |
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Franco
|
Yes they can if they get a court order, but how are they going to know you have them?
Nevertheless, if you think you will be able to re-pay your creditors eventually, write to them, explain the situation and propose what you want done. They will accept, because if they drive you to bankruptcy, they will get nothing. |
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McDreamy
 |
listen to Angie...the best free advice you can get. Just remember though that the interest may keep accruing if not waived, so selling your stock maybe the prudent way to meet your obligations. |
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amronh a
 |
an unsecured loan is just that..they took your credit history into account & gave you credit UNSECURED WITH NO COLLATERAL ON YOUR SIGNATURE & THEIR FAITH on your past credit paying performance to pay. NOONE but yourself can decide to go bankrupt.
What these companies can do,and I am assuming that they are credit cards is sue you & it goes on your credit report for the next several years...I want to say between 7-10 yrs approx., IF you file bankruptcy, and have assets THEN the judge can decide to have you sell your assets to pay off the creditors.
I have gone thru bankruptcy unfortunately & know this is the case....mine were medical bills & credt cards, but nonetheless it is painful.
You need to decide to either sell the stock &pay off the creditors yourself or have bad credit |
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