Hey,

I have had a loan with Brookwood Loans for about 12 months. I recently have fallen behind (a month) and called them to work on a lower payment. They really didnt sound interested in taking a lower payment until I get back on my feet. I offered them half of the monthly payment, but I get the impression they would rather just rack up the fees/interest and then go after a judgement against me. They also mentioned trying to go after my wages. Can they actually do that ? If they wont work with me on this and they do get a judgement what happens next ?

Any advice suggestion would be greatly appreciated.

Thanks.

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What state are you in? What they are talking about could possibly be a wage assignment BUT, you can revoke that at any time. All you would need to do is send them an email revoking any and all rights for a wage assignment you may or may not have signed. Then print it out and show the copy to your employer. That's all there is to it. A wage garnishment is different, but they would need to go to court to obtain a wage garnishment.

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I am in Florida. In the letter they sent me they said something about garnishing my wages. I didnt think that was legal (only the IRS could do that).

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Not only the IRS can garnish wages. In some states anyone who gets a court order can do it.

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I'm not sure if it's legal in FL or not but it IS legal in other states. They would need to take you to court first and get a judgment from the court first though. I believe that Brookwood loans is an installment type of loan, that would mean they do not have to follow the pdl laws. You might want to try and make some type of payment arrangements with them, ask them if they have a hardship payment plan. Click the link below to read about how another member dealt with them.
http://www.debtconsolidationcare.com...d-prosper.html

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CLICK HERE To join my Social group, The Payday-Loan-Free Advocates!

Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
CLICK HERE to find a Creditor

florida does allow for various garnishments, but this is probably as Shazzers said a wage assignment

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Thanks for all of your replies. I am going to call them and see if they are willing to take lower payments for a few months until I get back on my feet. Hopefully they will. I had been making payments on time for the last year or so.

I just want to avoid the whole court/judgement thing. That won't do me or them any good (they will spend unecessary money to file with the court). Especially if I am willing to send in something each month.

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Please do not call and speak to them before you have secured your bank account. They will tell you what ever and then go in and take everything you have and will pile up nsf fees.

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I actually faxed them a letter to stop taking debits from my account(they told me to). I told them I will mail in the payments. I dont believe they tried to take any money out. The bank account is being shut anyways.

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usually they will try to get your money . Please close the account asap

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I am taking caring of it. Hopefully they will be ok for a few months with a lower payment.

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