Secured Loan default

I have a loan with World Finance in TN that is in default also. I have only been receiving letters from them. At what stage of delinquency, did they threaten court to you? I am just waiting on them & several others like them to show up at my front door. Have they came to your home?

No you cannot be put in jail for any debt, period, no if no ands no buts about it. A debt is a civil matter not a criminal, so regardless of what the collectors say you will not go to debt for failure to pay a debt.

What was the security for this debt?

Both of you need to:

Send them a debt validation letter and make them prove the accuracy of the debt.

I realize I am unable to be put in jail for unpaid debt. I am concerned with them taking me to civil court over the loan. The loan is secured with household items ( TV, radio, computer ). They are the original creditor so I don't think a DV would help in this case. I have spoken with an attorney regarding Chap. 13 Bankruptcy but the cost is so high...he advised me to wait & see what actions my creditors take...It just gets scary waiting.

i hear you, they are telling me they will send me after 1 month delinquent, they dont seem to understand i do not have a job and i have a wife that i must take care of, they dont want to work they dont want to do anything. whats the legal payment of texas maybe ill just send them that?

well today i talked to world finance, and explained my situation and told him i can send 10$ on each account (wifes and myself) they stated they will not accept anything less then 125$ and that if i DO not pay by tomorrow they will get a judgement on us. What are my options?

Unfortunately, your options are limited. If you are so broke that you can't even afford bankruptcy, then you don't need to worry much if they take you to court. Part of the civil court process includes you presenting to the court a detailed layout of your expenses and income, so the creditor may be forced to accept the payment you offered anyway.

Have you surrendered the secured items? That might help slow them down, too.

they dont want the items. thats just it, because they know they are broken as i discussed when we signed the lease.

These companies will do anything to scare you into paying. They may or maynot take you to court, if they do the only thing that they can possible get is the collateral and a judgement against you. Since you live in Texas, they can not garnish your wages, which I know your unemployed right now, but they can try to garnish any bank accounts that you may have, but they have to get a judgement first. I also, live in Texas and I have issues with some Collection Agencies, I have tried to make arrangements to pay on what I can afford and they refuse and threaten to "take legal action", I have just about decided to just sit and wait and see what happens, if they sue me, they sue me, I have nothing for them to get all my debt is unsecured, if I get sued the first thing I will do is close my bank account. I don't think anyone can ever know what the best thing is to do every situation is different. This company may just be blow smoke trying to scare you, which is what they want, I know its hard but try to stay calm and rational. Just remember, you can only do what you can do, CA and OC don't like it, but if you had it to pay to begin with you wouldn't be going through this now, I dont' understand why CA and OC don't get that, but they don't. I guess they think people just magically wake up on morning and decide today is the day that I'm going to quit paying my bills. I hope everything turns out for you. You might do some searching, from what I know Texas is a debtor friendly state.

First, they have to take you to court, second the judge would have to give them judgement. All this takes time. they can't "automatically get a judgement" on you tomorrow. If they do sue you, show up in court and explain to the judge what's going on. It will be up to the judge what kind of payment arrangements baised on your specific financial situation.

so with me still unemployed and the bank account only having 1$ in it, and my wife only getting 5 hours at 7.77 an hour and them not working with us, its been 2 months now and they said they will not work anymore with us, i even tried to give them my last 60$ as a intent to pay and they will not accept it, should i just sit and let it go and see what happens? Funny thing is they dont have the correct address where i can get mail at, they have the address but not the apartment cause its not our apartment i tried to call and see if they would let me change to my grandfathers in town that they are so they can send us mail and we receive it but they wont let us change the address!!!