Installment loans - when can they sue?

Date: Sun, 03/20/2011 - 12:20

Submitted by anonymous
on Sun, 03/20/2011 - 12:20

Posts: 202330 Credits: [Donate]

Total Replies: 5

I have a couple of short term, very high interest installment loans that I can't get paid off. I have to go in the hospital, and with recovery time I'll be off work for at least 4 weeks. I know with credit cards you have to get pretty far behind before they charge off, but I don't know about these installment loans. They are local businesses, and I've tried talking to them but they have only said that I have no options except to make full payments on time. As soon as I get back to work I will resume payments, but I need to know if they can sue me for being one month behind. Thank you.

Your query has already been answered in this thread. http://www

Your query has already been answered in this thread.

http://www.debtconsolidationcare.com/forums/showthread.php?t=103099

Please don't create multiple threads as it becomes difficult to manage them.

lrhall41

Submitted by Good Nelly on Mon, 03/21/2011 - 03:21

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I'm sorry, I did a search and couldn't find anything. When I cli

I'm sorry, I did a search and couldn't find anything. When I click on your link, it brings me right back to this post? Can you please direct me to the answer, thank you so much. I really appreciate any help.

lrhall41

Submitted by anonymous on Mon, 03/21/2011 - 04:10

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Hi! Welcome to the forums! Quote:When I click on your link, it b

Hi!
Welcome to the forums!
Quote:

When I click on your link, it brings me right back to this post?

You are absolutely correct. I have given the wrong link by mistake. Anyway, I think I saw the same post in another thread also. This is why I requested you to not make multiple threads. I am trying to look for it.

Anyway, getting back to your query, it is true that the creditors can sue consumers for non-repayment of debts within the Statute Of Limitations period. However, normally creditors don't file lawsuit for just one missed payment. They may add interest rates, penalties, etc. on the loans. You can take out a low or 0 interest personal loan from your family to make the payment in this month. You can repay them back once you resume work.

lrhall41

Submitted by Good Nelly on Mon, 03/21/2011 - 04:18

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It's not likely they'll sue you right away. They usually call an

It's not likely they'll sue you right away. They usually call and annoy you first.

lrhall41

Submitted by OhioGal1 on Mon, 03/21/2011 - 07:34

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I'm okay with calling and annoying, I just don't want to be serv

I'm okay with calling and annoying, I just don't want to be served while recovering from surgery. Several of these local lenders have the same out of town owners, & I'm thinking about just calling the owners and asking if I have any other repayment options. I know its a long shot that they would work with me, but I wonder if the local managers even have the authority to do anything like a different payment plan.

Thanks for the responses. Borrowing from family isn't an option, or I wouldn't have these high interest loans at all.

lrhall41

Submitted by anonymous on Mon, 03/21/2011 - 12:31

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