Re: Installment Loan

Posted by Why Chat (209.240.198.61) on October 15, 2002 at 16:47:23:

In Reply to: Re: Installment Loan posted by JD on October 15, 2002 at 11:41:00:

If they go to a collection agency you can send them a cease and desist letter. They must stop all collection activity except to file a lawsuit.

If they do file,you will get a default judgment (or 2) against you.

If you have a good paying job, you will get wage garnishment, if you have more than $2,500 equity in your car (based on WHOLESALE value,which is about 70% of the Kelly Blue Book trade in value) they can seize that and sell it at auction.If you have more than a few hundred $$ in a bank account in your own name individually, they might garnish that.

However, if as I assume, you are struggling and your credit report reflects it, they likely will not file, as they won't want to waste their efforts.

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