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What happens if you owe a lender a great deal of money but they are unable to find you until the statute of limitations is up?
The SOL regulations are sometimes misunderstood. The SOL can be used as a defense for debt(s) not being collectible. But, substantiating evidence has to be submitted to the court, an SOL IS NOT automatic. It is entirely possible that a judge will find reason to disallow an SOL defense. One instance could be the subject of this query. If the debtor deliberately avoids contact with the creditor(s), in other words "hides out." Each state enacts laws pertaining to creditor/debtor litigation. Therefore it is difficult to assess the consequences of attempting to avoid creditors w/o knowing state statutes pertaining to such action.
What else can I help you with?
What happens if your co-signer dies and you still owe money on your car loan?
If your co-signer dies and you still owe money on your car loan, you may be required to repay the remaining balance on your own. The lender may also have the option to repossess the vehicle if you are unable to make the payments. It is important to communicate with the lender and explore your options in such a situation.
What is the collateral for an auto loan and how does it work?
The collateral for an auto loan is the vehicle itself. When you take out an auto loan, the lender uses the vehicle as security in case you are unable to repay the loan. If you default on the loan, the lender can repossess the vehicle to recoup their losses.
What happens in a home foreclosure?
A housing foreclosures usually means the owner of a home has defaulted on their mortgage or has gotten seriously behind and are unable to negotiate or workout a solution with the financiers (bank or lender). In this case the bank or lender may take legal action to repossess the home and sell it. All of this takes a lot of time (6 months to a year) and must be done through the local courts. If the owner cannot work something out with lender they will be required to surrender the property and move out or face eviction. It's a painful and humiliating process. Hope this helps.
What happens in Virginia when you don't pay back your payday loan?
In Virginia, if you fail to repay a payday loan, the lender may pursue collections, which can include contacting you for payment or reporting the debt to credit bureaus, negatively impacting your credit score. Additionally, they may charge late fees and interest on the outstanding balance. If the loan remains unpaid, the lender can take legal action, potentially leading to wage garnishment or bank account levies. It's important to communicate with the lender if you're unable to pay to explore possible repayment options.
What it is accounts receivable financing?
Taking out a business loan using you accounts receivable as collateral. If your business is unable to pay the loan, the lender takes over your accounts receivableand collects from them.
What kind of cases has a 12 year statute of limitations?
Unable to address the question. ALL states have SOL's of varying lengths.
Statute of limitations in washington state?
Unable to respond with an answer. Ther are bott Criminal Law SOL's and Civil Law SOL's. And among them there are various crimes and offenses all with differing timeframes.
What is the statute of limitations for debts in the state of New York?
i have a debt that I have been unable to make a payment since 2002. It is now 7/2008, what is the statute oflimitations for debt in new york state?
What happens when you are unable to serve someone?
When you are unable to serve someone, it means that you are not able to fulfill their needs or requests at that time. This could be due to various reasons such as lack of resources, time constraints, or other limitations.
What is FL penal code 812.1350?
Unable to find any record of such a statute.
What is the statute of limitations on a ticket for driving with expired tags and no insurance in Kansas?
There is no statute of limitations on an unpaid ticket. Once your window of opportunity to pay or contest the ticket has passed (usually about 30 days), your license will be suspended. That driving record will follow you to any state and you will be unable to obtain a drivers license until the matter is cleared up.
My car's final payment is due on Jan 31st of this year what happens if I am unable to come up with the 1700 that is remaining by that date?
The contract will be in default and the lender may take steps to recover the debt owed.In such a case it is unlikely that the lender would repossess the vehicle. It would be in the best interest of the borrower to contact the lender before the due date and try to extend or refinance the loan.
What is the statute of limitations in Portsmouth va for a case to be re-opened?
Unable to answer - both civil and criminal laws have varying lengths of time - and others have no expiration at all. You must be more specific or you could call the office of the Clerk of Court who should be able to give you more specific information.
What happens if you cant reach the student to repay your loan?
If a student is unable to repay a loan, then he or she should first talk to their lender. This will give the person a better chance of reaching an agreement, rather than ignoring the payments and defaulting on the loan.
What happens if your co-signer dies and you still owe money on your car loan?
If your co-signer dies and you still owe money on your car loan, you may be required to repay the remaining balance on your own. The lender may also have the option to repossess the vehicle if you are unable to make the payments. It is important to communicate with the lender and explore your options in such a situation.
What happens when you get paralysed?
you are unable to move.
What is a deed of postponement?
Deed Of Postponement(DOP) If the customer has a mortgage with Lender 1 then this lender already has a charge at the land registry. How if the customer approaches Lender 2 for a Secured Loan, then Lender 2 should send a DOP asking Lender 1 if they agree for them to be second charge holder. This letter gives Lender 1 priority over Lender 2 when it comes to releasing the charge. IF the customer is unable to continue with the mortgage and would like to sell the house, Lender 1 will first get the proceeds that the customer owes to them and if anything is left goes to Lender 2
