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How can you collect on a loan when the person won't answer requests for payments?
Most personal loans made between individuals when the terms are not adhered to become matters for small claims action (depending upon the amount of the loan and the laws of the state where the defendant lives). Small claims court is a simple and relative inexpensive procedure to recover debt owed. The person owed the debt (plaintiff) must be able to prove to the judge that such a transaction occurred. In small claims court this is simple to document, as the lender only need show by a preponderance of evidence that the the funds were a loan and there was an agreement for repayment.
What else can I help you with?
How can you get out of cosigner even through you already cosigned?
Pay the loan off and then collect payments from the person you cosigned for.
Can you transfer car payments to another person?
Yes, car payments can be transferred to another person through a process called a loan assumption or a loan transfer. This typically involves the new person meeting the lender's credit requirements and agreeing to take over the responsibility for making the payments on the car loan.
Does a person get to stop making student loan payments when they turn 65?
if they have paid the loan off they do.
Can I aply for loan payments?
How can I aply for loan payments?
Can you get auto insurance under your dad if hes not on the car loan?
Yes. The leinholder (the person who has to pay the loan) and the lender (the person who receives the loan payments) is not related to the person insured to drive the vehicle.
What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
If a person defaults on mortgage payments will this affect the cosigners on their student loan?
yes
Who is responsible for payments when creditor deceased?
Normally this would fall to the Executor of the Deceased Estate. It is the responsibility of the Executor, to collect all payments and settle all debts of the Deceased. the deceased person's husband or wife.....if they weren't married then the property that the loan is for gets returned to the bank, which technically still owns it because the loan wasn't fully repaid.
Why does the REPO man take away cars?
Typically, because the person making payments failed to uphold their end of the deal. The lienholder is the rightful owner of the car until the loan for the vehicle is paid in full. Because of this, they have a right to collect their property when a loan goes into default.
Who is responsible for the car loan if they are on the top of the loan?
typically the first name on the loan is the person responsible for the payment of that account. if the first named person cant make the payments, the loan company will turn to the co-signer ( 2nd name ). if neither party makes payments the loan will go into default in which both parties will have reports on there credit history.
How does taking over payments work for a car loan or lease?
Taking over payments for a car loan or lease involves transferring the responsibility of making payments from the original borrower to a new person. This typically requires approval from the lender or leasing company, and the new person must meet their credit and financial requirements. Once approved, the new person assumes the remaining payments and ownership of the vehicle until the loan or lease term is completed.
You have a car loan can another person take over the payments?
If the loan company approves. If the loan company does not approve and transfer the loan you would still be legally responsible for the debt.
