Legal Question in Credit and Debt Law in Georgia

Collateral Collection

I am just curious to know how long after a loan goes past due, do I have, before the debtee comes to collect collateral for the payment? I have tried to tell them I am waiting on a settlement check (for a car accident), and will pay them, but they want me to come into the office, which I can't do because I work during normal business hours. They are now calling telling my husband they need directions to where I live so they can come and collect the collateral. My loan will go 30-days past due on December 24, 2004. Thank you for all your help.


Asked on 12/13/04, 12:52 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Collateral Collection

While it is extremely stupid for a creditor to try a repossession so quickly, under most loan agreements, if you are 1 minute late, they can repossess things (we'd have to read your loan agreement to be sure). It sounds like you are talking to a low ranking person, and you may do better talking with a manager.

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Answered on 12/13/04, 1:06 pm


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