Legal Question in Consumer Law in Illinois

penalties on contract delinquincy

baught car for adult son in wife's name(carin his name,I think).he stopped making pymts(unknown to me 'till now).car cost+penalties+interest at $25K. too much to pay. can I get relief thru law,other than bankruptcy? can make pymts(small) with elimination of penalties & some interest? underserious threats now & need to know what to do!! both me & wife work.her son, not mine. thank you,--joe


Asked on 8/12/03, 5:02 pm

4 Answers from Attorneys
Robert Harlib Robert S. Harlib, Attorney At Law

Re: penalties on contract delinquincy

Your option is to work out a payment plan with the loan company

Read more
Answered on 8/16/03, 9:46 am
Thaddeus Hunt Law Offices of Thaddeus Hunt

Re: penalties on contract delinquincy

Sorry to hear about your situation. based upon the information you provided it seems that you are "on the hook" for the debt. It may be possible to work out something with the creditor. However, depending on your overall financial situation bankruptcy would certainly be an option.

Very truly yours,

Thaddeus J. Hunt, Esq.

(312) 236-9906

Read more
Answered on 8/13/03, 12:26 am
Mary McDonagh McDonagh-Faherty Law Offices

Re: penalties on contract delinquincy

Firstly, you must pay the debt - once you signed the loan papers, you were stuck. The only compromise is with the loan company - call them up and work out a payment plan. Most will allow it. Secondly, you could try to sue your son and his wife under a contract theory to make them liable to you.

Read more
Answered on 8/13/03, 8:49 am
Dennis VanDerGinst VanDerGinst, Roche & Westensee, Ltd.

Re: penalties on contract delinquincy

We are in receipt of your e-mail of 08/12/03. Unfortunately, our caseload at this time is such that we would be unable to devote the attention to your case that it deserves and must decline representation. We do, however, appreciate your interest in our firm.

Read more
Answered on 8/13/03, 2:18 pm


Related Questions & Answers

More Consumer Law questions and answers in Illinois