Legal Question in Credit and Debt Law in Missouri
Can snapon demand that much in such a short time
My husband is a mechanic and makes his living with his tools. He has a credit agreement with Snap-On Tools. Even though he has been behind for a year, he has been making an effort to try and pay this debt. Now Snap-On says if he doesn't give them x amount of dollars by the end of January they want to repossess his tools. Can they demand such a high amount of money in such a short amount of time and expect to get it? At least he is trying to make payments. He owes approximately 3500. They want him to pay 1500 by the end of January which we do not have. thank you
1 Answer from Attorneys
Re: Can snapon demand that much in such a short time
The short answer is that Snap Op can demand anything they want. They could probably accellerate the note and demand the entire amount if they wanted to. It may not sound "fair" but the person who makes the loan usually reserves certain rights and one of those is the right to do whatever they want if you fall behind. The thinking is that if you can't come up with the money, they'd be better off taking back the tools than taking a risk on your husband selling them or otherwise disposing of them.
Your best bet is probably to get an attorney to negotiate with the creditor to see if they can take less, and often that will happen. You might also try consumer credit counselling because sometimes they can help. Barring that, you might approach a commercial lender about a loan and try to pay off the amount in that manner.
Good luck.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
