Legal Question in Credit and Debt Law in New York
unpaid debts
i have a loan thru Beneficial finance i am unable to pay. I haven't paid on it in close to a year. What can they do to me legally? i offered to pay 50.00 a month but they won't accept it.
Asked on 12/10/08, 6:56 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: unpaid debts
A loan is essentially a contract. If you fail to honor the terms of a contract you may be sued. The damages are the remainder sums due under the contract together with interest and, if agreed to in the contract, attorney fees.
A judgment against you will affect your credit rating. The loan company will have the opportunity to garnish 10% of your salary, or execute against assets you may have - in accordance with law.
Mike.
Answered on 12/11/08, 9:27 am
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