Legal Question in Credit and Debt Law in Oklahoma

Loan Company anf Collateral

I had collateral on a loan that was stolen, and the loan company is about to bringme to court for failure to pay a loan, when I had told them already that I am sick and cannot pay due to Medical Leave of Absence.

My worry is concerning trhe collateral which was stolen, and I don't have a police report for it, and have not yet told the loan company due to oversight on my behalf.

I did not file a police report because our family had just recently been involved as a witness to an incident involving the local authorities that we did not percieve as being right with regards to how the officers were acting. And also for the fact that in times past, we had gone to them for help, and they couldn't do much for us.

What will the loan company do that I don't have the collateral on a 150 dollar loan?


Asked on 4/07/03, 6:24 pm

1 Answer from Attorneys
Herb Southern The Southern Law Firm

Re: Loan Company anf Collateral

They will get a judgement against you and will garnish your work, bank account, etc.

If you make them sue you, you will owe also fees costs, atty fees, etc. You would be better off to make arrangements to pay $10 per month than go that route.

By the way, just because it was stolen does not relieve you of the duty to pay the amount. Stolen or not, you still owe the money.

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Answered on 4/08/03, 10:56 am


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