Legal Question in Credit and Debt Law in South Carolina

In 2008 I borrowed $800.00 from Americash loans. I lost my jaob shortly after and was unable to maintain scheduled payments. Recently they sent me a letter stating they are going to enforce the promissary note. I have been sending them twenty five dollars a month which they say is not enough to satisfy the loan ever. I do not wish to be sued. Please help me ! I need to know how to settle this issue. I just recently started a new job at minimum wage. I can not afford to pay $1600 which they now say I owe with interest.


Asked on 3/30/13, 3:45 pm

1 Answer from Attorneys
John Jackson Law Office of John A. Jackson, P.C.

Accept the fact that they will sue you and obtain a judgment against you. However, they cannot garnish your wages or seize funds from your bank account in South Carolina. The judgment will negatively affect your credit rating and be active for ten years. If you own a home the judgment will place a lien on your house for the amount of the judgment plus interest. So when you go to sell your home it will have to be paid off before you get any funds in your pocket. I would not lose any sleep over this.

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Answered on 3/30/13, 4:48 pm


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