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The question as posed is impossible to answer. Different jurisdictions can impose very different rates. In addition to jurisdiction being critical to the imposition of new rates, those rates are also determined based on prior credit-worthiness, the size of the debt, the willingness of the lending institution to cooperate, collateral, co-signatories (if extant), and general economic pressures (if the rate is variable, this could result in the changing of the rate during the loan process).
The legal rate on a judgment that has replaced a defaulted loan varies depending on the location. In most cases, the rate is determined by state law and can range from a few percentage points above the prime rate to statutory rates set by each state. It is important to check the specific laws of the state where the judgment was issued to determine the applicable legal rate.
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You were a guarantor to your friend now he run away so how to settle?
If your friend has defaulted on the loan, you are responsible for repaying it. Contact your friend to discuss the situation and come up with a plan to settle the debt. If necessary, you may need to seek legal assistance or take legal action to recover the funds.
Can a cosigner on a student loan can I take signer to court?
Yes, a cosigner on a student loan can take the primary signer to court if they fail to make payments on the loan. As a cosigner, you are equally responsible for the loan and have the legal right to seek repayment through legal action if necessary. It's important to consult with a legal professional for guidance on the specific circumstances of your situation.
Can you sue a relative for unpaid loan?
Yes, you can sue a relative for an unpaid loan. It is advisable to consult with a legal professional to understand the process and implications of taking legal action against a family member. It is also important to consider the impact it may have on your relationship.
What are the laws in the state of Texas regarding car repossessions and wage garnishment for a repossession?
In Texas, a creditor can repossess a car if the loan agreement has been defaulted. However, they cannot breach the peace during the repossession process. Wage garnishment for repossession is not permitted in Texas unless the creditor sues the debtor, obtains a judgment, and then seeks a writ of garnishment.
A payday loan company garnished my wages by contacting my employer after I told my employer I didn't think they could legally do this without a judgment. Is this legal in CA What are my options?
In California, a payday loan company cannot garnish your wages without a court order or judgment. You should first check your state laws to confirm the legality and consult with an employment or consumer rights attorney. You can also file a complaint with the California Department of Business Oversight and consider contacting a credit counseling agency for assistance.
Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
Can you be garnished for the same thing twice?
If you mean for the same judgment, YES. Two judgments for the same defaulted loan, NO.
Is wage garnishment for a defaulted student loan considered an outstanding judgment?
In the US, a student loan collection company that is garnishing your wages will already have a court judgment against you. You can get out of the judgment and garnishment by consolidating your loans. Click the link at the bottom of this text box to get help with the consolidation of your loans.
If you had a co-signer for a truck loan in 2002 for which the bank held the title is it legal for the co-signer to repossess the truck after paying off the loan when you defaulted in 2005?
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Is your home in jeopardy if you cosign a car loan?
In the event the loan defaults, and the lender obtains a judgment against you, AND the judgment is also defaulted on, the lender could petition the court for an order to sieze or liquidate other real property. The likelihood of this is small, and the occurrence of it is rare, but it is possible.
What is the benefit of getting defaulted loan off of credit report versus paying off defaulted loan?
ask an asian.
Can a cosigner on your college loan sue you?
Yes, if you defaulted on the loan.
How can you register and make legal the car whose loan you defaulted on but which was never repossessed?
You'll have to pay off the bank and get the title cleared.
What does severed from a judgment meanI was severed from a judgment but it turned up again. A lawyer sent a subpeona to my job . Can i be responsible for this judgment.I was the cosigner.?
You may be held responsible for the judgment if the original borrower fails to pay. When you cosigned for the loan you were agreeing to pay it if the borrower defaulted.
What legal action can be taken with a defaulted payday loan?
The lender can sue for the amount of the loan (including interest and late fees), and any legal fees (such as court filing fees and attorney's fees). They COULD garnish wages and repo any collateral used to "get" the loan.
Can your wages be garnished in Virginia for a defaulted car loan made in North Carolina?
Yes. The lender can file a lawsuit in the debtor's state and if awarded a judgment can execute it as a wage garnishment.
