They would probably advise you that you are what is commonly called judgment proof, but the more proper term is collection proof. A creditor (including the payday loan companies) could sue you and get a judgment against you, but probably couldn't collect anything on it, so filing bankruptcy would not be necessary at this time.
Good luck. Hello, I filed my bankruptcy in Feb 2015 it was discharged in July 2015 I had 3 payday loans that were included in my bankruptcy but when i called the loan company just to personal loan in oman for expats sure that they were taken care of they said that i still owe a balance filing bankruptcy does not wipe out the debt.
what should i do. Sylvia, payday loan companies are known to lie when trying to collect on an account. If what you said is correct, those payday loans were discharged (eliminated).
What should you do. Nothing. Forget about it.
Its extra money kept in reserve to cover the monthly payments hence the term. Why do some lenders have cash-reserve requirements. In a word, risk. When borrowers have additional money saved up, they are less likely to miss their mortgage payments at least the first few payments.
They are mostly concerned about your payment ability in the short term, versus the long term. Heres why… Your lender may not keep your loan on its books for very long. They might sell it into the secondary market through Freddie Mac andor Fannie Mae (the government sponsored enterprises, or GSEs, that buy and sell bundled loans).
Your lender will charge you fees andor interest and must provide you with full disclosure of their loan terms upon approval. It is then your responsibility to read through the terms before signing your loan agreement. WHAT IF I NEED TO MAKE A LATE PAYMENT.
Late Payment penalties differ from lender to lender. Lenders may be forgiving if you contact them directly, though some may automatically add a fee if it is personal loan in oman for expats their agreement. For more information, please contact the lender directly if you have any issues repaying your loan. Please review our site for valuable information about our services. If you have further questions, we invite you to contact us at anytime.
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