Found an issue on this page? Let us know and we will look into it as soon as possible.
I took out a 3000 loan with netcredit i cant pay back. how long before they sue?
Anonymous2 views4 answers
i took out the loan in OCT. made regular payments unitl Feb. then i hit some hard times and now i havent made a payment in 2 months...missed 5 payments because they take out 186 every 2 weeks ( i was not make aware of this at the time of the loan). i have kept in contact with the company, they just want their money. i can pay this off the beginning of the year but will they wait that long? i was also told by another attorney that if my loan goes into default it will stop all the intrest which is good as far as paying it off but bad for my credit. I just want this done so i can rebuild my credit after i'm done with this. this is the only debt i have left. i currently can't pay due to unforseen personal issues.
You will have to ask netcredit. Their right to sue is clear, but whether they will ever sue is pure speculation. Take a look at all of your debt. Try a legitimate consumer credit counselling agency, one which has been around a while and has a good BBB rating. If overwhelmed by debt, find a consumer bankruptcy attorney using or the link below.
There is no way to predict how long they will wait before taking legal action. It certainly doesn't hurt to try to reach an agreement with them, but what they will agree to is up to them.
Michael Christopher BurrChapter 13 Bankruptcy AttorneyChicago, IL ·
I doubt that interest will stop accruing. As far as waiting until the beginning of the year, they will need something to agree to wait. If they believe they will really get their full amount later, you have a good chance of reaching an agreement for monthly payments especially if you set up some automatic deductions. They will want some sort of proof that you will be able to pay.
Once you go into default with any creditor they have a right to sue.
In some instances in a commercial credit scenario, a creditor may sue even if you are not in default, particularly if you have a secured loan and the security is underwater, they can theoretically sue to have you cover the difference so as to avoid impairment of their collateral.
The realities are far different with a small $3000 loan. They can sue anytime they like, its America and they have that right. Everyone does.
Is it practical or feasible for them to do so? No.
If you reach out to them and ask for time till the end of the year that might trigger a lawsuit.
I would say lay low, see if there's anyway you can find the money to pay them off, and offer them a lump sum settlement to be rid of it ONCE YOU HAVE THE MONEY.
