What will happen if I have a loan and I missed payments because I didn't have the money? 7 Answers as of January 23, 2014

My job isn't paying like it used to.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Meister & McCracken Law Firm, PLLC | Joanne M. McCracken
The creditor can sue you for the balance owed, get a judgment possibly and then take steps to collect including garnishing your wages. You may wish to speak with a qualified bankruptcy attorney to explore your options and possible remedies.
Answer Applies to: Arkansas
Replied: 1/23/2014
Kirby G. Moss PC | Kirby G. Moss
The creditor can attempt to collect the amounts due. Best to contact them to try and work something out before it gets to that.
Answer Applies to: Indiana
Replied: 1/23/2014
Musilli Brennan Associates PLLC
Musilli Brennan Associates PLLC | John F Brennan
Lot's of bad things, you credit rating will go down and if you get late enough your loan will be declared in default, you will be sued and collection action taken against you. If you need relief the best place to start is with the creditor seeking more favorable terms.
Answer Applies to: Michigan
Replied: 1/23/2014
Westgate Law
Westgate Law | Justin Harelik
You should let the lender know right away that you can't pay. They might be willing to let you miss a few months or reduce the payment. If they don't, the account will be charged off in 120 days and sent to collection agencies. Those agencies will call you until you set up a payment plan. It is possible for you to sued for not paying.
Answer Applies to: California
Replied: 1/23/2014
Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
They can sue you or repossess any collateral.
Answer Applies to: Illinois
Replied: 1/23/2014
Click to View More Answers: