It feels like every time a massive star lands in a new league, the entire economy of the sport shifts overnight. I worry we're heading toward a bubble where the actual game gets buried under massive commercial deals. Do you think this kind of sudden influx of cash actually helps the sport long-term, or is it just a temporary spike?
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Wage garnishments and collections
in Law ·
Hi everyone, I'm joining the forum because I'm facing a serious issue. I'm hoping someone here might be able to help me out. 😉
fadedpuma3 is acting as a co-signer for a 🙂personal loan at $23333—it had an 84-month term with monthly payments of roughly $387. My friend took this out on March 14, 2006. The first payment was due March 31, 2006, and the final one was March 31, 2013. During that period, the bank sent me notices as the co-signer about once a year (debt notices on March 28, 2011, and the last demand for payment to the co-signer—terminating the loan agreement—on January 31, 2013). Then, on April 24, 2013, a notary filed a proposal for garnishment based on a credible document—specifically, a promissory note including a consent for wage garnishment, either partially or in full. I filed an objection to that proposal (sent May 6, 2013) because I am disputing the amounts. The underlying document is flawed; it fails to list the creditor and debtor, and doesn't specify the subject, type, scope, or timing of the financial obligation. Furthermore, we are contesting the collection costs and attorney fees, as the promissory note itself is invalid because it lacks the borrower's address.
After I spent those few days constantly calling my friend—the actual borrower—urging her to pay, she finally worked out a payment plan with the bank. A representative from the bank emailed me to confirm that an agreement was reached with their attorney to hold off on garnishing my accounts, provided they proceed with the garnishment against the borrower's account instead.
The amounts they are claiming against me are listed generally as follows:
Principal balance - $15365 🙂
Regular interest - $4654
Statutory interest - $3401 🙂
If it isn't too much trouble, could you please offer some advice?
Is there any statute of limitations on specific missed loan installments?
Since the garnishment is currently paused, is there a possibility that other overdue installments could eventually expire under the statute of limitations?
Can I negotiate a settlement with the bank if the borrower fails to make payments?
The borrower moved away without notifying the bank, so the notices were sent to her old address. However, every time a notice arrived, I called her, and she would speak with the bank and promise them she would pay. 🙂 She is now living with her parents and has two minor children. Can the bank attempt to collect from her parents, or perhaps place a lien on property she might inherit later (which she’ll have to share with her sister)? I want to prevent a situation where her parents transfer property to her son once he turns 18—he's about 10 now, I think.
Her parents own an apartment in Chicago and a house in Florida, and they rent out the Chicago apartment (I actually have confirmation from the tenants that they've been renting it since 2009). As for her, I suspect she's working under the table and might even be receiving social services since she's divorced.
And do you have any general advice on what I should do if she stops paying this loan?
Is there a way to prove all of this in court? If so, how? Who can provide official documentation regarding everything I know?
On another note, I started my own small business in late 2007 and took out an auto loan in August 2007 that expires in July 2014. Could they garnish my car or my business assets?
🙂 Desperate co-signer, fadedpuma3 😠
fadedpuma3 is acting as a co-signer for a 🙂personal loan at $23333—it had an 84-month term with monthly payments of roughly $387. My friend took this out on March 14, 2006. The first payment was due March 31, 2006, and the final one was March 31, 2013. During that period, the bank sent me notices as the co-signer about once a year (debt notices on March 28, 2011, and the last demand for payment to the co-signer—terminating the loan agreement—on January 31, 2013). Then, on April 24, 2013, a notary filed a proposal for garnishment based on a credible document—specifically, a promissory note including a consent for wage garnishment, either partially or in full. I filed an objection to that proposal (sent May 6, 2013) because I am disputing the amounts. The underlying document is flawed; it fails to list the creditor and debtor, and doesn't specify the subject, type, scope, or timing of the financial obligation. Furthermore, we are contesting the collection costs and attorney fees, as the promissory note itself is invalid because it lacks the borrower's address.
After I spent those few days constantly calling my friend—the actual borrower—urging her to pay, she finally worked out a payment plan with the bank. A representative from the bank emailed me to confirm that an agreement was reached with their attorney to hold off on garnishing my accounts, provided they proceed with the garnishment against the borrower's account instead.
The amounts they are claiming against me are listed generally as follows:
Principal balance - $15365 🙂
Regular interest - $4654
Statutory interest - $3401 🙂
If it isn't too much trouble, could you please offer some advice?
Is there any statute of limitations on specific missed loan installments?
Since the garnishment is currently paused, is there a possibility that other overdue installments could eventually expire under the statute of limitations?
Can I negotiate a settlement with the bank if the borrower fails to make payments?
The borrower moved away without notifying the bank, so the notices were sent to her old address. However, every time a notice arrived, I called her, and she would speak with the bank and promise them she would pay. 🙂 She is now living with her parents and has two minor children. Can the bank attempt to collect from her parents, or perhaps place a lien on property she might inherit later (which she’ll have to share with her sister)? I want to prevent a situation where her parents transfer property to her son once he turns 18—he's about 10 now, I think.
Her parents own an apartment in Chicago and a house in Florida, and they rent out the Chicago apartment (I actually have confirmation from the tenants that they've been renting it since 2009). As for her, I suspect she's working under the table and might even be receiving social services since she's divorced.
And do you have any general advice on what I should do if she stops paying this loan?
Is there a way to prove all of this in court? If so, how? Who can provide official documentation regarding everything I know?
On another note, I started my own small business in late 2007 and took out an auto loan in August 2007 that expires in July 2014. Could they garnish my car or my business assets?
🙂 Desperate co-signer, fadedpuma3 😠