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Financing furniture
Okay so I am married My husband got my couches for mothers day several years ago of course threw a finance company. We borrowed 1700 and owed back over 3000 yeah I know crazy. October of 2010 my husband and I split up and he traded my couches for a coon hound. yes another stupid mistake. They have the title to my van the van broke down. not worth fixing to many problems to much money in order to get another car we had to junk the van to pay for a new car. Well August of this passed year. We quit making payments because my son was diagnosed with Adhd, Separation anxiety, and Aspergers. He requires schedules, lists lots of doctor appointments and counseling. My husband started working we barley pay the bills now. I have to stay at home with children due to daycare is to high. I made contact twsice with the fiance company the first bill because they didnt tell me id be paying over 3000 back and second when I couldnt afford to pay them any more both times i was told if you dont make your monthly payment we will be contacting the police thank you. Finally Igave up told my husband when I get my income tax we would just pay it off. well now we have a court date March 13. We are supose to get our income tax back this week. I looked on where is my refund. the amount of almost 2 thousand as been taken out off my taxes that is almost the amount I owed. a little more than I owed. QUESTION how can they take me to court to pay the money if they are taking it out of my taxes?? I dont understand why I have to go to court if i paid them threw my taxes.
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You have to go to Court or you automatically lose. Explain your situation to the Judge and say that you can only afford so much per month due to medical conditions in your family. He can possibly convince the Company to work out payment arrangements with you.
In the meantime, you need to find a part time job that you can do when your husband is at home. The time away from home responsibilities will do you good, and the money will help your family.
Oh, and a piece of advice...don't ever just stop making payments on any bill or commitment. It is a surefire way to get taken to Court. Send in SOME money, and talk to SOMEONE about why you can't pay, and what can be done.
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They're still taking you to court because they need either the full amount or regular monthly payments in order to back off. In the past, you haven't been able to sustain a monthly payment plan, so they're getting legal involvement to make sure that you do.
As for why you're having to pay back so much... here's how it works.
Let's say you're borrowing $1000. A financing company gives you one year with no payments, no interest. That year comes up and you don't pay the $1000 off entirely. Then the company will charge you back interest for that year, often at a really high rate. So all of a sudden, a loan of $1000 becomes a loan of $1200 or even $1500. This is why it's really important to read the fine print and to know that you'll be able to pay off the loan when it comes due.
Your best bet is to go to court, explain your situation and have ahead of time an amount that you can swing for payments. At one point I was dealing with a credit company while my husband and I were living on one part time income. I owed $700, but we were going into debt just keeping food on the table and a roof over our heads. I was able to talk to them and get them to settle for a lower amount and low monthly payments that I made religiously. These companies can be flexible if accepting a lower payment means that they will get their money. They may just require the backing of a court order so they know you'll make those payments.
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