Q: 11/2020 during COVID pandemic I got a loan from loan Co and forgot I'm on disability and all I have is my house what can
They do to me I'm in Missouri
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A:
In Missouri, if you're unable to repay a loan, the lender may have several options, depending on the type of loan and the agreement you signed. It's important to first understand the terms of your loan, especially regarding default and collateral.
If the loan is secured, meaning you put up your house or other assets as collateral, the lender might have the right to seize the collateral to cover the unpaid debt. However, if it's an unsecured loan, the lender's options are generally limited to suing you for the debt.
Since you're on disability, it's crucial to understand how your income is protected. Generally, disability benefits are exempt from garnishment by most creditors. However, this protection has exceptions, so it's important to verify your specific situation.
Given the complexity of your situation, it's advisable to consult with a legal professional. They can provide guidance tailored to your circumstances, including the specifics of your loan agreement and the protection of your disability income.
Remember, communication with the lender is also key. They may be willing to work out a payment plan or offer other solutions. Being proactive can sometimes lead to more favorable outcomes.
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