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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Consumer Protection Law
Satisfied Customers: 16264
Experience:  Experienced Licensed Attorney
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I stupidly got 2 high interest loans with lending club and

Customer Question

Hi, i stupidly got 2 high interest loans with lending club and prosper. I can't get any debt consolidation help because i filed for chapter 7 almost 2 years ago
JA: What state are you in? And has anything been officially filed?
Customer: i can't afford the almost 1200 a month on these 2 loans
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: am still struggling to make the payments am scared to stop payments because of garnishment
Submitted: 12 days ago.
Category: Consumer Protection Law
Customer: replied 12 days ago.
I am in New york State
Customer: replied 12 days ago.
Both loans are through Web bank based in Utah
Customer: replied 12 days ago.
Customer: replied 12 days ago.
I am not trying to stop payments i would just like to have smaller and more affordable
Expert:  Alex J. Esq. replied 12 days ago.

Hello. My name is Alex.
Thank you for your question.
I will be happy to provide you with information you are seeking for educational purposes only.

Do you have a legal question that I can answer for you about the situation you have described in your post?

Customer: replied 12 days ago.
Can they garnish my wages if I stop making payments
Customer: replied 12 days ago.
No thanks. I just need an answer.
Expert:  Alex J. Esq. replied 12 days ago.

Thank you for your follow up.

Yes. If the borrower defaults on a loan(s), then the attorneys for the loan company can file a lawsuit and obtain a judgment.

Once court judgment is obtained, the judgment debtor would be able to garnish up to 25% of the wages and also garnish bank accounts or other financial assets, as well as levy (seize) and motor vehicles owned by debtor and also place a lien on any real estate property owner by the judgment debtor.

I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide customers with correct answers, even when answer is not favorable to the customer.

I wish you the best of luck and God bless you!

Expert:  Alex J. Esq. replied 12 days ago.

Please let me know if you have any related follow up questions?
If not, please positively rate and accept my answer, so I can be compensated for my work.
Thank you.

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