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Tina
Tina, Lawyer
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Experience:  JD, BBA Over 25 years legal and business experience.
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I had an employee who had her car impounded due to her defaulting

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I had an employee who had her car impounded due to her defaulting with a title loan company. As her employer at the time, I agreed to loan her the money to get the vehicle out of impound. We drafted a loan agreement that stated the vehicle would be owned by my company until she had repaid the total loan amount and any interest. She would be able to use the vehicle during this time so she could get to and from work. Both parties also agreed that a set amount of money would be deducted from each of her payroll checks to pay towards the balance of the loan. Both parties agreed to try to sell the vehicle in a timely manner. If the vehicle was sold, the full loan balance and any interest would first be paid to may company; and she would keep the balance for herself. Six weeks after the loan was issued, the employee stopped showing up to work. I attempted to contact her several times and never was able to speak with her, nor did she return any of my messages. I suspect she has since sold the vehicle and I have not received repayment on the loan. She also gave me the title to the vehicle when the loan was issued, but the back has not been signed and my company is not listed as a lien holder. How would I proceed to collect this debt that is owed to me?
Submitted: 3 years ago.
Category: Legal
Expert:  Tina replied 3 years ago.

Thank you for contacting Justanswer.com. I am sorry to hear of your difficult situation.


How much does the former employee owe on the loan?
Customer: replied 3 years ago.
The original loan amount was $4,135.50 plus 8% interest. A total of $575.00 was deducted from her payroll checks so the remaining principal balance is approx $3,560 plus interest.
Expert:  Tina replied 3 years ago.
Thank you for the additional information.

I see. Since you have a signed contract, you would typically need to sue the former employee in the local state court and obtain a judgment for damages. The amount is too large for small claims court and if you are incorporated, you cannot typically sue in small claims court anyway.

It is best to retain a business or contracts law attorney to represent the company for this matter, but you do not need a large firm. A smaller firm or even a very young attorney should be able to handle this case as it appears to be very straight forward.

Once you obtain a judgment you can attach and seize bank accounts and other assets she may have.

It is probably best to get her served with a summons and not inform her that you intend to file suit since she may avoid service if she realizes you have obtained an attorney. Once served, she may be willing to negotiate a settlement to avoid litigation.

All the best to you in the New Year.

Tina

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Tina, Lawyer
Category: Legal
Satisfied Customers: 31735
Experience: JD, BBA Over 25 years legal and business experience.
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