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Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 100037
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I owe $12,590.00 on a personal loan with best egg.I live in

Customer Question

I owe $12,590.00 on a personal loan with best egg.I live in South Carolina.The loan is not secure with any property.Can they take my car? I have fallen on bad times and cannot pay.I only made one payment so far.How many points will my credit score fall?
Submitted: 1 year ago.
Category: Legal
Expert:  Ely replied 1 year ago.
Hello and welcome to JustAnswer. Please note: (A) This is general information and is not legal advice. No specific course of action is proposed herein. No attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms; (B) If you receive a phone call offer while we chat, know that this is an automated test feature the site is running. Due to possible ethical issues, the site allows experts not participate in phone calls and I normally decline them. Unless the phone call offer you receive literally states "THIS OFFER IS FROM ELY" (which means I personally initiated it), please do not entertain any such offer; and (C) there may be a slight delay between your follow ups and my reply while I am typing out my answer.
I am very sorry to hear about this situation.
According to SECTION 15-41-30, an interest amount of $5,000 in a vehicle is exempt in SC, as well as other things - see here.
Ergo, they may not be able to take your vehicle.
If they get a judgment, then the judgment may affect your credit score. Unfortunately, there is no way to know exactly how much because every credit score is different, but you can ESTIMATE by logging on to www.creditkarma.com (free) which gives you your credit score, and, allows you to predict what would happen if you enter a judgment, child support, etc.
I hope this helps and clarifies. Gentle Reminder: Use the SEND or REPLY button to keep chatting, or please rate when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of the top three faces/stars and then SUBMIT, as this is how I get credit for my time with you. Rating my answer the bottom two faces/stars or failing to submit the rating does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith.
Expert:  Ely replied 1 year ago.
Thank you for your reply.
There is no need to open a new thread if you are simply responding on the same topic. That second thread was closed as a duplicate. Please reply on this if needed.
I own a car with wholesale value of $8,000.00.An old truck worth $1,000.00.An old car worth $2,000.00.My best dependable car is the $8,000.00 car.Which would they take.I do not get the $5,000.00 you spoke of?What does that mean?
It means that if the vehicle is worth $8,000, you can only protect up to $8,000 of it and if it is sold, you get the $5,000, and you get the rest. If it is worth less than $5,000, it cannot be sold.
I am not sure which of these (truck or car) would qualify as the vehicle under exception.
Gentle Reminder: Please, use the REPLY or SEND button to keep chatting, or rate positively and SUBMIT your rating when we are finished. You may always ask follow ups at no charge after rating.