I am on social security and have a representative payee. Should I be approved for a loan with no verifiable income?

Asked over 1 year ago - Nixa, MO

I have taken out a quick loan and this company, knowing I had a representative payee still approved the loan. I am having problems repaying this debt. Since I have no real verifiable income am I still responsible for repayment of this loan or are they out of luck if they try to sue me?

Attorney answers (3)

  1. Paula Brown Sinclair

    Contributor Level 20

    1

    Lawyer agrees

    Answered . You are almost certainly "collection-proof," but that won't stop "quick loan" company from harassing you with telephone payment demands and suing. You have a rep. payee because someone involved with your disability claim suspected that you could not be trusted to make financial decisions in your own best interests.

    Best wishes for an outcome you can accept, and please remember to designate a best answer.

    This answer is offered as a public service for general information only and may not be relied upon as legal advice.
  2. Clint Curtis

    Contributor Level 16

    1

    Lawyer agrees

    Answered . While you won't be able to be sued for the loan you are still responsible and it can effect your credit. Rather than just blowing off the loan and informing collection callers to not call again you may wish to contact the company that gave you the loan and work out a more equitable payment arrangement.

  3. Clifford Michael Farrell

    Contributor Level 19

    Answered . I agree with my colleagues' opinions. Being collection proof is not the same as getting out of the loan. If yoiu have any other assets, they will look for and likely find it. Depending on the amount, you may want to talk to a bankruptcy lawyer about your options.

    Good luck to you.

    The exact answers to questions like this require more information than presented. The answer(s) provided should... more

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