?? Security Installment Loan ??

[greywolf]

I have an installment loan with a piece of equipment listed as the security. I sold the equipment but have not paid off the loan yet. I am still making the payments. What are the legal consequences if I am unable to make the payments and have sold the collateral????

 

[presutin]

If you are unable to pay, they will come after you for the money regardless of you having the collateral or not. Try to renegotiate the debt before it gets to that point. Good Luck!