In 2017, law enforcement agencies across the country made 10,554,985 arrests. Many of these individuals were left in a dire situation, in jail, with no money to post bail, so they reached out to a bail bonds agency for financial assistance. If you ever find yourself in this kind of unfortunate situation, you are definitely going to have questions about how you will be paying back the money that is posted on your behalf so you can get out of jail. Here is a look at a few of those questions and the answers you need to know.
Do bail bonds companies offer payment plans?
Most bail bonds companies do offer some form of payment plan for the clients who come to them for assistance and cannot pay back the entirety of the loan amount all at one time. At a time when you may be in a financial struggle because of legal fees, restitution, and even losing your employment, having a payment plan can be extremely helpful. If you know you will not have the money to pay back the bonding agency all at once, make sure you are open with them about your financial woes and ask them what options may be available for you.
Will payments on a bail bond payment plan be expensive?
The answer to this will usually depend on how much your bond initially was. If the bond company paid a substantial amount of money to get you out of jail and they do allow a payment plan, you may have a higher payment amount, for instance. However, most bail bond companies will work with you to create a payment plan that is logical for your budget so you can actually afford the payments.
What can do if you cannot afford payback and there are no payment plans?
If you ask about payment plans and there is nothing offered by the bail bonds company, you may have a few other options. Some bail bond companies will extend the balance for an additional fee. Even if the extension is short term, it may give you enough time to come up with a solution. Another option you may consider is offering collateral in the form of personal property as a guarantee that your fees will be paid by a certain date. Of course, if you do not pay your charges by the time the term is up, you will have to forfeit your property to the bond company.