Hello
I have a SBA loan from last 7 years. I paid for first 5 years. From last 2 years I stop making any payment towards my loan.
The bank who gave me the loan through SBA they got the judgment against me last year.
Now they gave all the paper work to SBA for loan collection. The SBA gave paper work to Department of Treasury for loan collection. The Department of Treasury gave paper work to collection agency for loan collection. The collection agency want all money right now or they need big down payment and then they will make monthly payment. Collection agency told me that they can hold or they can get all my tax refund money. They can also seize my bank a/c and locker or any where I have money.
So in this case what can I do. My business is very slow. I barely making living. I don't want to loose my business or house. How can I deal with this situation.
So please let me know and give me some advise.
Thanks

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Originally Posted by hpvp1234

The collection agency want all money right now or they need big down payment and then they will make monthly payment.

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Hello h:

Everything they said they can do to you, they CAN do to you. IF they're willing to accept a payment plan, I'd do everything in my power to make that happen. It's much better than a judgment. With a judgment, they can make your life miserable, as though it isn't miserable enough.

excon