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    annk's Avatar
    annk Posts: 2, Reputation: 1
    New Member
     
    #1

    Jun 14, 2008, 11:37 AM
    Unpaid loan
    Hi,
    We had a loan(car) with HSBC that ended about 5.5 years ago. It had a $5,000 ballon payment at the end, but we only paid $2,500 then could not pay the rest and I didn't hear anything else from them till today. Was hand delivered a letter from a law office saying we owed $3,500 due in 7 days or they will commence with court proceedings.
    My question is will I have to pay the full $3,500 or might they take less? Do I have to pay it all at once within the 7 days . If they were to take this to court how long before that would happen?
    Thanks..
    annk's Avatar
    annk Posts: 2, Reputation: 1
    New Member
     
    #2

    Jun 14, 2008, 11:41 AM
    I forgot to mention Im in Ontario...
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #3

    Jun 14, 2008, 11:58 AM
    If you could write them a check, they may well accept less and the worst thing that could happen is they say no to a offer you make.

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