What You Need to Know About OneMain
A lot of people wonder if OneMain Financial is a bank. One Main is a consumer finance company and is not classified as a bank.
It specializes in making small consumer loans to people who can’t get normal bank loans.
Will OneMain Financial Repo My Car?
If you have an auto loan with One Main, then your car is listed as collateral for the loan. So if you don’t repay your loan on time, they can take possession of your car.
In most instances, One Main Financial will not repo your car until you are a few months behind on the payments. It varies depending on the state law.
However, in Mississippi, a car can be repossessed any time that the loan is in default. This means that car can be repossessed even if you only owe a late fee.
Will OneMain Financial Sue Me?
OneMain Financial can sue you if you do not repay your loan on time.
If you are unable to repay your loan, OneMain can file a debt collection lawsuit against you.
By suing you they are hoping to get a judgment against you. And what if they get a judgment? Then they could garnish your wages.
Can OneMain Financial Be Included in Bankruptcy Cases?
At the Rollins Law Firm our Jackson, MS bankruptcy lawyers have included OneMain Financial in hundreds of bankruptcy cases.
If you are behind on an auto loan, Chapter 13 can be filed. It will help you keep and pay off your car.
If you just want to walk away from your debt, then Chapter 7 may be a good option to eliminate the debt without paying any of it back.
If you are considering bankruptcy, please call our Jackson, MS bankruptcy lawyer for a free consultation.