which i'm not able to pay in full amount. i did proposed a installment scheme to repay back the loan but they insist i payback in full on the last day of my service. failing which they will engage a lawyer to recover from me. will i be sued bankrupt for this? do i have to pay for the legal fees if they really file me for bankrupcy? please advice!
My employer wants to sue me over a car loan after i resigned?
How much is the amount?
Is it reasonable that you should repay it?
If it's reasonable, you have three options:
- refinance. Get a loan from a bank on the car to pay off your employer. Then pay of the loan.
- Sell the car. If you need a car, get another, cheaper (2nd hand?) car which more suits your budget.
- Write to your employer. Plea for reason. Tell them: If they go through all the legal channels to get the money back, it will cost them both time and money. How long will it be until there is a definitive judge-approved solution? And is that a certainty? The judge might decide you have not missed a single payment and their demand is unreasonable.
Tell them that you will pay them back at $xxx each month, and that they still have the option of sending a lawyer after you if you miss one payment.
Meanwhile you should save up as much as you can for when the day comes that you have to repay. Limit your spending (clothes, electronics, christmass) to absolutely zero. Making do with what you have is an effective form of saving and is a good way to do damage control when payment day comes.
My employer wants to sue me over a car loan after i resigned?
You're not providing the most important information: what are the terms of the loan? You borrowed from your employer? Does the loan state that you must pay it back in full if you terminate employment? What is the complete story?
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