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Payment Plans for Bail Bonds

Category: Strategies

Do you know that there are over 10 million arrests in the U.S. every year? A large number of the arrested people say that they got an arrest when they least expected it. The first thing that anyone thinks once they are arrested is how fast they can get out. Bail bonds are the frequent way that defendants use to regain their freedom. However, a bail bond can be too high and thus not affordable for everyone in need. Fortunately, reliable bail bondsmen in Mecklenburg County are willing to help individuals in financial need. You will need to come up with a payment plan to facilitate payments after release.

Payment Plan

Most bail bondsmen charge a certain amount of money and an extra percentage as a service fee. The service fee is mostly 15 % of the bail amount but can be different from one bondsman to another. You will need to deposit some money and then pay the rest as per your payment plan. The down payment can be money or collateral such as cars and jewelry. You will get your collateral back once you repay the bail amount in full. It is important that you inquire about all the payment details before signing a contract because the fees vary from one bail bond company to another.

Down Payment

bail bond concept

There is no general rule that dictates how much the down payment should be. The amount of money you should pay as bail is the first determinant to the down payment you should make. A large bail amount requires a large down payment. A judge considers some factors before setting a certain bail amount. The factors that will influence the down payment to make include the credit score and financial situation. Individuals ought to present proof that they are in a position to repay the bail amount in time.

Co-Signing

Like any type of loan, the credit score is a big determinant in whether they will get the bail bonds or not. Individuals with a low credit score can ask a friend or family member with a good credit score to be a co-signer. The co-signer should have a good credit score. The co-signer should also meet the other requirements that the bail bond company requires. It is not the responsibility of the co-signer to pay back the amount of money. However, when the defendant fails to make the payment, the bail bondsman contacts the co-signer. The co-signer is responsible for the defendant making the agreed payments. The co-signer must ensure that the defendant attends court hearings during the trial sessions.

Getting arrested can create a financial strain on the defendant and the family. Luckily, there is the option of getting bail bonds in Mecklenburg County from a bail bond company. Coming up with a payment plan will make the process of obtaining a bail bond easy and getting back the freedom. Bail bond companies are glad to offer financial help to individuals in need. After your release, make sure that you stick to the payment plan to build your credit score.