Finding yourself behind bars can be a stressful ordeal. The first thing on most people's minds would be how to get out. Bail may be your only path toward release. However, bail can get set high, and it may be an amount you can't pull together yourself. That's why so many bail bond people offer payment plans to some of their clients. If you are considering agreeing to a bail bond payment plan, it's important to understand how they work. This article will provide you with information on bail bond payment plans.
You'll Need to Get Approved for a Payment Plan
A payment plan isn't something you'll automatically get offered. You'll need to be approved for the payment plan first. That means filling out an application and providing any other relevant paperwork to the bail bond person. If they offer you a payment plan, you'll pay a down payment upfront. You'll need to pay the agreed-upon payments by the dates provided in the payment plan to remain out on bail.
The Down Payment Amount Can Vary
A bail bondsman will require a down payment that's a percentage of the bail amount and associated fees, such as 10 percent of the total. However, the amount of the down payment can be less or more than the regularly requested amount at the bail bonds person's discretion.
Credit Can Be a Big Determining Factor
Your credit score can be a determining factor in getting approved for a payment plan. Also, your employment history can come into play. If you have poor credit or unstable employment, you may need a co-signer. A co-signer is usually a family member or friend who agrees to cover the loan if you don't pay. The co-signer needs to meet the same criteria you would need to meet, if not more.
Payment Plans May Be Flexible
The bail bonds company may work out payment plans that coincide with your paychecks, making it easier to keep up with your payments. For example, if you get paid twice monthly, they can make the due dates a few days after those paydays.
You Must Make Your Payments on Time
If you're going to be late with a payment, you need to let the bail bonds person know. You could be at risk of having your bail revoked, and that would mean going back into custody. You would still owe the bail bonds person, or your co-signer would have to pay.