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Bail Bonds question


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#1 LikeLike888

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Posted 13 May 2017 - 09:01 AM

#1: If in North United States of America for example a man named Paul has a friend names Susan and Susan gets arrested and Susan has a bail bond of $1234 dollars can Paul get a $1234 loan to bail Susan out of jail?


#2: If yes to #1: can Paul for example pay the loan back in over 24 gours such as 7 days?
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#2 strike

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Posted 13 May 2017 - 09:11 AM

#1: Yes.

#2: Pretty sure yes.

 

There are places that specifically give loans for this. You would need to at least  be 18. Also obviously if this is serious you should talk to an adult.

 

-Strike

 

P.S: Also probably not take out loans : P They would suck


Edited by strike, 13 May 2017 - 09:16 AM.


#3 Timelord

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Posted 13 May 2017 - 09:51 PM

http://www.wikihow.c...Bail-Bonds-Work

 

See '5' on this page.

 

If you purchase a surety bond via a bondsman (bond broker), you effectively pay a one time non-refundable fee based on a percentage of what you are bonding. If you pay the surety bond in full directly, you will receive your funds back, as long as you meet the requirements for recovering them. This is a pretty universal principle, and applies not only to criminal conviction, but also to the handling of property, and purchase of contested property.

 

If you must take a loan, you are often looking at a higher percentage (vigourish) than the flat fee of a bondsman's bond, and are better off in the long term of working with a bondsman.

 

(When handling contested property, this is far more true, as you run a higher risk of losing your bond value.)

 

Purchasing a bondsman's surety bond is similar to paying for an insurance policy. You pay for the insurance against (n), and if the conditions of (n) are not met, the responsibility of paying the recovery cost of (n) falls to the insurer (bondsman), rather than to you. The bondsman is taking a risk for profit, and gambling that he will regain his money, and take a flat fee for the process.

 

If the bondsman is repaid 9/10 times, he will typically break even, or better.

 

You may wish to google surety bonds, and bail bonds for more information, but consider the financial risk involved. The money of your bond will not likely be refunded until due process is fully satisfied, so your funds may be tied up for months, or even years; and if you are paying interest on it, you are surely better off buying a bondsman's bond, than paying that.

 

Consider that you may need to pay 24% APR or higher, for a loan, so after a few months, the loan interest will be in excess of the bondsman's fees.

 

Usually, you only want to pay a surety bond in full if the amount is negligible, and you can afford it in full; if the duration of the bond is short, or the risk is small; or preferably, all three. If you cannot personally withstand the initial bond cost, a loan is simply not the best alternative.

 

This is my advice as someone who has worked with surety bonds on property, on many occasions. I always work with a bondsman, rather than bonding the property meself, as this places almost all legal ramifications, and settlements, on the bondsman, and relieves me of any need to worry. I find the small vig convenient, and effective.

 

Without going into details that you may not wish to discuss, what was the reason that a court mandated the surety bond for this person? Do they have a previous record of conviction, or represent some kind of flight risk? If they have an attorney, they may be able to negotiate release on their own recognisances.


Edited by ZoriaRPG, 13 May 2017 - 10:08 PM.



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