An arrest can be a frightening experience. Anyone’s priority after being incarcerated is to get out. However, the journey to freedom and redemption can sometimes be challenging and nearly impossible.
Investing in a bail bond is a common practice that assists defendants in escaping prison and regaining their freedom for redemption. Bail bonds can be expensive, especially for people with modest incomes.
It may be challenging to pay the bail amount, which is why bail bondsmen who provide payment plans are so popular. As a result, understanding the terms and procedures of bondsmen is crucial before agreeing to a payment plan with them.
Let’s explore these plans in detail.
What Is A Payment Plan?
An arrangement between you and the bond company that permits you to repay the bond’s cost over time rather than all at once is known as a payment plan. For people who are unable to pay the full amount at once, this plan makes bail more easy.
Types of Bail Bonds Payment Plans
For some people, this little amount can be challenging to pay.
For this reason, several bail bond agents provide their customers with payment options. Payment plans help those who may not be as financially fortunate and can reduce the burden of paying expensive fees.
Read on to uncover these bail bonds payment plans.
Determining Down Payment
There are several factors that determine the proper down payment in a given situation. First and foremost, the court’s quoted bail amount will most influence each down payment’s size.
A larger down payment will result from requesting a more considerable bail amount. Simply put, this makes sense. Judges determine the right amount of bail based on several criteria, and each case will have a different amount of bail.
However, specific facts about a defendant may also impact the amount of the down payment that they must make each month. The individual’s ability to provide timely payment can significantly affect the payment amount.
Co-Singers For Payment Plans
Credit can be crucial to obtaining a bail bond and payment schedule. To make the procedure easier, those with bad credit should consider getting a friend or relative with good credit to co-sign.
Additionally, co-signers usually have to fulfill various requirements. A co-signer must have at least twelve months of experience, an open checking account, and a monthly salary of at least $2,000.
Additionally, most bondmen will demand that co-signers be at least 21.
Co-signers in a payment plan do not have to pay a bondsman as long as the defendant they are co-signing for can pay their payments each cycle. Holding the defendant accountable for their payments is the co-signer’s responsibility. They will be responsible for any costs that the person they are co-signing with fails to make.
Beyond merely making a payment, a co-signer is also in charge of making sure the defendant appears for their court dates and trial.
Other Payment Plan Information
It is important for people to keep in mind that every payment plan is subject to approval. Approval is not assured for any party and may depend on several factors. Further collateral might still be needed to protect the entire bail sum established by the court.
Some people may not be eligible for low down payment rates if they have previously been arrested or charged outside of the nation.