Few things are more shocking than getting a phone call in the middle of the night letting you know a family member has been arrested and need your help getting out of prison. No one plans to help someone with bail and this is particularly true in financial matters. A bail bond can be expensive and require a significant amount of money up front, depending on the reason for the arrest. We get more info on Connecticut Bail Bonds Group Wethersfield.
If you work with a bail bondholder, they will charge a premium in exchange for agreeing to pay the bond’s full amount. The proportion is calculated as a percentage of the total value of the loan. The proportion is fixed by legislation in most jurisdictions. Of instance, bail bondsman will set the premium at 10 per cent of the total value of the bond.
Bondsmen are not permitted to charge more than this, and they can not give clients a “discount.”
So what are you doing if you need to secure a bond but don’t have the cash on hand to pay the bonus? One answer is collateral use.
This essentially gives a bondman control over a physical asset as assurance that the person receiving the bond will make all their court dates and perform all their legal obligations.
Many suppliers of qualified bail bond programs may allow equity to cover the cost of a bail bond fee instead of monetary payment. However, because you work directly with the court system to pay for parole, a judge might also require the defendant to use assets rather than money to cover bail.
When you deal with a bondholder and plan to use leverage instead of currency, it is up to the bondholder to decide what is suitable as collateral. Bondsman will generally prefer to receive something that has a value that is at least 150 per cent of the bond’s total value. This is because if an individual skips bail, the bondsman must be able to sell the object that has been placed up as collateral to offset his missing bond and also pay his time and effort in selling the collateral.
Which kinds of products might be used as collateral? Once, it’s up to the bond dealer but can use virtually anything that has interest. The most common items used as collateral are: Property (such as a house) Car Recreational Vehicles In such cases, the bondsman will ask you to put the pink slip or deed in their trust. This does not give them ownership but, if the bond agreement is broken, allows them to take ownership of the item. Smaller items such as jewelry, art, or collectables can also be used as collateral; in such cases, the bondsman may request that the item be kept physically until the relevant court case reaches a conclusion.