Payment Plans: The Perfect Option When You Can't Afford a Bond Fee

When you have a friend who goes to jail, it's fortunate that there are bail bondsman services you can take advantage of that will allow you to come up with the money to post bail. And, as an added bonus, if you will be working with a professional bail bondsman then the courts will be more willing to accept bail. However, you are required to pay a fee, which can be as high as 15%. This might be too expensive without a payment plan.

Making Payments

With a payment plan, your payments will usually be broken up into monthly installments. You can often use several methods to make your payments, including checks, money orders, wire transfers, and several other related payment methods. Before choosing to enter into a payment agreement, discuss these options so you can make sure that you will have the means by which to make payments. Depending on the special circumstances, you might need to use a special type of payment.

Paying the Down Payment

The size of the down payment is affected by many factors, including how large the bail is, whether or not you are able to provide proof that you are able to make payments on time, your credit score, employment records and the type of living situation you have. For example, if you have a lot of additional expenses, you may need to make a larger down payment.

Using a Cosigner

If you are struggling to get your down payment lower, you may want to consider finding a cosigner. A good cosigner will need to have held a job for at least 12 months. They will usually need an open checking account and will need to earn at least $2,000 a month. The co-signer does not have to necessarily pay anything as long as the payments are made on time. The cosigner is liable for payments in the event that the defendant does not make payments on time. The cosigner also becomes responsible for making sure that the defendant shows up for hearings and the trial. 

Regardless of the situation, you can never predict if you will be approved of for a payment plan. You may need a backup plan such as putting some of your belongings up as collateral. If you offer jewelry, the deed to your house, the title to your car, or any manner of other possessions, you'll have an easier time being approved.

For more information about bail bonds, contact a company that provides bail bondsman services.