I owe approx 25k on an unsecured loan. I am unable to pay the minimum payment. I have offered the company a smaller minimum payment but the company states that's unacceptable. Due to a financial hardship/emergency (loss of a job due to job closing), my husband and I can't pay the amount that they want.

Now, we're unable to pay the minimum. We know with this amount of debt, they will send us to court eventually. In our state, there is no wage garnishment. However, we're concerned about them attaching a bank account and what the entails.

If we were to go to court, could we negotiate a payment? Right now, they will not negotiate. They offered a settlement payment, but they wanted like 4 installments of 1000+ dollars. We can't pay the minimum so of course we can't pay that. We're current on all of our other bills.

So…my questions:
*What does it mean to "Attach a bank account"?
*Can a negotiation be made eventually/settlement for lesser payment amount and/or debt amount?
*Is there any hope?

"attaching a bank account" means going into your bank account without your permission (through a court order) to get payment.

You can always try negotiating. Get some professional help with it if you can. The worst that can happen is they'll say no.

There's always hope.

(could you accept the settlement…and sell something valuable to come up with payment?)