There are about 12 million people arrested each year in the United States. Some crimes can leave a person with an outrageous bail to pay. When a person’s bail is way too high for them to pay themselves, often a bail bondsman is contacted to help out. However, even with the help of the bail bondsman, paying the 10% of the bail can be even too difficult for some. When you need help paying the bail bondsman the 10% fee, often a bail bond payment plan will be arranged. Ajua Bail Bonds will share how bail bond payment plans work in the State of California.
How Does a Bail Bond Work?
A traditional bail bond is when a person who was arrested or a family or friend seeks a bail bond from a bail bondsman or a bail bond agency to pay for the person’s release. However, you will need to pay the bail bond agency 10% of the overall bail cost as part of their fee. In the state of California, the bail bondsman keeps the 10% of the bail cost, other states can be as high as 15%. There are a number of ways you can pay a bail bondsman their 10%. You can use collateral which can be jewelry, property, vehicles cash or other valuables. However if the person paying for bail cannot provide the cash or owns anything sufficient for the collateral, this is where a bail bond payment plan can be helpful.
Does a Bail Bond have to Be Paid in Full?
Even coming up with the 10% of the bail can be hard on many people. When this occurs you can seek out a bail bond payment plan to help offset the cost. Most bail bond agencies will provide a payment plan. Each bail bond agency will vary on how they handle the payment methods, but with modern technology, you will find many will have an online payment option. Even with a payment plan, the defendant will still need to provide a down payment and the value of each payment thereafter. When determining the down payment and how much your payment will be afterward will be based on the bail amount that was determined by the judge. Another determining factor will also be based on your credit score, employment records, and the person’s living situation. The bail bond agency is often flexible and is looking to work with the person which is why payment plans can greatly vary. For a better payment plan, a bail bond agency will expect a co-signer, especially if your credit core isn’t that great. A co-signer will need to meet certain qualifications in order to co-sign. They will need good credit, have a salary of at least $2000 a month, and be 21 years old or older. Whether you need a co-signer or not, once the payment plan been has been approved, it is important to maintain your payments. In some cases collateral may be needed if the paying party is determined to be high risk.