You probably have heard a lot about bail bonds and how they are helping people out from being locked up in jail, but there is more to these companies than just keeping people out of jail. A bail bonds company is the entity that guarantees that if you are arrested or put into jail, you will show up for your trial. In most cases, your bail bonds company is going to need you to pay at least 10 percent of the bail balance required by a judge. In some cases, the criminal defendant may not be able to come up with the required bond to buy the bail bond either. In this instance, you may negotiate directly with the bail bonds company to work out a payment plan that is better suited to both parties, such as paying only the bail balance, leaving a small interest rate, or paying the entire bail amount in one lump sum.Visit Connecticut Bail Bonds Group for more details.
Since the bail bonds company usually buys the remaining balance at a discount, they often need to offer you a discount as well. The reason is that the money that they make their living off of is the lower the risk of getting you back into debt. If the person were to default on the payment plan, they would lose the remaining amount they had paid to the bail bonds company, and you would walk free. Since they don’t make any money until you get your bond raised, if you do not have the funds to cover the remaining amount upon your release, they won’t get anything. That is why it is always a good idea to work out a payment plan with them before you go to court.
Another good reason to use a bail bonds company is that they will typically have a payment plan that allows you to spread the cost out over time. Instead of paying the entire bail amount at once, you would spread the payment plan out to multiple dates. For example, if you were to post your bond for four months, and then post another bond for three months, you would pay the full amount each month for four months. Once the fourth month is up, you would then pay the full amount and so on. This way, you are making sure that you are not paying more than you need to, but you aren’t paying nothing, and you also are spreading out the payment so that it does not put a huge dent in your budget.