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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Can My Grandfather's SSDI Benefits Be Terminated If He Took Out A Loan?
My grandfather who is getting SSDI had got a loan for the amount of 650.00 dollars from money key and he did not pay them back its been a year and now he is receiving phone calls regarding the repayment of the installment loan and what the other person on the other end really upset the family . The representative from money key stated that she was going to report my grandfather for getting the loan and she stated that his benefits would be terminated for that reason. I did look up the guidelines under the loan and it clearly states that no creditor loan or credit card in not considered a loan because he did not work for it and otter key indications that it was an agreement to pay. So I our concern is can a pay day loan get your benefits taken from him.
Hi,
No, taking out a loan would have no effect on Social Security disability (SSDI) benefits. Nor can a loan company or collection agency garnish Social Security benefits to recover a missed loan repayment.
Best, Jerry
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Posted:
October 31, 2019