How Much Does A Bail Bond Cost?
· The premium that may be charged for a bail bond is usually set by state law and ranges from 10% to 15% with some states allowing for a variable price anywhere between 10% to 15%.
· Most agencies will charge an “administrative” or “travel” fee in addition to the premium on small bonds
· The 10% fee is non-refundable
¨ If you are not able to come up with all the money at once, you should ask the Budget underwriter about a payment plan
· Discounting a Bail Bond Premium, in most states, is ILLEGAL
¨ A Bail Bond Agent and their Agency can have their Bail license revoked for discounting in addition to any adverse actions taken against the Bail Bond posted such as revocation of the bond unless the law is carefully followed
Will I need collateral?
· Most Bail Bond Companies require collateral, depending on the size of the bond and the stability of the person in jail and/or the indemnitors (Co-Signers/Guarantors) of the bond
¨ Budget has some of the most liberal underwriting practices possible while maintaining the integrity of the surety system
Some general factors are:
· Does the person in jail work, if so, what kind of work and for how long for the current employer?
· Has the person in jail ever been arrested before and if so, did they miss any of their court hearings?
· Does the person in jail own or rent their home?
· Did they (or you) settle their case and pay the entire balance with any other bail agency used in the past?
· Keep in mind that each Bail Bond Agency may look at things differently and have different requirements and conditions regarding collateral?
What Can I Do If I Cannot Obtain All of the Money I Need Right Now?
· Most Bail Bond Agencies require the full premium (10%-15% of the amount of bond(s)) up front before the bond is posted and your loved one is released from custody
¨ Budget Bail Bond Agency extends payment plans to many of it clients depending on their overall situation; simply mention to the Budget underwriter that you may need a payment plan and they will discuss the situation with you to find an acceptable solution
Other items of concern will be:
· Employment history of the defendant and indemnitors
· Length of time residing at the same address
· Whether or not your are purchasing your home or renting
· Credit history
¨ Budget does not require excellent credit, often a “moderate” credit score is sufficient for a payment plan
· When making payments, some sort of “hard” collateral will be required such as, real estate or vehicles
· Intrest will be charged
¨ Budget may “forgive” (waive) interest if all payments are received on time and all bail indemnity agreement (Contract) conditions are honored as agreed
What Questions Should I be Prepared to Answer?
● What is the full name of the person in jail along with any other names they may use?
● What is the date of birth of the person in jail?
● What is the social security number of the person in jail?
● Where does the person in jail live and for how long?
● Exact jail location and phone number where the person is being detained?
● Exact date the person was arrested?
● Nature of the charges the bonds are for?
● Total of all bonds required for release?
How Much Money
Will I Need?????