had my car taken i owe 7,800 on the debt how would you sugge

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shellzangels4

Joined: 10 Nov 2009
shellzangels4's page
Posts: 2

38 Magic Points

Subject: had my car taken i owe 7,800 on the debt how would you sugge

Tue Nov 10, 2009 8:10 pm

went it went to auction and now the collectors say i owe on the rest balance... should i pay it on payments with them or put it on a low interest card. I am worried about my monthly payment since I have no job.

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 605

89 Magic Points

Tue Nov 10, 2009 9:57 pm

I believe since the debt is with them. I would sit up payments with them. Just tell them your situation and they should work with you. I almost had this done to me once and after they told me they could sell my car for 500 and I would be stuck with the rest. I decided to work out something with them then. I made the payments until I sold the car. Then I paid them off. I think it is dirty how they can get by with this.

fireyone

Joined: 26 Feb 2008
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Posts: 4493

8662 Magic Points

Tue Nov 10, 2009 11:19 pm

shellzangels4 , I just read your other post and I thought this was what you were asking.
My husband and I went through this many years age. When a bank repos a car they take it to the auction and try to get as much out of it as they can. Usually you are left with some remaining amount. We were.Unfortunatley this will show on your credit record for years to come. What you need to do is try and get payment arrangements on the remaining amount. Some banks will give you time to get on your feet. Ours did and did not start our repayment plan for a few months. They settled for a low amount that we agreed to and promised to apy more as we could.
They probaly will come after you for the remaining amount so you need to get this taken care of asap. You do not want them to sheriff sale your things.

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