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#3
10-28-2005, 09:53 AM
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Guest
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Sub:
loan repayment for vechile
I gave power attorney to a woman in 04. however she stop making payment in 05. I just found out and I owe aprox 7,800.00 to the loan company and the vechile has been charged off. My payments are 800.00 a month for 60 months term to end 6-07. I want to keep the vechile and get it current but don't know how to go about it. I can catch my payments up in full in 4 months. as I am able to work again starting in december of this year;
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#4
10-28-2005, 10:29 AM
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Sub:
Hi
You will have to complete your payments as the loan is co-signed with you. If the creditors don't receive payments from you regularly, they might repossess your vehicle. So, you need to be very careful on this thought. Is the other woman still responsible to pay as per the loan agreement? You might be interested in contacting her and arrange for something easier to pay the loan off. You should inform your future move to the creditors so that they don't take any actions against you all of a sudden. Get everything in written and send your letters through certified mail with return receipt requested. This will keep a proof of every contact made. Welcome to the site http://www.debtconsolidationcare.com/
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#5
10-28-2005, 10:39 AM
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Guest
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Sub:
reply to loan repayment from counselor
No the woman is not responsible for the loan agreement.I was incapacitated and unable to physically make my payments so I gave her power of attorney over my business and vechile to make all payments owed until I was able to do so again myself. what do you mean I need "to be very careful on this thought" regarding repossession? Currently, I want to pay the back payments however, I need the 4 months to do so as the bills for my business were also not paid and I have to start over.
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#6
10-28-2005, 11:32 AM
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Sub:
Since you have taken the loan and your property might be attached to it, your lenders might take legal actions if they don't receive money from you. But if you keep paying them regularly, they will be taking your move positively.
Contact your loan company and inform them about your present situation. I am hoping that they will co-operate with you in your situation.
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#7
05-09-2006, 07:21 PM
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Guest
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Sub:
Personal Loan
Hi My Name is Dev. My wife has a past loan that got out of hand as she was out of country for almost a year. When she got back the interest penality had taken the amount to be paid out of her reach. Its been deliquent since 2004. We dont know what the remaning loan was, when she missed the payment. And what its now. I was able to pull the credit report but it just gives a big amount something that we cant pay off unless the bank negotiates. What should we do? The terms of the loan were so harsh that missing one or two payments made it look really too much. The reason for missing was not being in the country. Any suggestions to help me?
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#8
05-10-2006, 02:50 PM
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Sub:
Dev,
Talk to your bank from whom you took the loan. Loans catch larger interests on defaults. But if you are willing to pay them back, the bank might offer you some extensions. If you show some payment activity, they will be willing to waive off the additional fees and bring it back to an affordable amount for you. You will have to negotiate with the bank in this regard. However, it will be good to check the SOL in your state and know when the legal collection period will expire. It will start from the date you last made the payment on this account.
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#9
10-26-2006, 05:26 AM
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Junior Member
Join Date: Sep 2006
Posts: 44
Credits: 1,083
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Sub:
Can a company reposses your vehicle only owing for one month. Or is this just there way of threating you into payment. Any help would be greatly appreciated.
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#10
10-26-2006, 04:40 PM
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Sub:
Yes, the chances may be slim but they can repossess your vehicle because you are in default on the account. They don't have to send any notification before doing the repo. But you won't like to take such chances. Call the company and do some arrangements so that you can avoid the unexpected.
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#11
10-27-2006, 07:56 AM
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Junior Member
Join Date: Sep 2006
Posts: 44
Credits: 1,083
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Sub:
I have called several times for the last week and nobody ever answers the phone. THey are in the process of moving and I think that the phone lines are messed up. I have sent them a fax and an email.
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