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BELL · Posted: Mon Aug 01, 2005 3:48 pm Subject: REPOSESSION

My vehicle was repossed and sold at auction, however the finance co. States I owe the full amt of the debt. Shouldn’t the balance reflect the sale of the car?

Posted: Mon Aug 01, 2005 3:58 pm Subject:

Hi BELL

Welcome to the forums. After your car has been sold and the creditors were unable to realize the complete amount of your debt, they need to show only the balance amount and not the complete amount.

Please write a letter to your creditor explaining the situation and request them to send the accurate information.

Hopefully, they will correct the amount reflecting the true balance towards your debt.

Regards
Roxette

honeybumpkin · Posted: Fri Aug 12, 2005 7:20 am Subject: mortgage

My partner is 6 months in arrears on his mortgage and may be reposessed. Although the house is not in my name, i gave him �15,000 as deposit to purchase the house. Can i retreive the money i put in if the house is reposessed? I have heard i may be able to put
a 'charge' on this house.

Posted: Fri Aug 12, 2005 9:52 am Subject:

Bell...My car was just repossessed as well. I thought the same thing, but I still have to pay the remaining balance on the car. It could depend on the bank, or that's just how it works. Doesn't make sense, though.
YOu'd think that if the car were taken away, you wouldnt have to pay for it!