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 Posted: Fri Jan 18, 2008 7:45 pm Subject: in debt with a car loan |
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i lost my car in car accident i didnt get anything out of it sense i owed on the car and i had go back in debt an get another car with another car payment i was doing fine till my hours got cut at work i cant risk loseing these car lose what little credit i got left but what can i do
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emo_chic2007
Joined: 18 Jan 2008
Posts: 1
Debtcc Points: 37
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| Posted: Fri Jan 18, 2008 7:50 pm Subject: |
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You had no insurance to cover the car loss?
Did the other guy? Was it a one car collision?
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rstimson
Joined: 05 Dec 2007
Posts: 86
Debtcc Points: 1700
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| Posted: Fri Jan 18, 2008 7:52 pm Subject: |
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Either way, if you have to sacrifice anywhere, take care of your secured debt first, then your unsecured debt (Credit Cards etc).
You could also sign up here http://www.debtconsolidationcare.com/signup/
and a Credit Counselor might be able to help you.
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rstimson
Joined: 05 Dec 2007
Posts: 86
Debtcc Points: 1700
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| Posted: Fri Jan 18, 2008 9:43 pm Subject: |
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You can sell the car and borrow the difference, if you can get a extra 1000 and buy a cheap car. I personally pay cash for my cars, I save 500 a month in a car fund like its a payment, every two to three years I switch out my or my wifes car. I hsve the ability to bargain with cash from the dealer or the public. Sacrifice up front with a cheap car then move up every two years.
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mbetche
Joined: 18 Jan 2008
Posts: 4
Debtcc Points: 84
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| Posted: Sat Jan 19, 2008 8:38 am Subject: |
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Problem is that the finance company who holds your car note is not likely to budge on the payment amount. If your cutback in hours is just a temporary situation, you might be able to get an extension (pay just the interest) on your loan for a couple months until you're back on track -- but then your full payments will kick back in afterwards.
If it's not a temporary problem and you don't see yourself being able to make the payments, it's best to do something now before your account starts bringing down your credit. Maybe consider trading the car in for a different one with lower payments.
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DebtCruncher
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