HELP!
Date: Wed, 03/04/2009 - 15:10
Now I am 21. My debt was passed onto a lawyer from the car company and I owe $11,957. I cannot afford this amount.
Recently, the law office mailed me a letter saying I can settle this debt by paying $5,978. However, I can still not afford this in a lump sum.
Are there any ways that I can have this paid off in full, and pay off a monthly amount. I need to get rid of my debt.
Was there any deficiency balance? If yes, then you have to pay i
Was there any deficiency balance? If yes, then you have to pay it to the creditor.
Now, coming to the collection agency question. Have you sent a debt validation letter to the company? Do they really own the debt? It's better to confirm it first.
After it was repossesed did they sell it again? If they sold the
After it was repossesed did they sell it again? If they sold the car you only owe the remaining balance that did not get covered from the sale and probably some finance charges.
It sounds like 6000 is the bottom line of what you owe, probably
It sounds like 6000 is the bottom line of what you owe, probably after a resale.
I'm sure that you can make reasonable arrangements with the law office to pay it back in installments. The only way you would really be able to pay it off in full and make payments on THAT would be either to file chapter 13 or get a personal loan. If this is your only outstanding debt and you are meeting your monthly expenses, I would not reccomend chapter 13. As for the personal loan, you may or may not get a better deal with payments. The repo is already on your credit report, and either way you will have to pay it off, so I would think your best bet would simply be to make payment arrangements with the law office.
