possible debt negotiation

Date: Fri, 02/26/2010 - 10:43

Submitted by anonymous
on Fri, 02/26/2010 - 10:43

Posts: 202330 Credits: [Donate]

Total Replies: 2

I recently voluntarily returned my vehicle to the bank because I could no longer afford the payments. I did this after alot of putting myself through the wringer. I was told at the initial phone call that the vehicle was worth $10,000 according to the bank's system. I now received notice that the vehicle was sold at a private auction for $7,000 leaving me with a deficiency of $5,000.00. Is this deficiency something that can be negotiated with the bank to be reduced through debt settlement? I'm not trying to get out of anything, the car was in good shape with 52,000 miles on a 7 year old vehicle.

Dont think you can do debt settlement on deficency balances. W

Dont think you can do debt settlement on deficency balances.

What the car is worth on the books and what it sells for at auction is two different matters, especially at 7 years old.

lrhall41

Submitted by SOAPLADY on Fri, 02/26/2010 - 11:29

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My car sold at auction with a deficiency of $2700. The bank call

My car sold at auction with a deficiency of $2700. The bank call and call wanting their $2700. BUT was always so very nice!!!
BUT I did not have $2700. after 4 month days I received a call offering a lump sum payment of $1900.
I had just received a tax refund for $1200. and ask of they would take 1200.?
They agree to take $1250. 2 days later I received a certified letter stating the agreement so I mail them a certified check. Final letter stated it was settle in full and they would report to the credit reporting agencies!

lrhall41

Submitted by on Fri, 02/26/2010 - 12:20

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