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Hi There,

I was hoping someone could help me, I was just canceled on my car insurance, and in order to renew I need to pay in full! I don't have $2,000+ to get reinstated.. I need my car in order to get to work, does anyone know where I can go, or what I can do to resolve this???

I have gotten myself into quite a bind, I was just recently 30 days late on my car payment, I have had a charge off in the past few years from a credit card I had in back in college. Given those 2 things my credit score is aweful and I have been denied a personal loan from a Federal Credit Union.

Is there anything I can do? can anyone help me?


-Financial Disaster

Hi Mark

Don't feel sad. Have you thought about a secured card? You need to pay your account if you want to keep your car. Talk to your bank whether they will be able to help you in this situation.

I have heard about banks that can help you out in such situations if you have a good business relation. If nothing works, you can try for a second mortgage. But be careful before making this move. Your assets will be at risk if you default in your payments. Look for some second job to roll your expenses.

Sub: #1 posted on Mon, 06/05/2006 - 09:05

Gretchin Gretchin

(Posts: 482 | Credits: )

Can you borrow some money from a family member or friend?
Call around to some other insurance companies that will insure people with slow or bad credit...

Sub: #2 posted on Mon, 06/05/2006 - 09:06

erzeke1 erzeke1

(Posts: 1145 | Credits: )

Mark, I just googled insurance for bad credit and it came up with several companies that will do this...Give it a try

Sub: #3 posted on Mon, 06/05/2006 - 09:10

erzeke1 erzeke1

(Posts: 1145 | Credits: )

I don't own so taking out a 2nd morgage is not an option.

I will try the some other insurance companies that might be more willing to finance me. I am making my car payments first before any bills as I know I can't have it reposessed! (I guess it could get worse huh?)

thank you for your responce(s) is there any other option?

Thanks Again

Sub: #4 posted on Mon, 06/05/2006 - 09:30


You will be able to find a company that I believe didn't even do a credit check on me. Another one did and the difference was 1200 a year. Getting car insurance online is easy. They will let you print out the new insurance cards. You just drop them off at the DMV, and depending on your state you may even be able to do it online instead of going in.

I think that it stinks they look at the credit reports. I bet more people pay there car insurance instead of letting it go into collections as everyone needs it. According to them the reason behind the credit report is that if you have bad credit you have more of a chance to get into an accident. hehe I read that on one site that explained why a report was needed.

Good Luck

Sub: #5 posted on Mon, 06/05/2006 - 10:26

Billyknep Billyknep

(Posts: 30 | Credits: )

That's pretty funny, Billy!
My credit was messed up for awhile, but I was the safest driver on the road and always had car insurance, as a matter of fact, my insurance company gives me a discount every year for it! LOL
These companies will say anything to raise their rates!

Sub: #6 posted on Mon, 06/05/2006 - 10:42

erzeke1 erzeke1

(Posts: 1145 | Credits: )

Yeah I don't know how they get there information. I have on my credit report. IRS judgement for nearly 12k dollars that was garnished from my paycheck. I have a judgement from a CA for 1600 dollars. I have one credit card account that was charged off and sent to a collection agency. I just paid that off in full. I have another collection agency mark on my credit report that I'm hoping to make a settlement with this week or next.

And I still got insurance. Were you late on your car insurance payments as well ever? Something has to give them reason I'd think to check your report.
The IRS judgement was horrible but in the end I did my taxes over again and the irs sent me a nice check for nearly 14k dollars after all the interest it got.

The Collection agency judgement was just paid off last week in full.

Playing MMORPG video games online really screwed me up from 1999-2005 and beyond. I let my addiction to the game ruin my credit.

Sub: #7 posted on Mon, 06/05/2006 - 11:00

Billyknep Billyknep

(Posts: 30 | Credits: )

sillihkram: I used to work for an insurance company who insures high risk drivers and I'm sure they would insure you w/out a terribly high downpayment. If you haven't found insurance yet join the forum and PM me and I'll give you the info.

Sub: #8 posted on Mon, 06/05/2006 - 11:09

Jenn Jenn

(Posts: 50 | Credits: )

Hi, I Joined the forum and this is my screen name, sillihkram is my name backwards :-)

I am getting nervous I even got turned down for a loan w/ a co-signer! I don't know what else to do.. I thought a personal loan is/was my only answer and I can't get approved for one!

should I think about going to a debt consolidator to settle my Bank of America charge off? I am so in the dark I don't even know what "charge off" means. Is it when a company writes it off as a loss? can I even do anything about it now? who would I contact if it's been sold off to collections so many times?

oh man I am worring myself to death and I just need to be able to get to work and back.. I am glad I joined though, you are all very helpful I am calling for qoutes everywhere, is there anything else I can do?

Sub: #9 posted on Mon, 06/05/2006 - 16:36

MarkHillis MarkHillis

(Posts: 6 | Credits: )

Charge off is a negative remark in your credit file. The creditor marks this status when they are unable to recover the total amount. Having a charge off does not mean that you are not obligated to pay the debt. The company can either sell this account to some other agency or pursue legal actions, if required.

Paying off the account will do good to your credit ratings. Although the negative remark has hit your file, but your credit will be viewed nicely if you pay it off.

Take a free consultation as one of the consultants will be calling you and discuss the matter. He will try to straighten the matter and offer you favorable options.

Sub: #10 posted on Mon, 06/05/2006 - 17:07

Gretchin Gretchin

(Posts: 482 | Credits: )

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