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Debt Consolidation Forums Bankruptcy Chapter 7 and Chapter 13 forums

722 redemption: Know more about this company and their contact info

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I am in the process of filing for chapter 7 bankruptcy and have received mail from this company regarding refinancing my current vehicle or obtaining a new one. Sounds too good to be true, I get to keep my car and only pay the blue book value not the amount of the loan I still owe, a difference of about $7,000. Is this Ohio company legitimate?




Hi

Welcome to the forums.

This company is not listed with the BBB. These days, many banks are offering a variety of services and it has become quite difficult to choose the right offer. Do a thorough research when you are looking for value, service, and efficiency from them with other related companies.

Put your needs in front of the financial institution and see what they can offer for you. Do not get carried away by the offers that the banks will place in front of you. After doing a proper analysis, finalize the company that is suitable.

Understand the terms and conditions before finalizing the agreement. Get to know all the available features like electronic funds transfer or computer banking. If a part of it is left unknown, you might have to pay for it. Know the service fee, interest rates or any other chances that will be charged to your account.

I have been looking into these companies. Hope that you can do some research on them as well.


Financial Institutions, Indiana Dept of 402 West Washington, Room W006 Indianapolis, IN 46204 317-232-3955

Financial Institutions,
Ohio Division of 77 South High Street,
21st Floor Columbus,
OH 43266-0121
614-728-8400

Kentucky Dept of Financial Institutions
477 Versailles Road Frankfort,
KY 40601
800-223-2579

Regards
Roxette

Sub: #1 posted on Mon, 11/14/2005 - 13:21

roxette roxette

(Posts: 4009 | Credits: )

Thank you Roxette. I will do some further research and let you know what I find out. :D

Sub: #2 posted on Mon, 11/14/2005 - 16:52

clen_lj clen_lj

(Posts: 9 | Credits: )

I did end up refinancing my car through 722 Redemption Funding. It worked out really well for me. My car payment was reduced by $110 per month and about $8,000 off the balance due. Financing was done by US Bank. My first payment is just due this week. I'd be happy to answer any questions about this process.

Sub: #3 posted on Tue, 04/18/2006 - 16:02

clen_lj clen_lj

(Posts: 9 | Credits: )

Im filling a chapter 7. Got a jeep liberty i owe about 16,ooo.oo payment of 394.00 month. Kelly blue book rate it excellent 10,425.00,good 9,500.00,poor 7,955.00.if i went through 722 red.what could i get it for and could it reduce my payment. Thanks

Sub: #4 posted on Sun, 05/07/2006 - 19:20

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I'm not sure what you can get but you can contact them at 722redemption.com, fill out the online application and they'll give you a quote of what they would propose. Of course, whatever they propose does have to be approved by the bankruptcy judge. I know they DID reduce my payment.

Sub: #5 posted on Mon, 05/08/2006 - 05:20

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Whats your interest rate???? :cry:

Sub: #6 posted on Sat, 01/03/2009 - 23:22

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I work for a law firm who does bankruptcy's for Debtors. I am the assistant who files the Motions for redemption and worked with 722 redemption funding. THE GOOD FAITH CONTRACT/ PRE QUALIFICATION IS NOT A GURANTEE. In one instance I filed the Motion had it approved and after wards they called my client and told her she did not qualify. This was after they told her she did. What had happened was her Husbands income dropped a little due to the holidays and slow economy. But they did not care nor did they try to work it out and get them qualified. So meanwhile my client is hysterical thinking she was going to lose her vehicle. This type of treatment is not in the clients best interest and you should be Leary of this company.

Sub: #7 posted on Thu, 01/22/2009 - 14:13

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is there any options if the bk discharges before the redemption agreement through 722 redemption is finalized?

Or, if the bk discharges, are you SOL? Is there ANY ALTERNATIVES FOR THE CLIENTS AT THIS POINT?

Sub: #8 posted on Sun, 03/01/2009 - 03:27

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ripoffreport.com/reports/0/332/RipOff0332220.htm
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Sub: #9 posted on Wed, 04/22/2009 - 10:37

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Become familiar with the "Dave Ramsey" car and buy one of those. You don't want any car payments. Walk away from the car without the payment, buy a junker, put what you would have spent on a car payment in the bank, and in 10 months go buy another car for $3,500 cash. NO PAYMENTS. Check out Dave Ramsey at DaveRamsey.com Another good resource is CreditCardPainRelief.com

Sub: #10 posted on Tue, 05/26/2009 - 11:12

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