Car Debt

Date: Wed, 08/12/2009 - 12:57

Submitted by anonymous
on Wed, 08/12/2009 - 12:57

Posts: 202330 Credits: [Donate]

Total Replies: 2

My wife and I bought a car 3 years ago when our income was about 79,000 a year. Our income now is only 55,000 a year. We are having a extremely hard time making the payments on it along with my student loans. These two items are the hardest to put in a debt program. What options do I have at this point?

Is consolidating the student loan an option for you? Some le

Is consolidating the student loan an option for you?

Some lenders may also agree on deferment of the student loan if you can convince them of your financial hardship.

May be your alternative is to curtail on other areas to stay current on the car loan. Since it's a secured loan the lender may repossess the vehicle if you miss payments on it.

Quote:

These two items are the hardest to put in a debt program.

Yup, no settlement company would touch either of the student loan or auto loan.

lrhall41

Submitted by SC on Wed, 08/12/2009 - 23:16

( Posts: 3937 | Credits: )

Car loan

I had a car loan with 5th 3rd and owed about $14000. i was falling behind and about to lose the car. I cashed out my 401K and settled with them. They took $10000 to settle it out. it is showing as paid less than owed on my credit but a repo wouldn't have looked very good either. i know you shouldn't dothat but i couldn't go without a car and then know i'd have to pay for it later when my finances get straightened out.

lrhall41

Submitted by on Thu, 08/13/2009 - 07:50

( Posts: | Credits: )