Debt settlement on a secured loan?
Date: Wed, 02/03/2010 - 19:54
From my understanding, one cannot settle a debt on a secured loan. But in my case I had a car that was totaled that was financed through Wells Fargo. My car insurance paid off most of the loan. My crappy GAP insurance paid a portion of the remainder leaving me with a balance. Wells Fargo already sent me a 1099-C for this remaining debt that was "cancelled", even though I am still paying on it and have about $1600.00 left. It was a blessing in disguise that I totaled this car for it left me without a huge debt, but I still have this little bit left and I'm going through some financial difficulty right now. I want to settle, would I be able to do this on a secured debt since the collateral they would normally repossess is gone now? Thanks.
banks do make settlements on secured loans depending on circumst
banks do make settlements on secured loans depending on circumstances, i believe in this case you would have a good opportunity, just call and ask them see what they would take to settle the debt in full
Debt settlement on a secured loan?
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