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  #1  
Old 10-24-2002, 12:44 PM
mach1
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Question

reposess boat

What is the name of your state? oklahoma

I have notified Conseco to reposess a boat that I can no longer make the payments on due to a severe cut in income due to early retirement. Am I obligated to pay the difference between the amount I owed and the amount that they sell the boat for? And if I can't, what can they do about it?
My only income now is a pension. I also have a variable annunity that was paying my health insurance, but due to the market crash only covers 1/2 of the cost of the insurance payment per month. I have a small money market account also.
  #2  
Old 10-24-2002, 02:18 PM
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You will be held liable for the difference. Your current financial situation is not a concern of the creditor, they really don't care.
  #3  
Old 10-25-2002, 10:12 AM
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Location: Tennessee
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You will be sued for judgement in that amount and they can attach to other property you might own.
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