Advice.. PLEASE! My dad passed away, and I became depressed. Now I may lose my car

[melissa_renee]

What is the name of your state (only U.S. law)? PA

Good Morning,

I write in hopes that someone may be able to share some knowledge to enlighten me of a possible way to avoid a repossession. I will try to keep this sweet and simple. My father was diagnosed with cancer mid September 2016, and passed away 3 short weeks later, at the age of 61. He was a week away from his 62 birthday, and passed on my oldest son's 16th birthday. Nonethless, I struggled for the weeks and months that followed. I did not work for a month, and the entire world around me crumbled.

Eventually I realized that life goes on, and that I need to pick up the pieces. The problem, however, is that I was behind on EVERYTHING. I have an auto loan with a bank here in PA. I knew I was 2 months behind. It had come as a complete shock, however, when a repo man showed up at my door to take my Jeep. I immediately contacted the bank. The woman I spoke to was less than personable, and basically informed me that I needed to pay three months right away. I have been struggling to get everything caught up. It's like everyone is knocking and demanding money all at once. Despite the fact that for several years, all of my debts were paid on time, or in advance, and my credit score was over 720, nothing mattered anymore.

I own my own home and one other vehicle. Apparently this means nothing. I have $5000 to pay on my loan, and that is above and beyond the amount that I am behind. However, today when I called, I was informed that I must pay the loan in full ($27,000), or make arrangements for them to pick up my vehicle. It has now been more than 180 days, and they are stating that I have no other options. The reason it has taken so long, is because of having so many bills to catch up on.

I just want to know if this is true, or is it worth fighting for? I feel as though I have already been kicked when I was down, and I am being punished for being human. For hurting. For struggling when my father passed away. Please help. Any advice would be appreciated.

Yours truly,

MB

 

[CTU]

What is the name of your state (only U.S. law)? PA

Good Morning,

I write in hopes that someone may be able to share some knowledge to enlighten me of a possible way to avoid a repossession. I will try to keep this sweet and simple. My father was diagnosed with cancer mid September 2016, and passed away 3 short weeks later, at the age of 61. He was a week away from his 62 birthday, and passed on my oldest son's 16th birthday. Nonethless, I struggled for the weeks and months that followed. I did not work for a month, and the entire world around me crumbled.

Eventually I realized that life goes on, and that I need to pick up the pieces. The problem, however, is that I was behind on EVERYTHING. I have an auto loan with a bank here in PA. I knew I was 2 months behind. It had come as a complete shock, however, when a repo man showed up at my door to take my Jeep. I immediately contacted the bank. The woman I spoke to was less than personable, and basically informed me that I needed to pay three months right away. I have been struggling to get everything caught up. It's like everyone is knocking and demanding money all at once. Despite the fact that for several years, all of my debts were paid on time, or in advance, and my credit score was over 720, nothing mattered anymore.

I own my own home and one other vehicle. Apparently this means nothing. I have $5000 to pay on my loan, and that is above and beyond the amount that I am behind. However, today when I called, I was informed that I must pay the loan in full ($27,000), or make arrangements for them to pick up my vehicle. It has now been more than 180 days, and they are stating that I have no other options. The reason it has taken so long, is because of having so many bills to catch up on.

I just want to know if this is true, or is it worth fighting for? I feel as though I have already been kicked when I was down, and I am being punished for being human. For hurting. For struggling when my father passed away. Please help. Any advice would be appreciated.

Yours truly,

MB

I'm not trying to be a jerk when I say this ... but you're not being punished for being human. You're simply facing the natural consequences of not paying your bills as promised.

Your creditors are under no obligation to go easy on you, however cold it may seem.

You may need to consider bankruptcy.

 

[Zigner]

I'm not trying to be a jerk when I say this ... but you're not being punished for being human. You're simply facing the natural consequences of not paying your bills as promised.

Thank you - I was trying to find the words without being a jerk myself.

 

[xylene]

I wish the people around you could have helped you more or noticed you were crashing before it was a crisis.

Please get some additional bereavement support and make sure they know about your financial problems.

Bankruptcy is definitely something you need to consider.

 

[Just Blue]

I wish the people around you could have helped you more or noticed you were crashing before it was a crisis.

Please get some additional bereavement support and make sure they know about your financial problems.

Bankruptcy is definitely something you need to consider.

^^like^^

Very nicely said.

 

[Just Blue]

I'm not trying to be a jerk when I say this ... but you're not being punished for being human. You're simply facing the natural consequences of not paying your bills as promised.

Your creditors are under no obligation to go easy on you, however cold it may seem.

You may need to consider bankruptcy.

^^like^^...Again..very nice.

 

[melissa_renee]

I'm not trying to be a jerk when I say this ... but you're not being punished for being human. You're simply facing the natural consequences of not paying your bills as promised.

Your creditors are under no obligation to go easy on you, however cold it may seem.

You may need to consider bankruptcy.

I understand what you are saying, and it always seems that the ones that make the effort, are punished more than those that do not. I have the money, in hand, but they are requesting payment in full. I apologize, as I thought this was a site for "legal advice". I just want to know if it is worth the fight. I have offered to deliver, in cash, enough to put me three months ahead on the loan. I have already been paying for two years, and up until this situation, I was never late. Legally, is there anything that I can do, that may offer me the opportunity to set it straight? I do not believe bankruptcy is an option. This is the only loan I have, and I am able to pay it.

Thank you

 

[cbg]

It is standard, once there has been a repo, to require the full amount of the loan. There isn't any law you can invoke that will force them to take less, and they have no incentive to agree to less. You can try to negotiate something, but I have very little confidence that you will succeed.

 

[NIV]

I understand what you are saying, and it always seems that the ones that make the effort, are punished more than those that do not. I have the money, in hand, but they are requesting payment in full. I apologize, as I thought this was a site for "legal advice". I just want to know if it is worth the fight. I have offered to deliver, in cash, enough to put me three months ahead on the loan. I have already been paying for two years, and up until this situation, I was never late. Legally, is there anything that I can do, that may offer me the opportunity to set it straight? I do not believe bankruptcy is an option. This is the only loan I have, and I am able to pay it.

Most consumer loans have an acceleration clause that makes the loan due and payable in full if certain criteria are met. (Usually, failing to bring the loan to payment as agreed status within some grace period.) Once the criteria are met, the whole loan is due--not just the portion not paid to that point.

That is the law.

The reality is, the loan company does not want the car. It is a hassle and it is going to cause litigation at times. They would prefer to sit behind their desks and have money flow freely into their coffers. You both want the same thing to happen. It's just you have already taken advantage of the company and they don't want their security vehicle to depreciate further in value while waiting for you to fulfill your payment promises in the future. Make a deal with them. I bet a little sugar on top might have them go back to the status quo ante on loan payments. They don't have to accept that, it's just that they very well might. If your credit is still really good, get another loan to pay off the full amount of the vehicle and timely pay on that promise.