balance due after repossession, HELP!

[Gardengirl]

What is the name of your state?What is the name of your state?What is the name of your state? West Virginia but car was purchased in Virginia

My car was repossessed after a year of financial difficulty. The car was sold at auction and now I owe almost $6,000. At this time I do not have this amount of money, but I have offered to make payments. They are telling me that the payment amount I have tried to negotiate is not good enough and they will have to refer me to their Special collections dept. What can happen if they will not accept my payment amount? If I am making regular payments is there anything they can do? What happens if you can't pay the entire balance? Please help.

 

[Ladynred]

If you don't pay or pay on their terms, they will likely sue you and get a judgment. With that they can garnish wages, sieze your bank account and any non-exempt assets.

It won't matter if you're making payments if they're not enough to satisfy them, they will go ahead with legal action anyway.

 

[skirklan]

balance due on old car note

Contact the Better Business Bureau in your area and ask about Credit Counseling Companies (non-profit only). Make an appointment. They will set up a reasonable payment plan and negotiate with the collection agency. This gives you peace of mind, sends them money on a monthly basis and you have a witness, just in case they get impatient. Take the time to do this and you can stop worrying.

 

[Ladynred]

Too often CCCS either doesn't work, or can screw you up worse than when you started, far too many of them are worthless. You must be VERY careful and the CCCS notation on your credit reports is a negative mark. If you have other credit, your rates are likely to get jacked up and if you have credit cards, they'll do the same, lower your limit or even CANCEL your cards. CCCS certainly isn't worth it for ONE bill.