<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HELP SEEKER:
Due to some financial difficulty, I've not been paying my motorcyle installments recently for about six mths. My motorcyle has been repossessed by my finance company. I've been told that I need to clear off all balance outstanding installments before I can collect my vehicle.
And I've been told before that if the finance company issue any lawyer letter, I'll need to bear all the lawyer cost as well.It cost almost about 2K plus. Is all of the above legal? Please help me.<HR></BLOCKQUOTE>
My response:
In a word, yes. You'll notice that within your contract there are the following clauses, that basically read like:
a. In the event of default, Finance Company may, at it's option, accellerate all payments and demand payment in full of any outstanding balance.
b. In the event of default, Borrower agrees to pay all cost of collection and attorney's fees.
Good luck,
IAAL
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