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I have a question about secured debt.....

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blueomoo22

Guest
What is the name of your state? ca
I took out a small loan which was secured by a car. Soon after the car was stolen, and the theft insurance had not yet activated.
The car ws basically totalled when I got it back. I notified the lender, and no action was taken my payments are current. I have just entered a debt payment program to settle my debt quickly, I included this loan not considering the lean.... my question is can they take the totalled car, or any of my other property because of a breach of contract???:confused: I am going to pay this debt, but not in the time specified....
 


Ladynred

Senior Member
They CAN take the totalled car if you stop paying, but if they know its been totalled, chances are they won't bother.. what would they do with it ? They can't sell it that's for sure.

Can they take other property ?? Not unless you stop paying , they sue you and get a judgment, then MAYBE they'd get something. However, unless you have a lot of assets that can't be exempted from judgment, they're not going to get anything. Worst case they can garnish wages and bank accounts.
 
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blueomoo22

Guest
thank you for taking the time to answer my question, all things considered I might try to settle this debt before they get a judgement against me... I do not like the sound of that.. thanx
 

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