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is this my only option

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nickydy

Junior Member
What is the name of your state?New york
I have a $6000 credit card debt and have fallen delinquent on my payments. i am being contacted by an attorney representing the bank for payment. he tells me that my only option is to take the car i co-own with my mother to the bank and get a loan on the bank. my mother's name is on the title as well. I am unable to make the payment or the $4000 settlement that the attorney is offering. I have explained this to him and have made recommendations that the $$$ be taken out of my bank account on a fixed schedule. He tells me that I have to make some form of payment before they can agree to this or actions will be taken. What other options do I have and can I apply for a loan without my mother's permission although her name is on the title as well?
 


Ladynred

Senior Member
he tells me that my only option is to take the car i co-own with my mother to the bank and get a loan on the bank.
NO, its NOT 'your only option' !! Typical debt collector (and probably NOT an attorney either) bullhockey.. 'borrow from family', "get a loan", 'hock your jewelry'.. same diatribe they use thousands of times a day.

How old is this debt, when did you last pay the original creditor ???

You cannot borrow your way out of debt and you should NOT take out a loan against the car. If you can't pay THAT bill, the lender will REPO the car, then where would you be ???

This collector is turning the screws and trying to scare you into paying something you can't afford, and NEVER give a debt collector access to your bank account !!! They will drain it dry the first chance they get. Unless you get an agreement from them IN WRITING there is no 'deal', ever. They conveniently 'forget' anything done over the phone.
 

TigerD

Senior Member
Ladynred said:
... NEVER give a debt collector access to your bank account !!! They will drain it dry the first chance they get.
C'mon LnR. You know that is a violation of section 808. Most of us don't play that fast and loose with the rules.

DC
 

Ladynred

Senior Member
Yes, its a violation, but that hasn't stopped SOME CA's from doing it anyway. There have been many, many accounts of just such actions. You should know that some of your colleagues will go as far as they can because most consumers have no idea they have rights in dealing with CA's, let alone that their actions are in violation of the law - so they get away with it, time and time again.
 

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