No longer able to make deficency payments.

[adienpryde]

What is the name of your state?mn

We have been paying deficency payment of an amount that the loan company said was the lowest they could go for the last 7 months and we are falling further and further behind on our other bills. What is the worst that the loan company can do to us if we cannot keep up on the payments. The reason for the bill problems is I lost my job and am now only making half of what I was making before.

Thanks

 

[adienpryde]

Does anyone know?

 

[ihatearizona]

What is the payment for?

 

[freddy48]

Depending on some things, for example, is the loan is secured on anything, is it just in your name, how long have you been back to work. A quick answer w/o any details is they could garnish your wages.

 

[adienpryde]

The loan was in both my wife and my name, it was sucured by the van alone, I have been back to work for over a year but the fact that I was making half of what I was (From 30k/year to 15k/year) is why we could not keep up payments in the first place. We have not been able to recover since when I first lost my job and have been 30 day+ behind on every bill we have and can't get caught up on a bill without falling further behind on another.

 

[ihatearizona]

The could repo the van. Then they would sell it. You would be liable for any amount that was left over after the sale should it sell for less than what is owed. They could then obtain a judgment and garnish your wages, place a lien on your home, freeze your bank account, etc....

 

[adienpryde]

I already know about the first part, since I aready volentarily repoed it and they already sold it, and I have already been making deficency payments. I just can't afford to do that any more.

 

[ihatearizona]

You'll want to look up the exemptions for MN to see exactly what they can and cannot garnish/seize in your state.