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I've already told them i want to surrender the collateral...

I have tow small loans with two companies that use your tvs, vcr, dvd, cameras, etc for collateral. Anyways i have defaulted now due to having to be put on bed rest for pregnant and down with a broke leg. I told the companie i would just surrender the collateral. She said no they don't want to do that. I told her i can't pay a penny. We are luck to put food on the table and keep electricity on with hubbys only income and cutback on his hours. Jobs are not plentiful here right now. Anyways they call numerous times a day saying "this account needs to be taken care of immediately" or " call them back by 5:30. I have already told them i can't pay and to come get the collateral. One loan is $600.00 and the other is $270.00 left on it. So what do i do next? I am staying with my inlaws some so they can help me get around with my leg. Will they send me written notice when they finally decide to take the property? What if im not home

Answer Question

Asked by Anonymous at 4:11 PM on Jun. 22, 2010 in Money & Work

Answers (3)
  • They would much rather allow the bill to go into collection and then collect interest on it the longer you don't pay than to accept collateral. I'd look around for lawyers or legal aid who will do consultations for free or cheap and get help that way.

    Answer by AngeLnChainZ at 4:14 PM on Jun. 22, 2010

  • I thought that too but now i don't think these types of companies use collection agencies. It is one of those small loan companies that loan up to $1500.00 and do taxes. I don't think they send them to collection companies. I just don't know. I am so tired of them calling and leaving the same messages. And they harrass my references too.

    Answer by Anonymous at 4:17 PM on Jun. 22, 2010

  • look up the laws regarding fair debt collection practices and read your paperwork carefully. it sounds like unless there is some crazy small print they have to come and get your stuff... that's the whole point of having collateral right??

    Answer by figaro8895 at 4:21 PM on Jun. 22, 2010

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