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if you have a Vehicle Repossession on your record and the bank is still trying after 5 yrs to get some sort of payment out of you can paying this be avoided?

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Anonymous

Asked by Anonymous at 2:39 PM on Oct. 17, 2008 in Money & Work

Answers (15)
  • if you want it to destroy your credit, then you can not pay it.
    Anonymous

    Answer by Anonymous at 2:44 PM on Oct. 17, 2008

  • The only way to avoid paying it is to file for bankruptcy. Otherwise the loan company will start garnishing your checks because you signed a contract with them and didn't fulfill it.
    TheDiva320

    Answer by TheDiva320 at 2:44 PM on Oct. 17, 2008

  • There is a simple solution....pay your debt.
    Kimebs

    Answer by Kimebs at 2:45 PM on Oct. 17, 2008

  • Agree with the above posters. You signed a contract, and just because you got the vehicle repossessed does not let you out of the contract, and I am sure if you read over the details of the contract you signed it will say that.

    You have 3 options:
    *Not pay and ruin your credit further and possibly face having your wages garnished or the bank suing you for the monies owed.
    *File Bankruptcy and have it be done with - you can start rebuilding your credit 7 - 10 years after it is done
    *Start making payments on the debt you owe.
    CarolynBarnett

    Answer by CarolynBarnett at 2:48 PM on Oct. 17, 2008

  • OH YEAH something I can answer. I'm a collections rep for a bank. I repo cars...... Call the credit union/bank and set up payment arrangments b/f they start garnishments That will only stop the garnishments unless you don't pay them. You need to pay your bill, as a decent human..... pay it.
    alaskaice

    Answer by alaskaice at 2:59 PM on Oct. 17, 2008

  • I'll be the fly in the ointment..so to speak. Are you aware by not paying your debt everyone else pays higher prices because of it? It is a loss to the company, much the same as shoplifting.
    GrnEyedGrandma

    Answer by GrnEyedGrandma at 3:19 PM on Oct. 17, 2008

  • pay your bills
    tryingmom203

    Answer by tryingmom203 at 4:11 PM on Oct. 17, 2008

  • I would think they could and probably will (I'm surprised they have already) taken you to court for non payment. Bottom line is if you own the money you NEED to pay it. They won't just leave you alone or give up trying to collect if they did everyone would stop paying there bills.
    rocamom

    Answer by rocamom at 5:30 PM on Oct. 17, 2008

  • If the bank came and took the car from you then they can NOT try and get any money out of you but if you voluntaraly took the car back to them then they can get something out of you, thats the law look it up.

    robinalbright

    Answer by robinalbright at 5:47 PM on Oct. 17, 2008

  • In two years it will drop off your credit report. If you set up payment arrangements now. A new file will be opened at the credit reporting agencies and start all over again to go up to seven years. Im surprised no one mentioned that. Just know if you go to buy a house, you will have to pay what you owe before you get your home loan.
    Godsgirl50

    Answer by Godsgirl50 at 6:24 PM on Oct. 17, 2008

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