In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.
You monthly payment on a loan is largely based on your monthly income. usually you are expected to pay 15% percent of you income to you debtors or creditors.
It is the debt counselor's job to notify the creditors that if you choose to sign up for debt management plans and that you are very serious about getting out of debt. They are professionals. They know what compromises creditors will agree to and they know that creditors are likely to accept a partial payment rather than no payment or suing a debtor who has no money. Credit counselors also have contacts and know how to access the right people.
Some companies are paid by creditors, such as banks, to repossess property in the event of a default on payment. Laws governing repossession tend to vary by state.
If they accept the payment you're ok. The big question is "If." You should send enough to pay the interest. Most companies don't repossess the car for a couple of months.
delayed payment of the creditors dues by the shareholder.
Creditors can make claims against any estate left by the decedent. If the car loan is not paid the lender will repossess the car. If there is no other estate the creditors are out of luck unless there was a co-signer on any of the accounts. As bills come in the creditors should be notified of the death.
The simple answer is - discipline ! Work within a budget. Contact creditors and arrange a lower monthly payment. It might take some time - but eventually you can be debt-free.
Credit scores can increase or decrease monthly depending on when your creditors report items on your credit report. Typically creditors only report items to the credit bureau every two to three months, but if you make a late payment of 30 days or more delinquent they report monthly.
They are not going to repossess a vehicle because you were rude. They can however repossess it if you miss just one payment.