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If you have no money and a very low income job how do you pay for a car that was towed and still pay for the car payments on a car you can't drive?
Wiki User
∙ 8y ago
Me, I started to ask you how you managed to buy a car, but that's not relative now. I would think it will be extremely hard to accomplish. Good Luck
It is not uncommon for people to be able to finance and afford a car when they sign a contract, and later to experience sudden unemployment, underemployment, or other financial difficulties which make it impossible for them to fullfill their obligations.
The creditor will usually sell the car and charge you with whatever the difference is between what the car sells for and what you agreed to pay.
Often, this can be paid off over time, and the payments will not usually be as much as the initial payments on the loan were.
If you are able to, work out a payment plan with the creditor, letting them know you are willing to pay as much as you can until the balance is paid off.
If they refuse to negotiate and sue you for the balance remaining after they sell it, you will have the chance to present your case in court. You might be able to work out arrangements you can afford, if you provide proof to the court of your low income and evidence that you tried to work out affordable payments with the creditor, and they refused.
Good luck. You are not alone.
Good response.The best thing would be is to file bankruptcy and have the loan discharged.
Yes, hindsight is 20/20. We don't know what will happen a few years from now, or even tomorrow. We buy a car one day that we can afford and a few years later we become sick and/or lose our job and cannot make the payments. The lenders are not willing to work with you. What choice do you have?
Wiki User
∙ 8y ago
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Federal Student Loan Payment Based on Income?
Borrowers who enter the repayment period on their student loans, but have trouble affording their payments have an option. The federal loan service allows borrowers to make payments on their student loans based on their income. Borrowers must submit records of their income to qualify for income-contingent payments. The lender will evaluate the borrowers' income and set their payment amount accordingly. Borrowers still accrue interest during the period of time that they are making income-contingent payments. However, borrowers may still save money by making these lower payments if they do so in a timely manner, thereby avoiding earning late fees or defaulting on payments.
If you are making you monthly payments on your student loan can you still get your income tax at the end of the year?
If you are not delinquent with your student loan, your federal income tax refund will not be garnished.
How can you save income tax on your business?
As it is a income tax, the most straightforward way is to reduce your income. Invest some of it into expanding your business and finish all pending payments. However, given that a company needs to show temporal income growth, a reasonable share of income still has to be taxed.
Can you file federal taxes when no taxes were withheld from your check?
Absolutely; even the unemployed can file income tax returns. Employment is not the only source of income - you could have investment income, interest payments on bank accounts, social assistance payments, pensions, etc. And even if you have no income at all, you can still file an income tax return. Sometimes it makes sense to do so - for example, there may be a renters' credit for which you are eligible, that will actually be paid to you, despite the fact that no income was withheld.
What is the source of income of svalbard?
There is a lot of tourism money, but they still export some coal, and otherwise get money from mainland Norway.
If you make payments every month can you still lose your house?
No, because you are meeting the requirement's of the loan. It is when you stop paying the loan payments that you loose your house. Then, they have a reason to get their money back.
What is immediate annuity and what is it used for?
An immediate annuity is something that will give you a stream of income for life. You can purchase them from insurance companies. They are great because even if you live to be 120 years old you will still get payments.
Are mortgage payments on an investment property an expense?
Any payments you must make from Gross Income to keep the property running are expenses. Although a mortgage is usually also called a Liability Expense, it is still an expense to run the property.
If you are making payments on car and you owe more money that the car is worth how do you get out of it and is trading it an option?
The best way to "get out of it" is to DRIVE IT OUT. Trading is an option but you will still be owing more than the collateral is worth. Suck it up, pay off the loan and dont do that again.
Can you sell a car that you still owe money on if the buyer takes over payments?
Yes, if the lender approves of the transfer of the loan.
Can you take over a excisting car payment?
You can take over the payments on a loan because the lending institution doesn't care who they get their money from BUT, until the car is paid in full, you have no rights to it and the responsibility for the car still is on the original purchasers credit. If you miss payments, the bank goes after him. They will not accept,,"someone else is supposed to be making the payments". You will own nothing and the original owner can simply drive the car away when it's paid for.
How can a business lose money for many years and have still plenty cash?
The business can lose money while still keeping up with loan payments. Eventually, the choice becomes whether to use the cash to reduce those loans or borrowed money.
