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?
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 not delinquent with your student loan, your federal income tax refund will not be garnished.
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.
There is a lot of tourism money, but they still export some coal, and otherwise get money from mainland Norway.
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.
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.
No, you do not have to, but you might be eligible for Earned Income Credit, which would mean that you would get money for filing.
Yes, if the lender approves of the transfer of the loan.
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.
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.
You can rent a home and still collect social security money. Social security money is meant to be a subsidy and not your only source of income.
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.