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What if you can not pay off the amount of the repossession what actions do they take to get the money?
Wiki User
∙ 15y ago
The process of a repossesion is that the lender will sell this through an auction. The remaining balance that is owed will be your full responsibility. The option that you have is to save all that you can (while saving do not contact nor speak to a representative from this repossesion), and settle for 30% (no more) of the balance that is owed. Make sure that if they accept this settlement, you get everything in writing first before making that settlement payment. Then once you make that payment request for another letter stating that the account is "Settled in Full". You will want to update your credit report with a letter of explanation, and a copy of this statement in order for your credit to reveal this information. Keep in mind, that it would cost the lender or collection agency more money to sue you, then just wait for you to contact them. They do not have the time to take every customer that has had a repossesion to court. Don't worry about this debt, just save 30% of the balance that you owe, and settle. Good Luck with this process. Wanda Improve Credit, LLC
The idea that the very well experienced and strong financial community is simply unable to enforce and collect debts...and would give away much of anything because you ask...should seem absurd to even the casual reader. (I would note that I believe many of the above posters comments I've seen are simply wrong and ill informed, perhaps stemming from being seen originally in her commercial context postings trying to entice people to use a service that claims to get rid of or reduce debts.....all of which have been identified as scams preying on the vulnerable by most every Consumer group I've ever seen).
Wiki User
∙ 15y ago
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How do you get your money back from someone that owes you a large amount?
Tell them you will take them to court if they don't give you your money . If they still don't . TAKE THEM TO COURT
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
Can a repo take place at your work in Florida?
A repossession can be executed anyplace or time that a person holding the repossession order sees the vehicle in question, as long as the repo man does not violate the law in doing so. That said, Florida law does not restrict repossession according to location.
You owe a person money and offered it to them it in installments or the full amount in due time like 2 months but they refused the money but want to take you to court for the money can they do this?
hire a prostotute to posin them
Can the court take money from a savings account that was openeded after the discharge of a chapter 7 bankruptcy?
No, Once you have a discharge its like starting over. dicharge mean its done. No other actions will take place.
Can you negotiate a car pay off?
Sometimes yes. In some situations, such as default on a loan, the lender will take into consideration that something is better than nothing or less than the settlement amount. In cases where the vehicle is or soon will be up for repossession, the lender may feel it is better to settle for a lesser amount, than to go through the trouble to send the account for repossession, and conversion of the collateral, as well as attempting to secure the additional fees that come with and follow repossession actions.
How do you stop a repossession in process?
Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.
Can you take out a stereo before repossession?
no
Do you have to bring your car back to the dealer for repossession or do they pick it up?
You DO NOT have to take it back, but it will save you some money if you do. They will come pick it up if you tell them to.
How long does it take the creditor to obtain a writ of plevin for a repossession?
The amount of time it takes a creditor to obtain a writ of plevin for a repossession varies in each state. Based on the local court jurisdiction, processing times to obtain a writ of plevin may take between 15 and 60 days.
Can Wells Fargo bank take money from customer's checking or savings account to pay off a repossession from Wells Fargo auto finance division?
apparently, you are a bust out. so if they take the money, you kinda did the right thing. beatoff....
How Do you find out for free if your repossessed vehicle a month ago has been sold and for how much?
You really don't. Bt you can make an estimate. Take the amount owed on your loan at the time of repossession. Once the car is sold, the lien holder will contact you. See, they're not likely to get the full amount owed by you at the auction, so there'll be a remaining balance. They're going to expect you to pay that back still. They'll tell you what that amount is. So you subtract that amount + repossession and storage fees from the balance you had prior to the repossession, and you'll get a rough idea of what it was sold for at auction.
Can a trailer be taken that is attached to a truck being repossessed?
They can only take whatever it is they have an order of repossession for - if the trailer is not included in their order of repossession, they cannot take it.
Can you drop off a motorcycle at the dealer if the creditor wont take it back?
If the creditor will not take it back in lieu of the money owed then you need to sale the bike and pay them their money. Unless the dealer is willing to buy the motorcycle you will still owe the money. Not every creditor will do a voluntary repossession.
How do you multiply money by 25 percent?
Take the amount of money and multiply that number by 1.25
How long does the repossession process of a car usually take?
The repossession process of a car usually takes about 6 months
How much money can you take on holiday to the US?
Any amount
