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Help!!!!!!!!!My car was repossessed 6 weeks ago and I just received a letter from the bank (CHASE)…………?
6th June 2011
Stating that they they sold the car for ,000 and now want the full balance of ,456 in 10 DAYS! I don’t have the balance, can I just send them 0 per month until it’s pay off, will they still take me to court. Please spare me the lectures, I need good advice, I already know I ******* up. What can I do to avoid going to court and wage garnishments? Should I see a lawyer
Posted in: Auction FAQ | | Comments (4)
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Legally, they have the right to demand the full amount immediately. They are NOT required to accept partial payments and can sue TODAY. That said, if you send payments, they WILL cash your checks. If you could come up with $500, they would most likely not sue. At $100/month, it would take you over 5 years to pay it off without interest. That is probably longer than your original loan. They WILL proceed with a lawsuit in that case.
Comment by STEVEN F — June 6, 2011 @ 9:02 am
Tell them to try and work with you. If they will accept the $100 per month till paid off. If they do work with you then pay on time all the time or they will revoke the agreement and sue you that day
Comment by golferwhoworks — June 6, 2011 @ 9:02 am
call them and propose the 100/month. they’ll agree or they won’t.
Comment by wg0z — June 6, 2011 @ 9:02 am
Usually they will work with you, but they don’t have to. For such a small amount they can collect the balance due before they can even get the court papers filed and get a judgment. If they don’t want to work with you, you can always hold the threat of bankruptcy over them, that will usually get their attention.
Comment by Matthew G — June 6, 2011 @ 9:02 am