Bad Credit and Repossession

The Credit Secrets Bible Will Transform Your Financial Life

Before your bad credit results in repossession, talk to your lender about your circumstances and attempt to work out an alternate payment plan. You might be surprised that most institutions are indeed willing to work with you. Don't get set back from the result of having your car or home repossessed. Act quickly to avoid any unfortunate mistakes or the loss of any property you own, and fix your bad credit now.


Believe me, repossession is a nightmare you do NOT want to experience. Not only can it be embarrassing as you and your co-workers watch the tow truck haul your car away, but you will also no longer have a means of transportation.

If your present financial situation offers no means of making your payments at all, you might seriously consider turning in your car to your lender before they come after you. At least this way prevents you from the additional costs of towing and labor associated with a repossession.

When a lender takes possession of your vehicle they will sell it to settle the your loan with them. More times than not, the selling price will be lower than you actual owe. In this case, you are still responsible for the balance owed on your loan. If, in your opinion, the lender did not try to get an honest, reasonable price for your car, you should contact your attorney right away.

Should you ever have to face this delima, keep very good records of all activity involved with the repossession and sale of your vehicle. If your lender was indeed negligent in attaining a fair price, it is possible that a judge may dismiss the balance you still owe your lender.

 

 


See Credit Terms and Definitions

 

Consumer Credit Information

Cosigning a Loan
Lists your obligations if you decide to cosign on a loan for a friend or relative. At the top of the list: you may have to pay up to the full amount of the debt if the borrower does not pay.


 

In The News

Upsurge in repossession orders (RTÉ News)
The High Court has heard almost 50 applications from banks and mortgage companies for the repossession of homes and land. The court has seen an upsurge in such cases due to failure to meet mortgage payments and difficulty in selling properties. A number of home owners in arrears were in court today.
 
Repossession 'is mental threat' (BBC News)
House repossession poses the greatest threat to people's mental health, a charity has warned.
 
Repossession could pose serious 'mental threat' (New Kerala)
London, Oct 12 : The stress of the global economic downturn can pose serious threat to mental health, according to a new survey.
 
Immoral lending (BBC News)
UK mortgage broker admits immoral practices
 
Broker admits to immoral lending (BBC News)
A cold-calling sub-prime mortgage broker admits to what he now considers to have been immoral practices.
 
Health Highlights: Oct. 12, 2008 (HealthDay via Yahoo! News)
Here are some of the latest health and medical news developments, compiled by editors of HealthDay:
 
South Africa: Desperate Times (AllAfrica.com)
A Cape Town businessman who earns R800 000 a month is among thousands around the country who are now seeking counselling as their debt exceeds their income.
 
Repo business booming in tough economic times (WSYR 9 Syracuse)
The struggling economy is obviously making it tough for many to make ends meet – and that translates into booming business for the repossession industry.
 
Signs of recession: the impact on Britain's real economy (Guardian Unlimited)
Unemployment and repossessions forecast to rise while mortgage lending and credit offers will drop
 



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