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If you are in a program for debt negotiation of credit cards and one of the creditors also holds your truck loan and car insurance can they repossess the truck even though you've never missed a payment?
Wiki User
∙ 8y ago
YES its possible... READ your loan contract ASAP. 3 phrases you DONT want to see...
- 1 cross-collateralization;
- 2 lender believes debtor may be insolvent
- 3 collateral must be covered by insurance
I have NO idea which 'debt consolidation" program you are with BUT some appear to be CROOKs. You pay a monthly fee, send them your money for your payments BUT they they get their 'fees" off the top and some allow you to be 90 days lates before they begin "negotiations" with the lenders. BE SURE what your terms are..Good Luck
Wiki User
∙ 8y ago
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How long does a creditor have until they repossess a vehicle?
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
Who is allowed to repo boats?
Some companies are paid by creditors, such as banks, to repossess property in the event of a default on payment. Laws governing repossession tend to vary by state.
Do most creditors repossess cars that are 1 week to less than 30 days late in getting their monthly payment?
NO, usually tote-the-note lots will be the ones doing that.
What is the time span of a late payment until your vehicle will be repossessed in the state of North Carolina?
As many as your finance agreement specifies.
If a young unmarried person dies without a will what happens to their car payment and bills?
Creditors can make claims against any estate left by the decedent. If the car loan is not paid the lender will repossess the car. If there is no other estate the creditors are out of luck unless there was a co-signer on any of the accounts. As bills come in the creditors should be notified of the death.
What does a debt negotiation company do?
Debt negotiation companies work with creditors and the debtor to achieve partial payment in order to discharge a debt. For example if a person owes $10,000 on their credit card, the negotiation company will approach the credit card company and propose that a one time payment of $4,000 will discharge the debt, rather than having a default on the entire amount. Such companies will usually do such work for a flat fee or for a percent of the debt discharged (e.g. 5% of the $6,000 they saved the debtor).
Can a used car dealer repossess a car that is not in delinquent of payment but had late payment history?
Yes
What is Texas law on repose can they repossess from me because i was rude being rude?
They are not going to repossess a vehicle because you were rude. They can however repossess it if you miss just one payment.
In Oregon if you make a payment on your loan can they repossess 2 weeks later if the payment only brings the account from 90 to 30 days past due?
READ your contract. IF you are in default, they can repossess.
Can a bank repossess my car if I am making some sort of payment?
If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.
What side of ledger is payment to creditors?
credit
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
