Can they repo your things even though you are paying something? Even if its not the amount they want?
2006-08-01 09:37:40 · 13 answers · asked by Anonymous in Business & Finance ➔ Credit
Most creditors would rather have something than nothing. It depends on what the debt is for. If it's for a big item, they're likely to be less forgiving. You should call them and explain your situation and see if they can cut you some slack till things get better for you. Good luck.
2006-08-01 09:43:15 · answer #1 · answered by Mr. October 4 · 0⤊ 0⤋
If it's a commercial creditor, they will usually work with you if you're making a sincere effort to pay. If you owe family or the mob, they might not be so forgiving... ;^)
If it's a vehicle, there's a much higher chance that they'll try to repo it, whereas if it's just credit card debt, they're more interested in the money than the stuff. What're they gonna do, repo your dinner out with your auntie?
Good luck--and look into legitimate debt consolidation companies (verify them through your local BBB).
2006-08-01 16:47:15 · answer #2 · answered by Woz 4 · 0⤊ 0⤋
I would call the creditor and talk to them. Most creditors understand things happen and will take partial payments until you can get back on your feet. They will not repo as long as you have talked to them and have made an arrangement to pay a different amount,but you must keep the new arrangement.
2006-08-01 16:45:03 · answer #3 · answered by mrsreadalot 3 · 0⤊ 0⤋
Be careful dealing with creditors.Recently,
I got served with papers from the court
regarding an old $1,000 bill.I would make
every effort in contacting them and work
a deal with them.Far as they doing a repo
for something even though you are paying,
they can repo.Even more so if you owe past
due payments and are not current with them.
Tell the creditors you cannot make the
payment they request(if you can't).
Then give them a good figure you can.
2006-08-01 16:56:54 · answer #4 · answered by lostgrandma1967 2 · 0⤊ 0⤋
You have to contact the company you owe and make arrangements for your future payments. They can be reasonable if you keep in touch.
They can't repo your stuff unless you put the stuff up as collateral for another loan.
2006-08-01 16:44:24 · answer #5 · answered by TandA 1 · 0⤊ 0⤋
Well, if your account is in collections you can send in whatever you want to every month and they can only accept it and say your account is current. If it is still in good standing with the credit card company you have to pay the minimum.
2006-08-01 17:03:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Call your creditor, explain the situation and ask them to work with you. It takes more money to reposess than it does for you make smaller payments. PLEASE MAKE SURE THAT ANY ARRANGEMENTS YOU MAKE ARE FOLLOWED UP IN WRITING AND SENT VIA CERTIFIED, REGISTERED OR OVERNIGHT MAIL. That way, if there is a problem, you can prove that you were trying to be the responsible party. Best of Luck!
2006-08-01 16:49:24 · answer #7 · answered by amkornele 3 · 0⤊ 0⤋
You have to pay the minimum amount needed. Nothing more or nothing less. If you do not, they have the ok to repossess whatever it is you can't pay.
2006-08-01 16:43:21 · answer #8 · answered by Art The Wise 6 · 0⤊ 0⤋
yes pay what you can and if they do not accept your payment which they will and send it back then you tried to pay and they cant list you as bad credit...so pay what you can so they will list slow pay cause that is better than no pay....
2006-08-01 16:58:04 · answer #9 · answered by jdsbabydoll2004 1 · 0⤊ 0⤋
I think as long as you are paying something you are ok.
2006-08-01 16:43:49 · answer #10 · answered by FRECKLES 6 · 0⤊ 0⤋