Reposession due to disabilty?

Question

I have now a reposession on my credit due to me being injured at work and disability not paying enough to make the monthly payments. This does'nt seem right there should be something I can do. I have asked and begged the loan company but they don't seem to care. Does anybody have any answers.

Answer 1

YOU CAN WRITE A 100 WORD STATEMENT TO BE ATTACHED TO YOUR CREDIT REPORT EXPLAINING THE REPRO WAS DUE TO DISABILITY....ALL THREE BUREAU'S WOULD NEED THAT LETTER...AND CERTIFIED WOULD BE BEST..

Answer 2

The credit company does not care. Repo due to disability is not all that bad. When you go for a loan and they ask about your credit, be up front with the repo and the reason why. If you can prove you have enough income to be responsible for the loan you are applying for, it should not be too big a problem. However, it would be better to start with a small loan. You may have to try a few loan companies before you get one to work with you, and your interest rate may be higher, but it will start establishing credit again. And if that is the ONLY bad mark on your credit rating, you should be able to re-establish credit fairly easily. Just don't go with the loan company that the repo was thru. Good luck.

Answer 3

Unfair to you but not them. That seems a little unfair to me. They are the ones out the money for something you can no longer pay for. You will have no choice but to let them repossess if they have already started the proceedings. They had to go to court in order to repossess, and now they have another loss. You cannot keep something you cannot no longer pay for. That is why when you are offered disability insurance when you finance something, you should take it. If you have paid for it for a year, maybe they could refinance it for you. The problem you have is letting the loan go into repossession. If you could have talked to them about it when you first found out this would happen, they may have be more receptive to working out something for you.

Answer 4

From an ethical standpoint, that doesn't seem right to me either, but from a legal standpoint, I don't know what leg you'll have to stand on. Most of these companies, when you bring to their attention mitigating circumstances, will want to work with you. Look at it this way: They'd rather get their money from you over a longer period of time (possibly even with more interest charges) than not get it from you at all. It costs them a lot to write off "bad debt", so generally, they aren't too interested in doing that. You always have the ultimate option of not paying, and when they try to take you to court to get a judgment against you, you can request arbitration, and I'd imagine the arbiter would hear your case pretty clearly and work something out for you. Alternatively, you can probably get somebody to advocate on your behalf on the basis of reasonableness, but that might cost you extra money too. :-( Have you sent them a letter in writing describing your circumstances (in addition to talking with them on the phone) and made a good-faith effort to get them to work with you? I do hope this works out for you.

Answer 5

Well the answer before the accident would be, supplemental disability insurance (aflac). That is why people take it out. You must see your expenses and ask, how long can I afford to be sick? Save accordingly.
Now, there is nothing you can do.
Good Luck and good planning

Answer 6

Unfortunately, disability is not an excuse for not being able to pay your bills. You have my sympathy,

Answer 7

If you think a socialistic handout will cover all your expenses then think again.

"From each according to his ability, to each according to his need."

You did not need it and that is why it was repossessed.