the people that i got a loan through wants me to pay all now which is like 20 thousand. i have talked to them cause i havent been able to make last months payment, and now i get a letter stating that they want the maturity of my loan immediatly. i plan on making a payment soon, what will happen if i just send them my payment will they stop asking me for the entire amount
2007-09-19 08:43:02 · 6 answers · asked by MEL 1 in Cars & Transportation ➔ Insurance & Registration
Sounds like a sleazy outfit. Problem is, you probably signed papers that, should payments be late, they can request payment in full.
2007-09-19 09:00:15 · answer #1 · answered by sensible_man 7 · 0⤊ 0⤋
I believe the reason they are calling your loan is because you have not made your payments as agreed. Normally this is not done unless you have missed multiple payments or you have a hard money loan.
The reason lenders do this (call loans) is because the borrower is hiding out and not answering telephone calls or returning calls. The lender just wants to get paid the money they are owed.
It is really simple to handle this. Call them! don't hide out, don't ignore calls. Be truthful and honest. tell them when you can send payment and for how much. Set up automatic payment from your bank account. This is all they want. Just be honest. people tend to hide from debt instead of standing up and working out a payment plan. They will work with you if you keep your word. it is more trouble for them to call the loan or go through repossession so lenders are always willing to work with you. try it. it will work.
2007-09-19 08:59:19 · answer #2 · answered by ADG 4 · 0⤊ 0⤋
Maybe, but probably not. Most companies don't do what you've described because they will never sell the car for what you technically owe on the loan. I this company is threatening you this way, they either are trying to scare you or they specialize in repossessing and reselling. Talk to them anyway and see if you can negotiate, but I suggest legal counsel. Chances are this company has a history that you did not know about.
2007-09-19 08:54:28 · answer #3 · answered by James H 3 · 0⤊ 0⤋
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2007-09-20 07:35:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No. You need to talk with them and try to get them to work with you. Once you are in default and they have demanded payment in full, it may be too late.
2007-09-19 11:19:23 · answer #5 · answered by Anonymous · 0⤊ 0⤋
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2014-05-15 13:20:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋