2007-11-09 16:20:36 · 7 answers · asked by knowledgeseeker 1 in Business & Finance ➔ Personal Finance
They aren't required to give him any breaks because he's laid off, but they sometimes will if he calls and talks to them and explains the situation.
2007-11-09 16:42:19 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
As far as the car payment goes, call the finance company BEFORE he misses a payment and goes into default/repossession. He can ask for a deferment. I wouldn't tell them that I got laid off, because I think that the lender would think 'well, if you don't have a job, you can't pay, so let's just take the car.' Tell them that you had a medical emergency or something that will probably never happen over the rest of your loan, and that you will have the funds in a few months (or however long) and then you will continue paying as usual. Good luck to your friend! :)
Oh, and if your friend has credit cards that he's having trouble with, AFTER he gets a job, he should get that protection that the cc companies are always trying to sell -where they pay your cc bill if you can't work.
2007-11-09 16:56:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
He may be able to hold off a month or 2 but after that he is at the mercy of the lenders.They dont care what has happend to you.They want there money now.The best way I know to stay out of it is if you cant pay cash for it dont buy it.If you cant save for it dont get it.The only thing you should ever have to get a loan for is a house.Thats why there is so many people in debt and cant get out of debt because they cant stop getting things on credit.They want to have all the hip things look at me and my new car look at me Im important I have an I-Phone.Never live outside your means or this can happen to you.Thats why so many people have screwed up credit because they cant afford to pay it or lose there job and get stuck like this.Sign up for unemployment at an Employment Security Comission Office.He can start drawing unemploment untill he finds a job they can help you find a job as well.That will get his bills payed.Hope he has learned his lesson on this.
2007-11-09 16:39:33 · answer #3 · answered by ? 2 · 1⤊ 0⤋
He should go to his creditors and explain his situation. Most businesses will give you a break if you are honest with them. They'd rather help you with lower or no payments for awhile than not get their money at all.
2007-11-09 16:30:31 · answer #4 · answered by kathi1vee 5 · 1⤊ 0⤋
Just have your friend call the Bank and request a 2 month exttension. Tell them he needs it for medical bills not covered by insurance. If he tells them he is out of work, they may take other actions.
2007-11-10 14:48:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Would he prefer broken arms, or broken legs?
2007-11-09 16:29:18 · answer #6 · answered by Shell Answer Man 5 · 0⤊ 1⤋
Maybe, he should call them.
2007-11-09 16:29:06 · answer #7 · answered by Anonymous · 1⤊ 0⤋