Creditwrench teaches the secrets of the debt collection industry and how to defeat their abusive practices without lawyers. We know how to win!
Tuesday, February 17, 2009
What can I do about a Repo of my car?


Subject: stopping a charge off
Is there anyway I can stop a charge off? I've been drastically ill and I was finally able to convince my let go back to work,but now my auto is scheduled for charge off and I can't get to work if they reposses it is there any way to stop them from charging off
No, there isn't any way to stop the chargeoff and repo except by paying it off. You might as well get ready to survive the inevitable and end up coming out ahead of the game. The first step, of course, is to get yourself some other transportation. First of all, clean out the car completely. Get everything out of it. They will repo the car and sell it at an auction then come back after you for the deficiency balance which will most likely be greater than what you paid for the car in the first place or close to it. They will mess up your credit reports so you can't get another car financed. They will probably turn the account over to a debt collector to collect for them and they will add even more money to what you owe. When they turn it over to a debt collector is the time you can turn what is now a very negative situation into a very positive one. The debt collector will start calling you trying to collect the money. Most people think that is a terrible thing. They hunker down and won't answer the telephone after a few calls. They throw away any letters they might get from the lender and from the debt collector. They try to act like turtles and hide from the debt collector thinking it will all go away or they will escape somehow and they can do that for a while until one day the sheriff comes knocking on their door with a summons and complaint. Most will even ignore that and get a judgment against them. They will ignore that too and one day they will get a summons to an assets hearing and many will ignore that too. One day, their bank accounts will come up drained of all the money and their paychecks will also start coming up about 25% less than it previously was. They will endure that too, of course. After all, they know they owe the money and think there is nothing they can do about it. Is that what you will do? Nothing at all and just suffer and let the law take it's course? Or will you start learning what to do about it now before it all gets started and it is too late to do anything about it? Those who stop to think about how much money they had invested in that car only to lose it all and decide they aren't going to get beat out of the down payment and all the money they paid out over the months plus losing more and more over the coming months or years and all for a car they will never have start learning how to turn those nasty phone calls into actual cash in their pockets to help get their money back before the phone calls even start. They will start learning and before it is all said and done they might even be able to turn a disaster into a winning outcome for them. So how about you? What will you do?
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