I had an auto-loan, which was repossessed last year. Two weeks before i received a mail, saying that i have been sued for the amount. I live in an apartment and don't own any car or don't have any liquid assets.
Now i am trying to get into credit counseling(consolidated credit counseling services) to pay-off the auto loan. Please let me know the following,
1. What options do i have to get out this debt?
2. Did i choose the right credit counseling organization?
3. What options does the creditor have?
4. How does it affect my credit history, if i get into credit counseling?(One of my friend told me that, once you get inside credit counseling program you are not eligible for any loans from any banks or institutions, even after you've completed the program.)
Any advice is very much appreciated.