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  1. #1
    Join Date
    Jun 2010
    Posts
    1

    Default Recieved Summons for Car Debt

    My question involves collection proceedings in the State of: Minnesota

    Received a summons concering a car that was repossessed. The car was financed in 2006 and lost job shortly after so has been in default since 2007. Was charged off but they didn't physically reposses the car. Got into an accident April 2010 and car was totaled. Insurance paying out value of car $3000 to the bank yet the balance still owed on the car was $6300 plus $700 in interest. Received summons saying they are trying to collect the $6300 plus $700 plus $950 in attorney fees. Insurance claim hasn't completed yet so after they receive the $3000 payment I will still owe the rest? Should I try to reach a settlement? Can they accept both the payout from insurance and still go after me for the rest? I am currently going to school and only income is from child support for my daughter. What can they do?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Recieved Summons for Car Debt

    You owe what you owe on the loan. If insurance contributes $3,000 toward what you owe, you still owe the remaining balance.

    If you don't want to pay the full amount, and aren't considering bankruptcy, it can't hurt to try to settle the debt for less than you owe.

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