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  1. #1
    Join Date
    Aug 2009
    Posts
    1

    Default Can't Raise Money By Settlement Deadline

    My question involves an auto loan or repossession in the State of: georgia

    My husband and I recently had a car reposessessed, we called the finance company and told them our situation(husband lost his job) but they were unwilling to work with us. We had no choice but to let the car go back and now the car has been sold and they are wanting 16,000 from us. The debt collectors have called and called and harrassed since January. Last week they called and offered to have us pay only 5,000 to settle the debt. My husband and I both spoke with them at different times and told them that we were in the process of selling off some things to be able to pay them, the collectors said that if we did not pay them by the end of the month, the creditor would be forced to take "other actions" and that they would get their money "however they needed to" they also said that our creditor could "step to the front of the line" to get their money.
    They have apparently looked into our credit report and said that they saw that all of our other creditors are being paid. I am trying to come up with some money to pay them, but am worried about what they will do in the mean time. I am almost sure that i will not have the money by the end of the month, maybe next month but the collectors said that by then the 5,000 offer will be off the table!

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

    Default Re: Can't Raise Money By Settlement Deadline

    If you do raise the money and pay them, be sure to get it in writing that this is in full satisfaction of the entire debt. The settlement of the debt will be a significant negative entry on your credit report, but it's probably too late to do much about that.

    I think before you cut them a check, you should consult a bankruptcy lawyer.

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