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#1 What happens if you can't pay your car payment and credit cards?SonnabendGuest07-26-2008, 07:53 PM
This one is a real gem..the discussion goes backwards and forwards until we come to this.You tell me just how much bad advice is in here
Keith82718 (1 posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Sat Jul-26-08 06:03 PM
Response to Original message
137. Can't Pay the Car Payment
I'd like to offer some practical advice, based on experience that I had in a previous job that involved "small loans". Some of my advice is likely dated, as I worked in that industry about ten years ago, so take it for what it is worth.
1. Don't marry your girlfriend, at least for right now, and don't do anything that could legally tie you to her debts. Although you may want to help her "on the sly", don't let any of the creditors convince you to assume any legal responsibility for the debts, i.e. don't co-sign anything, etc. The two of you are better off if one of you has clean credit than if neither of you does.
2. Start parking the car away from your home.
Oh, real bright, advising them to hide the car that they cant afford from their creditors
If you live in a safe area, park it on the street three or four blocks away. If you don't live in a safe area, park at a Friend or relative's house several blocks away (be certain that the friend or relative is not listed as a "personal reference" on the car loan...they will look at those addresses)
Asking others to lie for you is just as bad...worse, since you are now asking them to cover up your debts. People like you receive my special attention
Take a circuitous route between your home and your car's new location, and assume that repo men are following you. Follow the same procedure when parking at work or any other place you go on a routine basis. Repo men will do more "James Bond" stuff than just about anyone beside bail bondsmen.
Note that scumbag here at no time suggests being honest and dealing with the fact that the car is encumbered and that handing it over is the honest thng to do. No, like any DUmmie, its always someone elses fault. Bad advice, son, all this does is to tell creditors you are a deadbeat and to give you no leeway whatsoever
3. As far as phone calls. Use a cell phone instead of a land line...it is much harder for creditors to find cell numbers than land numbers. If you get phone service, don't let ANY creditor (or potential creditor) have the number...they will post it to the credit bureaus, where other creditors will find it.
Far be it from them to want their money back. No one held a fucking giun to your head and made you take out credit.
4. Creditors will attempt to harass you at work, but there are limitations. Federal law allows creditors to contact you at work UNTIL YOU TELL THEM TO STOP. Once you tell them not to bother you at work, it is illegal for them to make further attempts to contact you there, unless they do it through process service. If you have a good relationship with your supervisor, and work in a job in which credit issues don't threaten your job, you might explain things to your boss, and ask him/her to speak to any creditors that do call to discourage them from calling back. Obviously, document any calls that you do receive, writing down the name, number and employer of the caller, the time and date called, and any info in the conversation that might be useful.
If we have judgement, we wont call you at work....but your boss will get a garnishee notice. Or a summons to attend an examination hearing...and if you dont turn up for thatm, we send the sheriff to your work, and we ARREST you and haul you before the court.
Quick tip, son, do NOT screw with your creditors and play games..all you will do is convince them that you have no intention of paying.
5. If you think that you are in danger of being sued, it is critical to try to avoid the process server - until they serve you you aren't obligated to show up. In some states, process servers can serve you by certified mail or by leaving service with any member of your household who is over a certain age (usually 14, but may vary by states), so don't accept any certified mail, and tell your kids not to open the door to anyone they don't know.
6. Generally speaking, you are under no obligation to deal with "debt collectors", by which I mean people or companies to whom you owe no money, but are trying to collect for a fee on behalf of a creditor. Ask anyone who calls "are you with the creditor or are you a debt collector?" You can tell debt collectors you won't deal with them.
8. Creditors often become more pliable if you tell them that you are thinking of going bankrupt, especially if you tell them you've already contacted an attorney. Obviously, this is more credible if you have actually done so, or at least have the name of an attorney likely to take your case. Some attorneys do free bankruptcy consulations...since the first consultation is free, it might be worth going, just to establish the relationship.
And if you can afford the lawyer, you can afford repayments on your debt.
9. Find out immediately if your home state allows wage garnishments for unsecured debts. If you live in a state that does not allow wage garnishment, it is a huge advantage for you. Your employer's HR department can probably tell you this, if you don't mind them knowing your situation.
10. Remember that debt collectors, repo men, et al usually get paid only if they collect. This motivates them to be very aggressive, and can often lead them to being extremely p*ssed at you if you are beating them.
Hope this helps.
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