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Expert: Creditwrench - 2/22/2010


Question
I have a camper trailer that I have made payments on for 4 years.  Due to circumstances beyond my control, I can no longer make payments on the trailer and would like to have it repossessed.  I have tried to sell it to no avail.  I have some savings which are from life insurance and I am wondering if the finance company take my savings to settle this debt?  I cannot afford that as it is all I have.

Answer

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You can rest well assured that if they repo it they will sell it for whatever they can get out of it then come after you for the deficiency balance which may be as much or more than you paid for it in the first place. They can get a judgment and then go after your savings and take it all or at least enough to pay them all that they claim you owe. What they do is freeze the whole account so you can't get a dime out of the bank until they get their money. That can put you in a real pickle and could end up costing you a bundle depending on how much the bank charges you to process the claim. Could be as much as $200 or more.
Best you get your money out of savings. You aren't making enough money in interest to worry about anyway these days. Sounds to me like you need to just let them have it and learn how to protect yourself by using informal bankruptcy which is much easier than the formal variety and much less expensive. You may not have heard of informal bankruptcy but it is being used by more and more people all the time. Many thousands of people have used it successfully and according to official records more than 300 people are filing informal bankruptcy every month. It also does not leave any blemishes on your public record and can leave you with pristine credit. You don't even need a lawyer to do it. All you have to do is start learning now before it is too late. I'd recommend that you start learning at http://www.informalbankruptcy.com I'm sure you will be needing to do something very quickly.  

Creditwrench

Expertise

Debt Collections law, Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), federal law, how to properly answer court summons for collection cases, how to prepare federal cases against debt collectors, how to deal with debt collection phone calls.

Experience

I've been an active consumer advocate for more than 40 years and have helped hundreds of people win cases against debt collectors as well as helping them defeat demands for summary judgment lodged against them by banks, debt collectors and defeat mortgage foreclosures and keep their homes.

Education/Credentials
Paralegal courses for the most part.
I have been teaching people how to deal with judgments, mortgage foreclosures and other such problems both on and off the internet for many, many years. I am a Richard Cornforth information provider ever since 2000 and worked with many other organizations and causes since 1980. I was Oklahoma State Chairman for the nationwide drive to defeat the Constitutional Convention which was proposed by various factions within our federal government such as the Council of State Governments and the National Organization of State Governors who were working hard to organize a Constitutional Convention to be held in 1995 for the purpose of rewriting our American Constitution to be more acceptable to the United Nations. I worked with Senator Charles Duke of Colorado and Senator Don Rogers of California and many others across the nation to keep them from getting the number of delegate states required to lawfully hold a Con-Con and we were successful. I have worked with many other legislative issues in Oklahoma and have always been very successful.

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