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Collections Law/Auto loan cant afford payments
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Question
My husbands income is way down, mine is down 20% we still make enough to pay the home, heat, lights, food, and 1 truck payment. Problem is we can no longer afford the other truck payment we have. We owe more on it then we could sell it for. If we stop paying on the truck can they take the payment right from my paycheck? What will happen this is the first time in my life I have not been able to pay for my commitments.
The best thing to do is to try to negotiate a repayment plan that you can afford. Next to doing that, you could turn the truck in to the finance company as a voluntary repossession. Beware that if you turn it in and it does not bring enough to pay the loan in full, you will be responsible for the balance.
You do not tell me what state you live in so I can not advise you as to wage garnishment.
I hope you have found this helpful.
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Answers by Expert:
Ray A Miller
Expertise
I am qualified to answer questions on the following subjects: FDCPA, FCRA and HIPAA as well as medical collections, general collections and collection agency related issues. I trained these subjects at a nationwide collection agency and customer service call center and audited around 150 representatives for compliance to the laws. I have been in the Collections Industry for over 30 years. I feel that everyone deserves to be treated fairly and with compassion and that is the way I trained collectors. Even though I worked for a Collection Agency, I get great satisfaction in helping those who have been mistreated or in need of help with these confusing issues.
Experience
I was the Compliance Administrator with a nationwide collection agency and customer service call center-I have trained hundreds of collectors on the above referenced topics. I have been in the medical collections industry for over twenty years and research these topics on a daily basis.
Organizations
ACA International
Education/Credentials
Some college
ACA Certified Collection Specialist
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