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Expert: Regan Shinski - 2/18/2011


Question
Do you have any tips on negotiating a title pawn loan agreement in Georgia.  Original loan was for $2000, current interest paid is $2000, balance due is $2000.  The vehicle is only worth $1500.  Thanks!

Answer
Hi:

Very little.  They generally are the more strict of all creditors.  However, it really depends on the individual company you are dealing with.  There is no magic trick or specific idea that will work in all cases.  What you have to do is present an offer that they think will be in their best interest.  In this case, you are hampered by the vehicle.  You have to make them think the vehicle is worth less than $1500 and that you have no other way to pay it because these are the two ways they will collect at least $1500 -- either by taking the vehicle or you paying it.  So you have to take those two options away from them and they might take less than $1500.

Often complete honesty can take away the payment option.  Threat of bankruptcy, opening your "books" to show them you are insolvent, or otherwise proving to them that you will not be able to pay them back.  Then if they think their collateral is less than they can get from you, they may settle.

I hope this makes sense.  Please repost a question if you have any questions.  Sorry there is no clear magical answer.

Good luck,
Regan

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

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