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dave_sonner

Car Repossion Imminent

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hi, sorry if this has been asked a million times before but need some advice.

 

i took out a loan with mobile money a few months ago to cover some bills, but then lost my job a couple of months in. after not being able to pay the instalments on the loan a default was registered against my car and was told today that my car is to be repossesed.

the question i have is that say i hide the car, so they cant get it andpay of the whole balance at the end of the month( not just the arrears but the whole lot). will the repo still go through, or will that be the end of it and i will have my documents back?

 

thanks

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hi, sorry if this has been asked a million times before but need some advice.

 

i took out a loan with mobile money a few months ago to cover some bills, but then lost my job a couple of months in. after not being able to pay the instalments on the loan a default was registered against my car and was told today that my car is to be repossesed.

the question i have is that say i hide the car, so they cant get it andpay of the whole balance at the end of the month( not just the arrears but the whole lot). will the repo still go through, or will that be the end of it and i will have my documents back?

 

thanks

 

Hi Dave;

 

You could try letting the lender know your intention to pay off the debt at the end of the month and they may stop any intended re-po action until that deadline has passed.

 

Clearly; if for any reason, you do not make the intended payment - then expect that re-po action may start all over again.

 

If you are worried that despite telling the lender of your intention - that they would still try to take your vehicle; then I would certainly consider putting my car 'away' for my own peace of mind (some lenders just can't be trusted)

 

Just my thoughts - but I hope it helps?

 

Apple : )


[COLOR="red"][B][CENTER]"Errors do not cease to be errors simply because they’re ratified into law.” [/CENTER][/B][/COLOR][B][CENTER] E.A. Bucchianeri[/CENTER][/B]

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