Car Repo Advice ? Loan And Repossession ?
I am 30 years old, when I was 24 (1997) , I had a car repossess. After they
(a Big three Auto loan company ( I do not want to taunt a specific company))
sold the car I was billed for about $9000. The loan was at 11% and I have
not made any payments since the repossession. I have lost all of my
paperwork regarding the loan and the repossession (denial and incompetence)
and the loan company has not tried to contact or sue me. I have simply
lived my life for the last six years cashing checks at shady places and made
cash purchases due to my bad credit.
I have sort of turned my life around (living on a strict budget, saving
money) and I worry that my past could catch up to me. I am not rich, but I
live comfortable. My goal is to pay this loan off, I do not believe I
could live with this debt. I would not consider bankruptcy, but would not
be able to come up with even the original amount (9000) if served with a
court order. My questions are as follows:
1. Is the juice still on? Is the loan company still charging interest on
this money (9000)? Is it at the original interest rate?
2. Would you recommend that I contact the company to set up a payment plan?
Will they just get my address and now would know where to send the court
order to?
3. What is the chances of this Detroit based loan company coming after me?
Are there certain financial transactions to avoid?
4. When will this stop effecting my credit? I have heard 7 years. But
does that start from the day of repossession? Or days, weeks or even years
after? Will there be an advantage if I could get on a payment plan with the
loan company?
5. Can you think of any organizations that could help me with this?
-I'm sure others will have more detailed answers. But I would contact them
when I had, say, $2000 cash and offer to settle the debt in full for that
amount. You will have to approach them in a way that it would make sense for
them to settle. That