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My car was repo. and what happens when i can't pay the difference. can i make payments instead paying it all back at once?
You can negotiate payments, but I always recommend saving at least 30% percent of the remaining balance and negitiating a settlement. Get everything in writing before making your negotiated final payment. Then request a letter stating that the account is now "Paid in Full", instead of "Settled for less". Very important that you request this, so that they do not sell the remaining balance to a third party collection agency.
What else can I help you with?
Does paying down principal lower monthly payments?
Paying down principal does not lower monthly payments. Instead, it reduces the total amount you owe and can shorten the length of the loan term.
What is the English word for making payments over a period of time instead of all at once?
paying in installments; the installment plan
What is the difference between making biweekly mortgage payments and making extra principal payments?
Making biweekly mortgage payments involves paying half of your monthly mortgage payment every two weeks, resulting in 26 half payments per year instead of 12 full payments. This can help you pay off your mortgage faster and save on interest. On the other hand, making extra principal payments involves paying additional money towards the principal balance of your mortgage, which can also help you pay off your mortgage faster and save on interest. In summary, the difference is in the frequency and structure of the payments, but both methods can help you save money and pay off your mortgage sooner.
Does default means not pay?
Default means that you have not made the agreed-upon payments in full on time. You may be making partial payments (ie, paying $250 a month instead of $350 a month), but still be in default.
Does default means does not pay?
Default means that you have not made the agreed-upon payments in full on time. You may be making partial payments (ie, paying $250 a month instead of $350 a month), but still be in default.
What happens when you are paying and they say it is not enough?
Grab all yu can and get the heck outta there what can happen when you are making monthly payments on a debt,debtor says its not enough?
What are staggered payments?
Staggered Payments, are Part-Payments over a period of time. For eg: A has to pay USD1,00,000.00. Instead of paying the complete amount at one time, he may opt to pay USD10,000/- every month. However, it is important for both the parties to draw a Legal Contract.
What happens if you stop paying your monthly payments?
Your car will be repossessed, your car will be sold, you will be responsible for the difference in the price the car sells for and the balance on the loan plus repossession fees, and your credit will be ruined for 7 years. Contact the lender and work something out. Don't let this happen to you.
What is the difference between expropriation and confiscation?
expropriation means seizure of private property by the government after paying compensation. confiscation is similar as expropriation, but confiscation does not involve such payments.
If a business loan has your house as collateral what happens if you stop paying payments to the bank?
You will lose your House and everything in it.The bank has the right due to the fact you signed your name.
How does paying off principal affect monthly payments?
Paying off principal reduces the amount you owe, which can lower your monthly payments by decreasing the interest charged on the remaining balance.
What happens when you finish paying off your house?
When you finish paying off your house, you become the full owner of the property and no longer owe any money to the lender. This means you have complete ownership and can live in the house without any mortgage payments.
