Monday, October 26, 2009

I lost my job three years back and i had a car on loan.I shifted my house and took my car with me.No

guys could not find me and i have the car and have defaulted on the car payments for three years.Now i want to settle off the loan in one go.How do i do this?Do i need to engage a lawyer or do i just walk in to the bank and settle it?I stay in India



I lost my job three years back and i had a car on loan.I shifted my house and took my car with me.Now the bank

well u dont have to go to the bank directly...u know the total outstanding...jst sending them a Demand draft of the full outstanding by registered post with a covering letter..justifying your absence and blah blah...



also ask them if any outstanding is pending...once u see the debit in your acount..approach the bank thereafter...cause they wont arrest u or charge defrauding charges against you as u intend to settle the loan and that was evident with the demand draft...



there is no need to approach the bank.as of now ..as far as possible avoid confrontation on any issue...u dont need a lawyer...



I lost my job three years back and i had a car on loan.I shifted my house and took my car with me.Now the bank

welll..it seems a very complicated problem and poor advice may take u in danger.



so i suggest u to consult a lawyer...



I lost my job three years back and i had a car on loan.I shifted my house and took my car with me.Now the bank

Please Please consult a lawyer so that everything get settled peacefully and without extra monetary damages to you.



I lost my job three years back and i had a car on loan.I shifted my house and took my car with me.Now the bank

They have long written that debt off and probably sold it to a collection agency and they in turn sold it to a different collection agency and probably written off by now.. Go to freecreditreport.com and sign up and look at your credit report and it will tell you where it went to and who and when it was charged off.. That way you would know... I would not go in person to the bank. If I was that curious I would call from a pay phone in a different part of town and see if anyone there can even find the debt and let them tell you what they did with it. You could probably get a sweet small settlement by now as long as you don't tell them where you work or where you bank.If they don't have any assets on you then they would be more inclined to settle with you for a smaller amount

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