bank loan with collateral

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Credits: 5308.1
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I have a problem I hoping someone can help with. I took a loan for $6000 from my "hometown bank" using my truck as collateral. I got into the payday loan mess and ended with my bank account being overdrawn about $700. This bank would not help whatsoever even though I told them several times, in writing, these were unauthorized withdrawals. Anyway that's another story. They offered to rewrite my loan and include this overdrawn balance. I'm paying $252 a month on this loan.

At the end of last year, my company began offshoring a lot of our work. (I'm a medical transcriptionist and get paid per line produced). My pay kept dropping to the point it was half what was making in 2005. I eventually quit that company and went to another, but it takes time to get back production.

I've been 30 days behind on this loan for awhile now, i.e., paying Jan in Feb, but it is usually paid within 30 days, a few times maybe 31 or 32 days depending on where the 10th falls. (Like this month the 10th was on Saturday). The bank calls and threatens me they're going to take "further action." My question: Can they just come and repossess my truck without going to court? What kind of "further action" are they legally allowed to take? They are consistently getting their money. Thanks!




Unregistered

Sub: #1 Blue Springs Ridge Subdivison
Wed, 08/05/2009 - 12:55

25 Plus ac. Blue springs ridge plus assignment of life insurance as collateral. Will I have to pay any more if Subdivison sells for less than I have in it Thanks




cajunbulldog

Posts: 4859
Credits: 42498.15

Sub: #2 :shock: I would be very careful in your actions on this loan.Sin
Sun, 02/11/2007 - 10:00

:shock: I would be very careful in your actions on this loan.Since it was secured by vehicle,tecnically they can start repo proceedings as soon as you are late by 1 day!To find out what the specific procedures for repo look at your state statutes. Be forewarned to read your loan agreement carefully as some companies word them where you would give up a lot of your legal remedies in exchange for loan.

The best advice I can give is to make an appointment with loan officer and explain in detail your circumstances surrounding this loan. If your local bank refuses to talk to you send a letter to corporate office of bank detailing everything. What I am describing is not a legal remedy. By explaining yourself you are hoping for goodwill from bank so you would not lose your vehicle.

Lastly there is a lawyer by the name of texaslawyer that posts on this site.Please send him a private message and he will probably be able to point you in right direction.

Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.




WHEREAMI?
Posts: 5268
Credits: 73181.1

Sub: #3 I would think that if you are sending in your payments (even tho
Sun, 02/11/2007 - 09:52

I would think that if you are sending in your payments (even though they are late, they are getting them and ACCEPTING them), there isn't much they can do so long as they are accepting your late payments. Do you include the late fee charge as well in the payments?

RYDERS OF THE NIGHT




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