My car was reposessed on Monday and I am trying to work with the bank to get it back, but they are asking for the lump sum of my balance and I'm not sure I can get that amount as quickly as they want it.
I spoke with an attorney this morning who said that I could recover my car by filing Ch. 13 bankruptcy.
So, my question is which is worse or better in the long run for my FICO score? Bankruptcy or the repossession?
I checked my credit report this week and I have several late-paying accounts and also have PDL debt, so clearing the repo is not the only challenge I have right now.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.