What happens when you cant pay a credit union anymore?
-
brief story: when my mother was healthy she went got a car she paid off the car well the credit union did and she was paying this credit union instead of the car agency everything was fine payments always on time she had everything running smoothly. a year later she fell ill until now she is very ill and is living off ssi checks for disability she cannot afford to pay the credit union there is just not enough money .. what can we do any advice and no bad comments got enough negatavism already. thank you
-
Answer:
same as any other loan -- collection dept, repo, sell the car, balance due to collectors, sue for the money, and finally give up.
Polly at Yahoo! Answers Visit the source
Other answers
the credit union will repo the car & auction it off to recover what's owed. your mom, as signer on the note, is still liable for any shortfall. you can take the car & simply return the keys to the credit union & explain that she has no money due to her illness. At worst, they'll issue a 1099 forgiveness of debt for whatever they end up charging off & your mom will have to pay taxes on it as ordinary income.
If you cannot pay the car payment, the credit union will repossess the car.
Related Q & A:
- What happens with Delinquent Accounts on my credit report?Best solution by Yahoo! Answers
- What happens when a car is written off?Best solution by eHow old
- What happens when you have a hernia?Best solution by ChaCha
- What happens when you report a photo on Facebook?Best solution by Amazon Askville
- What happens when you cancel a debit card?Best solution by Yahoo! Answers
Just Added Q & A:
- How many active mobile subscribers are there in China?Best solution by Quora
- How to find the right vacation?Best solution by bookit.com
- How To Make Your Own Primer?Best solution by thekrazycouponlady.com
- How do you get the domain & range?Best solution by ChaCha
- How do you open pop up blockers?Best solution by Yahoo! Answers
For every problem there is a solution! Proved by Solucija.
-
Got an issue and looking for advice?
-
Ask Solucija to search every corner of the Web for help.
-
Get workable solutions and helpful tips in a moment.
Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.