Automobile loans problems and Dealing with Creditors. Avoid a negative entry on your credit report

credit report Legal Document Preparation Service free online credit report
  legal information   LEGAL INFORMATION
  legal dictionary   LEGAL DICTIONARY
  Lawyer Directory   LAWYER DIRECTORY

free credit report - credit score - online credit report - credit report repair - free credit history - credit bureau report - consumer credit report



Free credit report   Credit Report
Power of Attorney   Power of Attorney
Health Care Directive   Health Care Directive
Revocable Living Will   Living Will
Prenuptial Agreement   Prenuptial Agreement
Revocable Living Trust   Living Trust
Bill of Sale Forms   Bill of Sale
Promissory Note Forms   Promissory Note
Divorce Online Divorce Forms   Divorce Online
Immigration Forms   Immigration Forms

menu item


menu item   Legal Dictionary
Find a lawyer   Find a Lawyer or Law Firm
Find a lawyer   Law Books
Legal news and crime stories   Legal News & Crime Stories 
government forms   Government Forms & Docs
Legal discussion board   Discussion Board
Legal RSS / ATOM Feeds   Legal RSS / ATOM Feeds
My Shopping Cart   Log in to your account

Dealing with Creditors

A sudden illness or the loss of your job may make it impossible for you to pay your bills on time. Whatever your situation, if you find that you cannot make your payments, contact your creditors at once. Try to work out a modified payment plan with your creditors that reduce your payments to a more manageable level. If you have paid promptly in the past, they may be willing to work with you. Don't wait until your account is turned over to a debt collector. At that point, the creditor has given up on you. Most creditors don't want to spend time and money to collect delinquent accounts - all they want is their money! Therefore, in most cases, your creditors will be willing to work with you through your crisis.
For example, you may want to offer your creditor interest payments on your debt and delay payments on your principal until your condition changes. Also, check to see whether your debt is covered by a payment protection plan or other insurance that would pay your debt. In some cases you may be able to get your creditor to accept a partial payment as satisfaction in full for your debt. In any event, you want to keep an open dialogue with your creditor keeping the creditor abreast of your situation.
If you do work out a debt-repayment plan, ask your creditors to report your new, smaller payments to the credit bureau as timely. Otherwise, the credit bureau may report these payments as delinquent because you are paying less than the amount agreed to in your original credit agreement.
Automobile loans may present special problems. Most automobile financing agreements permit your creditor to repossess your car any time that you are in default on your payments. No advance notice is required. If your car is repossessed, you may have to pay the full balance due on the loan, as well as towing and storage costs, to get it back. If you cannot do this, the creditor may sell the car. Don't wait until you are in default. Try to solve the problem with your creditor when you realize you won't be able to meet your payments. It may be better to sell the car yourself and pay off your debt. This would avoid the added costs of repossession and a negative entry on your credit report.

"Dealing with Creditors."                                 All credit report news

Credit report, free credit report, free online credit report * Read credit report related information
* Read Related Credit Report FAQ's



Credit report correction techniques  

Credit report correction techniques

Many times the credit bureau is busy and does not handle your dispute properly ...
Basic rights under The Fair Credit Reporting Act  

Basic rights under The Fair Credit Reporting Act

All Federal Laws are in consumer's favor and you will have the advantage ...
Credit scoring and the lending industry  

Credit Scoring and the Lending Industry

Credit scoring is crucial to your ability to get a loan. When you apply for a mortgage, your lender ...

Citizens Bank retreats on auto loans

Automotive News (subscription) (blog)
Citizens Bank confirmed it has exited auto lending in 20 states outside the Northeast, Mid-Atlantic and Midwest this year to pursue a strategy of higher returns on auto loans instead of greater volume. "We had entered 20-plus expansion states when we ...
Citizens Bank retreats on auto loans