I am very far behind on my auto loan the loan company has charge off the loan, a recovery agency came to my home wanting to the car however it was in a closed garage, they stated they had taken pictures of my daughter driving the car. I called the Loan company and they guy I spoke with said he would work something out with me since the loan was charged off, he said I would need to give them 1000.00 up front then make monthly payment until the small balance was paid in full. I asked if he could email me the terms and he said not until I paid the 1000.00. I feel very un easy about giving them the 1000.00 and having nothing in writing. What should I do? The recovery agency has yet again come to my home?

Thank you
Amy

Most likely there is no agreement, bet he would not repeat it, if you told him you wanted to record him on the phone.

This is how it works, he gets the 1000, gets his commission for collecting it, and then you will still owe the balance, and no deal.

"charged off" just an accounting term, means they took the tax right off, has nothing to do with how much you owe and have nothing to do with their ability to sue you.

If they send a repo person and you refuse to give them the car, it just goes worst for you,

Most likely there is no agreement, bet he would not repeat it, if you told him you wanted to record him on the phone.

This is how it works, he gets the 1000, gets his commission for collecting it, and then you will still owe the balance, and no deal.

"charged off" just an accounting term, means they took the tax right off, has nothing to do with how much you owe and have nothing to do with their ability to sue you.

If they send a repo person and you refuse to give them the car, it just goes worst for you,

I am suppose to pay it tomorrow, I do not know what to do, he is the one who said 1000.00 and to make payments monthly until it is paid. It is not a collection agency it is the loan company. He told me he could not call the repo guy off until I had paid the 1000.00. I am so lost and don't know how to handle this?

Should I pay the money if I do not get the terms in writing?

I have locked myself out :( I got to wait 15 minutes