I had a Auto loan for a short time and got hurt at work and couldn't pay for 6 months. The bank charged off the loan of 37,000.00 but I still have the car. I tried to work a deal with them but the only thing they were willing to do was let me pay the loan down by half and then I could make payments again. My credit score went down so low that no one else would give me a loan. The sad thing is that I make enough money that I could have brought the loan current in a few months when I went back to work. Is there any other options for me I really don't want to give the car up; I can pay but not half of 37,000.00. Should I just start sending payments to the bank again? They said they would not take them but I know they won't send the money back. As far as I know they haven't sold the loan away yet...

Thanks

Dean h.

You went about it the wrong way. As soon as you found you couldn't keep up the payments you should have called them and worked something out and they probably would have given you a pay back plan then. Banks get stiffed so many times that they really do work with people to find a solution to a problem like this.

Call them again and tell them that you can start payment again, could be they will work along with you on this.

The only other option for them is that it goes into collection and then your problems start so do all you can now to avoid that.

Dean, it was kind of you to give me an agreeable response to your original post even though you said it didn't help you much. Sorry, but there is no quick fix for your problem and you will have to look at the long term results and avoid a court action if you possibly can. A court action will do more damage to your already damaged credit score. It doesn't seem as though delinquent accounts are passed over to collection agencies as quickly in the States nowadays as they used to be and original creditors are tending to take matters into their own hands and go directly to court. It amazes me what they have to pay in order to collect a relatively small amount of money but I guess they look it at the big picture in the long run. Good luck in resolving this credit problem.