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I’m Homeless in My Truck With a Title Loan I Can’t Afford

Question:

Dear Steve,

I need help paying off my title loan to keep my truck and make money because I am homeless and unemployed, and all I have is my truck, and I’m sleeping in it.

Dennis

Answer:

Dear Dennis,

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

You are trapped in a vicious circle. You probably took out the title loan for some emergency cash. The lender knew you’d probably default, and they’d repossess the vehicle.

I’m not aware of any legitimate lender that would be willing to lend in your current situation.

The most immediate way to deal with the situation would be to focus on finding any job to make money to pay towards the title loan debt.

If you had income coming in, a Chapter 13 bankruptcy could help protect your vehicle while making some payments. But you can’t afford that without some income.

Is the problem that there are no jobs in your area? Can you relocate to an area that has more jobs available. An entry-level job would be better than no income and could be the first step towards dealing with this situation.

Otherwise, the odds are this situation is not going to end well.


Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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