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The Loan Shark Says They Will Take My Car. – Patricia

By on November 9, 2011
The Loan Shark Says They Will Take My Car. – Patricia

“Dear Steve,

I am currently dealing with a loan shark who I missed three payments for because I got scammed and my bank account was wiped out. They told me that if their managers did not agree to let me pay them in a couple of weeks they would repo my car. I did not give them the title or anything. Can they do that?

Patricia”

Dear Patricia,

If your loan was not secured by your car, did not involve your car, and you did not assign the title of your car to them as part of your loan then I’m not sure how they would do that.

But it seems your bigger problem is that you are dealing with a loan shark.

When you say loan shark, do you mean an illegal criminal loan or are you using that as a slang term for some other type of lender.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

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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