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My Car Was Repoed and Nationwide Credit Says I Owe a Huge Balance. – Kathryn

“Dear Steve,

i have a car loan under my name and sister. i was unable to pay it any longer so it was repoed. my sister has no job so her car was repoed also.. i am now getting letters from nationwide credit inc stating i have to pay them 7349.00 but can make a settlement .if i dont pay then it can lead to legal actions with out any furter notice. i work pay check to pay check and told them i can only pay 70 a month.

If i dont pay nationwide credit inc(current creditor capital one serviced inc) will they take me to court for suit and try to get money from me.

Kathryn”

Dear Kathryn,

Well that sounds about right. If your sister was on your loan they can go after her as well. I would anticipate the odds are fairly good they may sue you and go for a wage garnishment. What state do you live in?

What amount are they saying you can settle for?

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

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

READ  Buy here lot wants to repossess my vehicle but they want me to bring it back to the state. - Tim



About the author

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.

2 Comments

  • Hi Steve, I lost my job a year ago and have not managed to get another one yet .My car just got repossessed this weekend for being 3 months behind on payment. I talked to the bank and I have 10 days to pay off the loan which is about 15K or they auction it off. I know they usually auction off the cars for dirt cheap thus leaving me with a huge balance and a WRECKED credit for several years. Is it possible to get new financing to buy back the car or what options do I have now?

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