How Do I Avoid Repossession in Vancouver, WA?
Avoiding repossession is actually possible. Not all is gloom and doom once you’ve realized that the repossession process is about to take place. To avoid repossession, you should:
Contact Your Lender
Let your lender know if you are facing certain financial difficulties that will make it challenging to meet the payment deadlines. Communication will help them figure out a repayment plan that works for you.
Return the Property
Once you’ve received a repossession warning, you can give the property back to your lender who has the option to either refuse or come up with a solution that can benefit both of you.
File for Bankruptcy to Delay the Process
You can qualify and file for a Chapter 7 bankruptcy in order to delay the process of repossession. Filing for Chapter 7 bankruptcy is also a way to come up with a payment plan.
Can I Recover from Repossession?
You surely can! Recovery from repossession might be challenging but it is possible. When faced with car repossession, there are some steps you can take to protect your credit from seeing further damage. These include:
- Question The Repossession– Question why your car was repossessed. If you know you’ve been falling behind on payments, this can seem quite obvious but there’s a lot more to the process than what you just know. Getting a lender to explain this to you will help you make the smartest move next.
- Ask if You Can Get It Back– If you pay the loan in full, some car companies are willing to let you have your car back. You only need to not only pay the loan in full but also the repossession costs before it’s auctioned.
- Be Aware of your Rights– Know that in a repossession situation, the repo men can repossess the car but not the items inside. Your property must also not be damaged in the process so see to it that they don’t break down your garage door or break anything in your home in the effort of repossessing your items. Should you feel that your rights are violated, contact an attorney.
- Ask if You Still Owe Money- After the car is sold, ask if you still owe money. Ignoring the details of your vehicle can cause the account to be sent to collections and this can stay on your credit report for seven years.
- Improve and Be Mindful of Your Credit– Repossession stays for seven years on the credit. Take a proactive approach to restoring your credit by paying for bills and debts on time. This can help improve your credit score in the long run.
Will Debt Settlement or Consolidation Work?
Debt settlement plans are advisable when you are faced with repossession. Debt settlement plans involve you hiring negotiates on your behalf to pay off the balance. Another option is the consolidation loan. Consolidation loans pools all of your debt into a single loan, allowing you to make more manageable and attainable payments monthly.
If you’re quite unsure of the entire situation, it is best to get in touch with a repossession attorney in Vancouver, WA who can better explain the process and help you make smarter decisions to benefit your financial state.
Seek Legal Advice from a Repossession Attorney
Are you dealing with repossession? Have you been having a tough time with debt? Are you looking to file for Chapter 7 bankruptcy? If all these concerns sound like you, then it’s high time to get in touch with a Vancouver, WA repossession attorney. Call Robert Russell Law Offices and schedule an appointment now to rise above debt and get back on track.