I had to take nearly a 10,000 pay cut and move to a new city for work. I gave one of my 2 cars back to the lender as I could not longer afford them. Now, the lender is saying I owe them nearly $60,000. I only make $55,000 a year. I don't have the means to afford paying this. What are my options for getting the balance chopped down or eliminated entirely?
One option is to consult with a bankruptcy attorney to get advice on whether that is a good idea for you or not. You may also want to consult with a consumer protection attorney who is experienced at dealing with repossessions and debt collection. Following a repo, even a voluntary repo, in Ohio, the creditor is required to provide you with certain information about how and when they intend to dispose of the car. If the creditor doesn't follow the law, the amount you owe may be reduced or eliminated.
Greg is right. You may also have claims related to the original purchase. You did not say if this was a new or used vehicle but there may be issues you can still raise related to the sale. You need to move quickly though as time is on time is on the side of the lender.
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