Still secured debt or now unsecured?

[GbMarupo]

If you no longer have a car because it was totalled from a crash but still have to make payments on the loan, would it be considered an unsecure debt now is it still secure?

[daytona]

It's still secured I would think...tell them to come get it. LOL Seriously though, if you had insurance and a "loss payee" (the Lien holder), then they would have been paid...

[GbMarupo]

The car was taken to a tow yard and we didn't pay the charges for the storage. A letter was sent to us from the tow yard stating the total charges for the towing and storage but I don't believe we have that any longer. For all I know the car is probably not there any longer. Insurance didn't pay anything for the accident according to what my father-in-law said. So no money was paid to either us or the lender.

I'll go ahead and list it as secured debt and if the court questions it, I'll just tell them it was totalled from an accident and there is still a balance due.

[tcreegan]

Hi GbMarupo,

Don't forget to list the towing company as a creditor....

Tom in Colo