how much time before repo? Advice needed.

[alltappedout]

just got a letter "Final Demand Notice - Legal Action Pending" on a Credit Union Visa late 73 days, $436.00 in arears, balance of $7,000+....

It says to pay up or arrange payments by Dec.13 and this is why I'm freaked:
I have a car loan for a 2002 Jeep Grand Cherokee Laredo retail value of $6,000-8,000 last time I looked with the credit union which I renegotiated in May to bring payments down to $110 from $368, which extended my loan out two years. Owe $1900.

I understand CUs cross-collateralize! So, freaked about when they will be able to repo the car and need help on what to do immediately if anything??

How much time do I have? I am in midst of preparing bk questionaire to see whether a paralegal can help me or if I can be referred to a modest means lawyer.

Thanks for any help. I'm in Northern California, if that makes a difference.

[StartingOver08]

File quickly. You may be able to renegotiate the removal of the cross collateralization in your reaffirmation agreement with the CU. I am assuming you want to reaffirm the car and dump the cc?

I was able to get my CU to take off the cross collateralization in my reaffirmation agreement. I reaffirmed the car, dumped the mortgage and the credit card.

Who is your CU? Are they large or smaller?

[alltappedout]

Large in North Bay counties like Marin, Sonoma, maybe Mendocino and Lake, the redwood region.

[alltappedout]

Ideally, I would like to keep the car as I do not have any money to get another one. I am unemployed getting benefits and have only the basic personal property; no house/mortgage. And another $13,000 in cc debt and $6,000 owed to IRS.

Would talking with them help me in any way? I think they are being aggressive because they could take the car to satisfy the cc debt. I have kept up with car payments.

[StartingOver08]

I tried to work something out with my CU prior to filing and it was not possible as long as I was delinquent with the CC pmts.

Once I filed BK, I spoke to the BK dept and they were willing to work with me. I don't know your specific CU - but since they are large, they probably have a BK dept that is familiar with the process. BTW, I did NOT tell the CU I was filing BK because I did not want them to jump the gun with a repo either (I was current on the car and deliq on both the 2nd mtg and cc). YMMV.

[alltappedout]

update to Demand Notice letter and freakin' out

okay, got brave and called the CU contact about a "Final Demand" letter for $436 balance due to bring current on $7,000 cc debt.

I planned to answer no questions and called at end of Friday which was latest possible before they "take further action" on Dec. 13. I simply id'd myself and account # then asked "what does this mean?"

"it means we will send this past due amount to an outside collection agent to contact you about payments."

That was good news as I had been freaking that they were about to start judgment or repo. So, I have calmed down and will continue to fill out my bk questionnaire to determine whether to file with lawyer's help or pro se with help from a paralegal.

[debtinohio]

I'm 4 months behind on a $22000 visa with my CU who holds the note on my 2009 truck. The truck is at 0 equity (not negative/not positive) I keep making the $552 payment on the truck and told the CU 45 days ago I was filing CH13 on the card and have not heard a thing since.

My plan has not been filed yet, but it is to pay them out of the plan $599/60 months to pay the truck off which is a higher payment to pay it off sooner than it's 66 months left now.

Now, I don't know if I will ever get the lien released in 5 years having screwed them on the card, lol. If not, I'll keep it forever and will park it at the local CU branch someday when it finally dies.

[GotNoMoney]

Are you not able to do a Ch7? Or are you doing a 13 to keep the truck?

[debtinohio]

*cancel*

[alltappedout]

Well, it is a year later and I still have not file for Ch7 bk. The CU I have the car loan with, which has just $700 left to pay off, has just sent a legal action letter regarding the $7,600+ cc debt. So, there is quite a bit of equity in the 2002 Jeep -- maybe enough to cover the cc debt!! Ack! time to file! I would like to keep the car since I almost own it and have not been late ever. I renegotiated the loan year and half ago to reduce payments by 66% as I was/am unemployed. That extended loan by two years but means I was able t make the payments.