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Mz v

Hi I have a good credit rating I’m not behind in any payments, but my car loan is making go into debt and I’m having to use my line of credit to stay a float. I called the car company and they wouldn’t help so what can I do, before it gets more un manageable

Posted from: Ontario

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One Response to “Mz v”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

With a secured loan such as a car loan you really don’t have a lot of options. But the options are as follows:

1. Keep the car, struggle with the monthly payments.
2. Sell the car. This can be difficult if the value of the car is less than the actual loan as you would normally be expected to make up the difference.
3. Negotiate directly with the secured creditor to see if they will permit you any flexibility with the level of your payments or the duration of the car loan etc.
4. Stop making payments, send the car back to the lender. The lender will sell the car, apply the proceeds from the sale to the loan and if they are not enough to cover the full balance you will need to make arrangements to pay the rest. If unable to pay the remainder the you would like have to explore other options to deal with the debt (i.e. bankruptcy, consumer proposal etc.).