Cant continue car payments
July 23rd, 2012 by Questions
I am currently unable to continue car pymts as I moved to be with family & took $ 10/hour less pay..also to start apprenticeship. We are sruggling to meet basic needs for our family of 5. Someone had accident with my car, it is totalled & insurance will not cover the claim. I am not at a point to pursue consumer proposal. So should I just stop paying loan & eventually pursue consumer proposal in future?
Posted from: Alberta
One Response to “Cant continue car payments”
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July 23, 2012 at 10:56 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
That is definitely one approach. You can always stop paying and return the car. The challenge is that in most instances the lender on the vehicle will have the right to sue you for the difference between the amount they sold the car for and the total amount of the loan (plus any legal costs or costs of sale). So the problem with delaying the filing of the consumer proposal is the lender on the vehicle may start to garnish wages or make some other collection attempt. Now the proposal will put a stop to that, but the longer you delay the more likely the creditors will try to do something severe like garnish.