Vehicle Repossession Advice Needed ?

Edwards Finance > Repossess

Q. Vehicle Repossession Advice Needed! First of all, have other bipolars had severe financial problems? We have, due to a variety of reasons: hypomania-overspending, false positive beliefs about becoming rich soon depression-unable to meet obligations (still haven't filed 1999 IRS Taxees) This past spring, it looked like we would lose the house. That looks better, for now. ***** Our van, it seems will have to be repossessed by the loan company. That $400/mo payment simply cannot be paid with that is left over from my disability. ***** What do I need to do? I keep getting calls from the loan company which I do not answer. Doing so causes me to get worse for a while. Besides, why do I need to listen to a collector telling me I am a shit. I already know that I am a shit. Should I start answering the calls? What do I tell them, that I can no longer pay the payment? Or; should I simply hold off, waiting for the vehicle to be repossessed? What rights do I have protecting the personal contents in the van. Will they just haul the van away in the middle of the night, taking all contents, as well?

A. - they will haul your van away in the middle of the night. (I knew someone who worked as a "repo man".) If you have personal items in it, take them out. Maybe you could call the finance company or the saleman at the dealership where you leased it and renegotiate your loan ,or turn it in yourself before they get you. - I thought that was what I remember. My last job was at a bank. I used to hear the collectors talk about people in my position. (It wasn't very pleasant. I guess trying to get money out of people is stressful). Sometimes I would arrive at work early and find a repo man in his rollback with a vehicle on the back waiting for the office to open. The would collect any personal possessions and throw them into a "shack". Once, they found "pot". I have tried to renegotiate the loan for the past 6 months. At one point they agreed to refinance our 2 year old vehicle for another 7 years. That means that it would be 9 years off when paid off. I agreed even thoug I doubted that I would be able to make it. I thought that trying would be the only honerable way. However, I got another call saying that they wouldn't accept their own terms. I was talked into giving access to my checking account for 2 payments. This resulted in me not being able to make other payments. I owe $15,000 on a van I paid $16,000 for. I owe $70,000 on credit card debt. I owe $35,000 on my home. I owe $16,000 in medical bills. I owe bunches and bunches more. At the time, I didn't know what was going on. At times, I felt REAL good and thought I was going be rich. At times, I became very depressed and would buy more. I am now able to actually accomplish positive effects in trying to plan & budget. I went for 5 years, unable to do anything about anything. The good news is that I am doing better. The bad news is that there is little to do about most of the debt. The thing that disturbes me is that these institutions issued tons of credit to my wife, who has never had a job. No one at any institution checked my credit as I became more and more in debt. Everytime I hit the limit, they would INCREASE it. Had I been in a normal mood, I would have never allowed credit. Heck, I didn't even ask for any of it. The bank I worked at was very difficult to obtain credit from AND they had very little bad debt. -

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