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There’s one more thing weighing on my mind: do you happen to know how the process works when a Bank sells off debt? Can that be paid back in installments, or is the insurance company just going to come after everything at once with a full seizure?
Do they show any mercy, or are they just sitting there waiting to squeeze out max interest before they go after my checking account... 😢
Jeffrey Booth2 said:Well, logically speaking, you really ought to ask the bank specifically which entity they handed the debt over to.
And don't worry, they'll eventually reach out—probably right before the statute of limitations hits, just so they can rack up the maximum amount of interest possible.
Yeah, I'm thinking the exact same thing...
We'll try to get ahead of them and reach out first. I just don't get why they haven't come to pick up the car yet.
My husband lost his job a little over a year ago. We had an auto loan that we just couldn't keep up with. We tried selling the car, but the price we could get wouldn't even cover a third of what we owed. Eventually, we got word from our Bank that they had handed the debt over to some insurance company.
He recently landed a new job, so we’re hoping to start tackling that car loan again soon—once we clear out some other debts, of course, since we've been hit with a wave of collections due to those negative balances.
The thing is, we haven't heard a single peep from this insurance company. Who are we supposed to contact? Who do we even look for? I'm worried the interest has made the debt balloon, but we truly want to make this right and pay it off...
Thanks!