Speaking with one's creditors about repossession

Any Southaven resident who has ever financed a car is likely to know the sinking feeling that comes with missed payments. Late notices start arriving in the mail, phone calls and voice mail messages start accumulating, and sooner or later the threat of repossession becomes very real. In today's economy, it's not unusual for local residents to experience financial challenges that leave them wondering how they will cope with the prospect of repossession.

In many cases, drivers will ignore contacts made by their creditors, either out of fear or distrust. However, if no contact is made with one's creditors, and no payments are made during that time, it's very possible a driver's vehicle will be physically taken back by the creditor. In order to avoid such a scenario, it may be beneficial to speak with creditors and inform them of the situation. While this can be intimidating, communication can go a long way towards avoiding or resolving a vehicle repossession in Mississippi.

In some instances, speaking with your creditor about a recent change in circumstances - such as a job loss or new found medical expenses - may result in being able to pay late without repossession. Sometimes it is possible to create a revised schedule of payments or even a change to one's original contract with a creditor. However, if any changes are made, it's extremely beneficial to get them in writing so that no costly misunderstanding arises later.

Communicating with creditors is rarely easy, and they don't always allow debtors to change or delay payments, even if circumstances have changed. An asset forfeiture attorney can advise a debtor on how to effectively stop repossession through bankruptcy or cope with a repo which has already occurred. Debtors have rights as well as creditors, and a Southaven bankruptcy lawyer can make sure these rights are protected with regard to one's vehicle and other personal property.

Source: Federal Trade Commission, "Consumer Information: Vehicle Repossession," accessed March 7, 2015

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