Credit card companies can't touch your bank account. They can threaten and do many other things like garnish your wages (if you have a job), send you to collections, etc, but they can't take money from your bank account. Creditor judgments can be executed as bank account levies in every state. The only exception in a very few states are accounts of married couples that are held as TBE. However, all SS, VA, RRB, and most private pensions and all government disability, supplemental income, etc. are exempt from garnishment for creditor debt in all states. Please be advised, SS, VA, RRB, and other retirement and disability benefits should NEVER be commingled with other funds in bank accounts. When such benefits are mixed with other income the creditor can request the account be frozen and the judge rule on what portion of funds are legally exempt.
Vehicles are put up for repossession in self-help states only after the loan has been defaulted upon. Provided you have made all of your payments, and these payments have been on time per the contract, then no. However, if you have ever been late on a payment, and you fall behind at anytime, the contract in most cases has been defaulted, and repossession may proceed. That a lender does not repossess every time a borrower falls behind is a testament to two things: one, it is an expensive and complicated process to repossess a vehicle; and two, they understand that people fall behind and are willing to allow people to pay current. Their interest afterall is the contract. They do not really want your vehicle; they want the payment.
They can repo anytime you are in DEFAULT of the contract. 2010-09-21: Also, in addition to the answer: While the bank can reposses when the repo clause comes into play, I don't know of any instance that once a bank agreed upon partial payments, they reneged and repo'd the vehicle anyway. Remember: they'd rather have the money than the car. If it comes to haveing it repo'd through a repo company, the bank would still rather have their money than share it with a repo company. The person at the bank that you speak to is being watched by the bank manager, etc., blah blah, and he or she would rather keep good information on the books. He or she, as far as my experience, will help you in your situation.
Quite probably. Because you have paid so much of the loan they might even find it more attractive to do so.
If you have paid more than a third of the total HP price including charges than they have to take you to court. If you've paid less than a third they can reposses it without a court order.
if you dont pay your credit card bill, they will charge you the amount that you didn't pay plus interest on your next bill. If you wait too long to pay your bill, they might hire a collection agency to get the money back or reposses your things
you can only reposses a car that has out standing payments. unless you are involved in crime and have profited through illegal activities then both cars can be repossesed.however if you have only defaulted payments on one car then your other car is safe.
You can not reposses your own property. You can contact the company and forfeit it if you are having trouble making payments.
Most lenders will begin proceedings to reposses once payments reach the 90 day late period. This does vary from vendor to vendor however.
Every financial institution is different. Typically 1 to 3 months.
If you don't make your payments, the lien holder has right to take the car any time.
by law they can repossess your car if you are 1 day late. However, your best option is to get professional help.
If that loan company loaned you money and you used the car as collateral and failed to make payments on time, they can, and will repossess the car.
Yes. In most cases if you fail to pay after 52 days, the bank has the right to reposses your casa. But if you have been a good costumer with on time payments and call the financial institution they can work something out.
Uh yes. You no pay, truck get taken away. If you are having difficulty making payments try to negotiate lower payments. It costs a bank considerable more to reposses the car than to renegotiate.
If you bought the bike on credit and miss the payments, they can and will repossess the bike and sell it at auction. Just like a car.
can a finance company reposses your vehicle if you made your payment on the15 day
ANY LENDER, by law, can reposses your car if your 1 day past due! There is no stopping them. You need to act fast before it is too late.