I did my best trying to pay my credit cards, until my situation was getting worst, I got a debt consolidation almost a year ago, but NOW that seems to be impossible too. I can not pay them anymore. What happens If I stop making the payments. Can they take me to court? considering that my salary has dropped more that double? Also, I can not pay a signature loan either, they are telling me that they will go after my car, can they do that? I live in Texas. Any suggestions will be very Appreciated.
Thanks.
Omar.
Thanks.
Omar.
call the program you are in so they can work out a lower payment plan if you stop paying the lower rates you were offer are off the table and interest is going to start accumulating again and the creditors are going to start calling you again and you are responsible for the original amount
The only way the signature loan people can actually take your car is if you signed something putting your car as the collateral…..which, then it wouldnt really be a “signature” loan anymore, it would be a secured loan. If I were you, I’d read over the contract papers again very closely. There may have been something in the fine print that you missed the day you signed it.
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes.
Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several old loans are replaced with a new one that has more favorable terms.