SA Car loan debt owed and being pursued

Discussion in 'Debt and Bankruptcy Law Forum' started by Michelle80, 29 May 2018.

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  1. Michelle80

    Michelle80 Member

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    In 2014 my husband took out a loan for car for $56000. We were paying fine and over time I got I'll and our payments started to fall behind. We went to ombudsman to seek help. They gave us some leeway and we had reduced payments. My husband then lost his job in 2016 and I was ill with a newborn. Instead of handing the vehicle back stupidly we sold it and used the funds to pay bills that were pilling up. The person we sold the car too then decided to sell again. We had no knowledge of this until one day I received a threating call against my family if I did not pay $15000 what they paid for the car they would harm us. We called the financier and sorted it out with them. They would have to repossess the vehicle and we would have.to pay the remainung amount. We heard nothing from them for the last year. I have now received a claim in the court against my husband. Which has been made for $44464. So all the payments we had made got killed by interest taking over. This morning I received a request to registrar for the full amount and have 7 days to pay. I called them and they told me they never recouped vehicle because it had been sold to many times and is not worth anything now. We can't afford to pay the amount. Where do we go from here??????
     
  2. Clancy

    Clancy Well-Known Member

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    What happened to the 'reduced payments' system in your second line?
    You have a car loan, but as you well know, the car loan does not go away with the car when you sell the car, the loan stays with you, and presumably you have ignored it?
    I am betting you will have sold the car much cheaper than its market value, knowing that it is hard to sell a car with finance on it. You threw your own money away doing that, and now it returned with a vengeance, and a huge pile of interest along side!

    You have survived so far by shuffling consequences off to the future, now you in that future and no more tricks left.

    Seems like your husband might have to file for bankruptcy?
     
  3. DMLegal

    DMLegal Well-Known Member

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    Your best bet is to just accept the consequences. There is no legal avenue for you to pursue to mitigate the outcome in the situation you have described. My opinion, and what I would recommend to my clients, negotiate an affordable, but reasonable, payment plan. All they want is their money, as much as it might feel like they want to punish you, they likely don’t. When I say reasonable, I mean you need to pay as much as possible while still having basic food on the table - smokes, alcohol and other luxuries should be out the window until this is sorted. They will accept it if the see it is a genuine attempt to rectify the situation, if they get a feeling you’re not being genuine, they will likely make you bankrupt and engage bailiffs to seize assets to recoup the outstanding amount.
     
  4. settle

    settle Well-Known Member

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    There is help out there please do not listen to the system it’s wrong if I can be of assistance let me know we can get the debt reduced in written off but all professionals in this space don’t work hard enough to FIGHT for you, we do

    Just for the record I got esanda to write off $79k, u say how, I say u need to provide the information they want in their format to make it easier for them to give u your way

    PLS YOU DO NOT NEED TO GO BANKRUPT

    Anyone that says that to you I will challenge them to ask y u should be bankrupt, the system is wrong and designed for professionals to make money NOT fighting for you but rather have a easy approach to open and close your case
     
  5. Michelle80

    Michelle80 Member

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    Tell me more
     
  6. settle

    settle Well-Known Member

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    Happy to work through with u to support your case
     
  7. DMLegal

    DMLegal Well-Known Member

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    Be careful Michelle, what ‘Settle’ hasn’t mentioned and I’m not sure if you’re aware, you can declare bankruptcy yourself however you can also be made bankrupt by-way of a creditors petition. It’s not always a choice.
     
  8. settle

    settle Well-Known Member

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    Yes im direct with what I have said but it’s true I wish professionals would take a more commercial view to fix problems as they are the problem

    With the new bankruptcy rules ( 3 yrs to 1 year ) coming into play shortly it will be to easy for people to go bankrupt so the banks are changing their collection policies and being a bit commercial
     
  9. DMLegal

    DMLegal Well-Known Member

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    I have no idea what you’re talking about I’m afraid. While I work in commercial law I don’t often deal with individual bankruptcies. I gather you have a gripe with banks and/or other lenders which is understandable. I agree ‘the system’ is severely stacked against the consumer, but such is life.

    Also, while the bankruptcy might only be three years (or one year soon), the listing on the NPII is for life. Nobody should elect bankruptcy in my view, I am yet to deal with a lender who would not negotiate. What they hate is silence, that is all I was discouraging.
     
  10. settle

    settle Well-Known Member

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    Noted and accepted
     
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