If you have had a car, boat, or recreational vehicle (RV) repossessed you may have been surprised to get a bill in the mail. This bill is for the repossession deficiency debt balance, the difference between the amount of the loan and the actual price the vehicle sold for at auction. The below article explores what a consumer should do when faced with this bill.
http://www.bankrate.com/finance/debt/there-s-no-debt-relief-with-repossession.aspx
The creditor will often only offer a few options, either repay the deficiency balance in full, be sent to collections, or be sued. The article recommends consulting with a qualified debt settlement attorney. A qualified debt settlement attorney can negotiate a lower payoff for the debt. Deficiency balance debt is a large problem for many consumers during hard times. Contact a qualified debt settlement attorney to handle car, boat, and RV deficiency balance debt.
Author: Kevin Fallon McCarthy