National Student Loan and Credit Report Debt Attorney
When the economy was good, many people bought recreational vehicles or RV’s, ATV’s, boats, campers, trailers and other vehicles. As the economy declined, it difficult if not impossible for many Americans to keep up with the loans on these vehicles. Defaulting on an RV loan can lead to repossession, or worse, you could be sued for the balance of the debt. If you find yourself upside down with an RV or vehicle loan, or are simply carrying too much debt, you can obtain true RV debt forgiveness through an attorney negotiated debt settlement.
RV Loans, also known as recreational vehicle loans, may refer to any financing incurred in order to purchase a motor home, travel trailer, truck camper, van conversion or boat. Some lenders use the term broadly to refer to any major non-real estate loan.
When the American economy was booming in the late 1990s, the market for RVs took off. Demand was at an all time high, yet because of the relatively high price point (retail prices for a conventional trailer start at about $9,500 and prices for motorhomes start at around $47,000), people weren’t able to purchase without financing options. The solution seemed easy enough at the time – finding lenders willing to extend RV loans to borrowers wasn’t a problem. Banks, finance companies, credit unions and RV dealers themselves jumped at the chance to get a piece of the pie.
RV Loan debt settlement works just like any other debt settlement – an attorney reviews your financial situation and performs a full debt analysis to come up with a settlement plan. Then the attorney goes to work negotiating with your creditors to arrive at a settlement that is only a fraction of the balance. All of this is done without bankruptcy.
According to reports published by the Recreation Vehicle Industry Association (RVIA), under 1.5 percent of all RV loans are delinquent. Because this is such a small percentage, RV lenders may seem unwilling to negotiate at first, hoping if they hold out long enough, you will end up paying the full amount. This is why it is best to leave the negotiations to a professional with years of experience settling consumer debts.
McCarthy Law has years of experience in debt settlement and can assist you in becoming debt free. Contact us today to set up an appointment for your free consultation.