Posted by mkirsch on July 10, 2008 at 10:10:17 from (64.80.108.52):
In Reply to: OT Financial Fiasco posted by GeneMO on July 10, 2008 at 07:40:02:
There's only one "right" way out, and that's to make the payments until the loan is paid off. Anything else will result in a rats nest of legal and financial issues that will dog your relative for a minimum of 7 years.
If this relative is in a deep enough hole, though, she could try one of those consumer credit counseling services. If you're to believe what the commercials say, they can negotiate with creditors to get payments reduced. So, assuming that the $20,000 owed is the total of remaining payments on the car (principal and interest), they may be able to negotiate away some of the interest and bring the total owed down somewhat. Most creditors would rather get their principal money back than deal with a reposession and having to get their money out of a car that even they may be upside down in.
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