Stop Repossession by Simply Communicating
The single most effective way to stop repossession is to keep in constant contact with your finance company.
Though you may be tired of the constant calls and letters, if respond to any communication sent by your finance company they'll probably back off because they know you're willing to work with them to stop repossession.
Once your account is sent to collections your name generally comes up on their list of people that are in arrears.
These lists are usually divided by people who are 30/60/90 day behind on their payments.
Collection agents will literally go down the list and make calls and mail letters until contact is made.
If you respond the first time they attempt to contact you they will usually note your account and set your name to be removed from the list until the date that whatever action was supposed to take place passes.
If your payments still aren't current your name will come up on the list again the next time it's printed out.
The finance companies keep notes on everything that's discussed so if you contact them before they have to contact you, your name might not ever appear on the list at all.
If you keep in contact with your finance company from the beginning you will likely buy yourself several extra months to make arrangements to get you loan back under control and possibly stop repossession altogether.
Most of the time if you tell the finance companies the reason you're unable to make the payments they'll allow you extra time.
Take advantage of their generosity and be honest when figuring out a payment plan.
If you know you won't be able to pay for 3 months let them know and have them tell you what your options are.
Be honest and tell them you'll be short on cash for the next 90 days and is there anything that can be done.
Chances are they'll work with you if you stick to your word.
If something comes up and you can't pay on the 90 day mark call then in advance and let them know.
If you go past the 90 days and don't pay and don't bother to contact them they probably won't cooperate with you in the future.
Don't be afraid to tell them the reason you're late.
Even if it's a different story every month they're more likely to work with you because you're not giving them the same old lie that you'll pay next week.
Be honest and tell them the real reason you're late.
It's not uncommon for people to mismanage money, or to have life experiences that cause their budget to crumble.
Let your finance company know and they'll try everything they can to keep you in good standing.
The only person that reaps benefits from repossession is the repo man.
The finance company doesn't want you collateral and you don't want to give it to them.
If you simply leave open the lines of communication you can stop repossession before it ever becomes a valid threat.
Though you may be tired of the constant calls and letters, if respond to any communication sent by your finance company they'll probably back off because they know you're willing to work with them to stop repossession.
Once your account is sent to collections your name generally comes up on their list of people that are in arrears.
These lists are usually divided by people who are 30/60/90 day behind on their payments.
Collection agents will literally go down the list and make calls and mail letters until contact is made.
If you respond the first time they attempt to contact you they will usually note your account and set your name to be removed from the list until the date that whatever action was supposed to take place passes.
If your payments still aren't current your name will come up on the list again the next time it's printed out.
The finance companies keep notes on everything that's discussed so if you contact them before they have to contact you, your name might not ever appear on the list at all.
If you keep in contact with your finance company from the beginning you will likely buy yourself several extra months to make arrangements to get you loan back under control and possibly stop repossession altogether.
Most of the time if you tell the finance companies the reason you're unable to make the payments they'll allow you extra time.
Take advantage of their generosity and be honest when figuring out a payment plan.
If you know you won't be able to pay for 3 months let them know and have them tell you what your options are.
Be honest and tell them you'll be short on cash for the next 90 days and is there anything that can be done.
Chances are they'll work with you if you stick to your word.
If something comes up and you can't pay on the 90 day mark call then in advance and let them know.
If you go past the 90 days and don't pay and don't bother to contact them they probably won't cooperate with you in the future.
Don't be afraid to tell them the reason you're late.
Even if it's a different story every month they're more likely to work with you because you're not giving them the same old lie that you'll pay next week.
Be honest and tell them the real reason you're late.
It's not uncommon for people to mismanage money, or to have life experiences that cause their budget to crumble.
Let your finance company know and they'll try everything they can to keep you in good standing.
The only person that reaps benefits from repossession is the repo man.
The finance company doesn't want you collateral and you don't want to give it to them.
If you simply leave open the lines of communication you can stop repossession before it ever becomes a valid threat.
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