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Posted in Paying Your Bills
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MrSmoofy

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Do I have to continue to pay on a repossession?
What's the best way to handle this. I had a boat and had to let it go back to the bank because of financial issues. They sold the boat unfortunately for A LOT less then I owed and now they call daily for me to pay the balance of more then $20,000. I've only been able to send them $100 a month. At this rate I will owe forever on it.

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Sorry that you are going through this. Years ago I had a trailer that I and my kids were living in. I had to let it go back to the company that I brought it from. I did not pay anything back but it was on my credit for 7 years. The bank wrote it off. Now my credit report is clear of it. It will be on your credit for 7 years but eventually the bank will write it off.

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Yes, legally you do owe the money, so you can continue to pay or decide to default and have it on your report for 7 years and possibly get a judgment against you as well.  I've had boats as well, they are not an investment, that is for sure!

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Having them place a judgement against me I guess is what the bigger issue is.  They keep adding interest in late fee's because they said I'm not paying what we agreed upon but I never agreed anything with them on payments after the preposession they are very ugly about it and I usually end up hanging up with them whenever I talk to them because they try to bully you around into paying more and then make threats of suing and stuff it's very tiresome.

I've had judgements before (still do) and even though I've paid them off the banks refuse to remove the judgment it's crazy what they get away with.  I've lost my home, my wife, pretty much everything I live with a friend right now and don't know how long that will last.  I've talked to banruptcy lawyers and all I get from them is bills and that I would lose what I have left which is my car that I just finally paid off after 7 years of payments and it has over 110,000 miles and not worth much and some bedroom furniture and the cloths on my back.

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