How to stop a judgment

[Booner72]

DB (dear brother) has a car company after him - he stopped paying, it got repo'd.  Actually the were NEVER able to find him, he wanted the car gone, so I ended up calling the repo company and saying "I know where the car is, what's my finder's fee?"  - - Anyway, they are obviously well within their statute of limitations to sue him if they find him.  I don't think it would be that hard.  They call him every week and call my mom, too.  His credit reports have the last address in California of all places.  (Never been there).

If he calls them to set up a payment arrangement, do you think that would stop a judgment?  I told him to get 2-3K saved up and offer to settle.  He owes less than 6K on the car.  Worst case sceniaro, from my understanding, is they will continue to rack up fees and interest and can sue him between now and 5'ish more years and who knows how much they'd end up having against him then.

Any thoughts on how to handle?  There is NO WAY he can save up 2-3K - he might be able to get a grand saved, then offer to settle, then say he will pay another amount monthly??

I'd love any feedback or ideas on how he can get this taken care of.  He wants to file bk - he has 21K of crap on his credit reports, but only this one is within SOL.  I don't think he should bk for this one issue.

[LIGHTNIN]

Have they served him with a summons to court?    If yes, tell him to Show up to court.

How many payments has he missed?   

Can he sell the car and get enough to pay off the loan?    or at least most of it.

If I was in this situation, I would contact the company who has the loan. Ask what options do I have and see if one of them will work.

[Anonymous]

Hmmmmm.....not sure.   My SIL had a car repo'd and she had to pay every last dime she owed them to get it current and get the car back.  Not sure what they would do since they don't have the car though.  Good luck!

[Booner72]

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@LIGHTNIN wrote:

Have they served him with a summons to court?    If yes, tell him to Show up to court.  DEFINITELY

How many payments has he missed?     PROBABLY 16+ months

Can he sell the car and get enough to pay off the loan?    or at least most of it.  They took the car

If I was in this situation, I would contact the company who has the loan. Ask what options do I have and see if one of them will work.   I do agree he needs to do something ASAP......I'm hoping to get the best advice I can and then tell him what he should do.

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