I had a car repo'd back in 2004. I had the option to get my car back from the lender if I caught up on my late payments, they even offered to lower my interest rate down tremendously. However, I was unable to come up with the back pay so they took the car. The car was then sold at an auction for about 2 grand less then what I had left to pay. I ended up with a difference of almost 5 grand because there was so many fees and fines attached to the original difference. I ignored paying this difference for about 3 years until my account was sent to a law firm. They contacted me and said If I could not come up with some type of money to pay for the difference I would be sued for the difference and slapped with a judgement. I didn't want to do that so I had to dig into my 401k retirment fund to help pay on the repo. It was so stressful and I lost many nights of sleep. So I understand what you might be going through. It had damaged my credit pretty badly. I used to carry a 750 credit score before all this. My credit score is slowly crawling back to around 600 now. When it was repo'd my credit hit rock bottom. I was staring at a 450 credit report and in bad shape. It has taken me 4 years to finally get back up to around the mid 500's, and that is still bad. I guess because I still have alot of bad charge-off accounts on my credit report, that i'm trying to take care of now.
Good luck to you. I hope you fight your way through this. It was hell for me.
v/r
James
