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Gerald, Esq
Gerald, Esq, Lawyer
Category: Legal
Satisfied Customers: 3987
Experience:  30 years of experience
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I bought a used car 1999mercury in ms, have been paying on

Customer Question

i bought a used car 1999mercury in ms, have been paying on it for over a year. already paid twice what its worth, still owe 2500. my wife passed away march 8. my income has dropped to 1000 a mo. i cannot afford to pay anymore on it. what do you recomend?
Submitted: 1 year ago.
Category: Legal
Expert:  Gerald, Esq replied 1 year ago.


Thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

It is difficult to give you your best options without knowing more about your overall situation. BUT I can provide some general information for you.

1) If you stop paying on the car they will repossess it. Also if they are not reputable they may also sue you for additional costs of repossessing the car and the difference on the loan.


2) if you have limited assets there is really little that they can do. Under Federal and Mississippi Law you are entitled to certain debt exemptions. For example Social Security payments can not be garnished. Neither can any public benefits.


if you are really limited in funds and assets they probably will not bother to do anything other than repossess the car.

3) Your best option may be to go to the lender and tell them that you can no longer make the payments and that you will allow them to repossess the car in exchange for a release of the remainder of the debt. If they agree make sure that you get the release in writing.

4) Lastly, you have protections under the Fair Debt Collections Practices Act. They may not harass, you call you at odd hours, threaten you, or otherwise intimidate you in regard to the debt. If they do you can sue them under the Fair Debt Collection Practices Act.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow up questions, feel free to ask. Please note that I am generally unavailable Friday evening through Sunday.

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Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,