My vehicle was repossessed and I still owe a balance?

I recently handled a client in a bad repossession situation.

"I voluntarily surrendered my vehicle a few months ago because I got laid off and could no longer afford the payments. The bank auctioned it off, but I still owe a balance of almost 9000 dollars. It was a high interest loan to begin with (17.84%) and now they are charging me the same rate on the balance. I am paying $3.62 a day in interest on the balance! I talked to the banks collections department, and they said they have now classified the balance as "bad debt" and that they would give me one chance to settle for $6700 no sooner than the 29th (only 13 days away) or else they would turn it over to their lawyers. They suggested I get a loan from a family member to pay this. Unfortunately I don't have that option, and I am afraid I am going to get sued as a result. Do you have any advice for a situation such as this? Do I have any rights I need to know about? I should also mention that the bank is unwilling to accept smaller payments, they want all of it at once."

This is a too common situation for people today especially when lay offs are daily news. My answer to this was through our debt settlement program. Debt settlement for balances owed on repossessions works just like any debt settlement. In this situation the bank had already offered to settle, with interest and at something like 80% of the original debt. You can get much better than that. You can get your debt settled at more like 60%, even 40% in some cases. The best part is there is no interest. Learn More.