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My husband is currently retired and our only income is Social Security which is automatic deposited. If we surrender our vehicle back to the finance company can the creditor put a lien on our bank account for the defiency owed after it's sold? We also own our home and I'm sure they can lein that right?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

If your incoem is just the social security, then you cna informa your bank that the money gettign deosited in yoru accoutn is social security income. That way no one can get money from the accoutn with out your permission

about the house, yes there is possibility they can do that.

Best option is return the vehicle and negotiate a deal

smithsussane · Posted: Sun Oct 04, 2009 10:18 pm Post subject:

Hi Angel!

Welcome to forums!

Your creditor can place a lien on your savings account but he does not have the rights to garnish your social security income as per the federal law. The creditor also has the rights to place a lien on your property if you are unable to pay off the dues.

Feel free to ask if you've further queries.

Sussane

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

Hi angel,

If you're unable to make the full loan repayments on the vehicle then you could look at surrendering it and trying to settle the debt. Unless the amount owing is huge, I can't see the financier going after your home.

If they won't forego the balance owing you could look at debt settlement as an option to get the debt to go away.

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Surrendering our Vehicle