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Angel
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 Posted: Sun Oct 04, 2009 7:11 am Post subject: Surrendering our Vehicle |
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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?
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 sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sun Oct 04, 2009 8:59 am Post subject: |
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If your incoem is just the social security, then you cna informa your bank that the money gettign deosited in yoru accoutn is social security income. That way no one can get money from the accoutn with out your permission
about the house, yes there is possibility they can do that.
Best option is return the vehicle and negotiate a deal |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Sun Oct 04, 2009 10:18 pm Post subject: |
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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 |
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thewretched02
Joined: 23 Jun 2009
Posts: 115
23.90 Dollars($)
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