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Threaten With Repossession?

Don’t let your life crumble because you can’t go to work or get your children! 

You don’t let your vehicle be repossessed. Merna Law can help!

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What is a Repossession?

 

A repossession is the self-help legal process of recovering a security interest or property secured by a debt.  The most common type of repossession is vehicle repossession for non-payment of the loan.  While non-payment is the most common reason for repossession, a repossession may occur due to other breaches in the contract such as a lapse in insurance coverage.

There are hundreds of there are hundreds of repossessions each week in the Richmond and Tidewater areas.  Most repossessions do not require advance court approval or require a lawsuit to be filed.  The lender can pursue repossession of the car once the contract is breached.   Most lenders do not attempt to repossess a vehicle after one missed payment.  However, once the second payment is missed you should consider yourself a candidate for repossession.   If you have a history of missed payments you should assume the lender will react more quickly to repossess the vehicle.  Additionally, if you have a high-interest loan or purchased your car at a “buy here, pay here” dealer, the chance of a quick repossession increases.  If you have taken a “title loan” on a vehicle, the lender is also able to repossess the car if you miss payments. 

 

Virginia law provides many options for vehicle owners faced with repossession.

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Negotiated repayment

The payment of the past-due amount can be negotiated. Any payment plan must be approved by the lender in order for it to be valid.  If you have a poor payment history it may be more difficult getting a repayment agreement.

Payment Forebearance

In these agreements to avoid repossession, the delinquent amount is put at the end of the loan. This brings the borrower current.  Not all lenders will consider them.  And generally you are only able to forebear a payment once during the loan unless extraordinary circumstances apply.

Chapter 13 Bankruptcy Restructure

A Chapter 13 can halt a repossession and restructure the loan to bring you current. It may also reduce your monthly payment the total amount you pay under some circumstances.  Talk to a Merna Law attorney today about your options.

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 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 . 
 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 . 
 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 . 
 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 .