| Author: |
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Debbie |
| Date: |
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August 26, 2002 |
| Question: |
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If you have a secured loan using two vechiles and you are behind on payments and they have sent it to collections and collections is saying they will come get the vechiles and they will not do a payment arrangment on the remaining balance, what happens if i sold one of the vechiles? what can they do?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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August 27, 2002 |
| Answer: |
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You could sell the vehicle with the permission of the secured creditor and turn the proceeds over to them. You would likely still be liable for the deficiency. If you sell without their permission and don't give them the funds, the creditor has the right to seize the vehicle from the person you sold it to, as well as charge you with conversion.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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