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My wife and I financed a car 18 months ago, and in January of last year we consolidated 2 other loans onto the same debt because we found we could not make the payments. The loan remains at 18000 to date, although the car is worth 10000. In February due to health reasons we were went on the OPD program with the unsecured debt we had, about 7000 dollars. My wife is expecting in a month, and we have to trim our expenses. Our credit counsellor suggested selling the car and adding the deficiency (10000) onto the opd program. Our bank is not willing to do this and point blank told me that we have no other options but to keep paying the loan. We have not missed any payments in 8 months. Is there anything we can do to convince them to allow us to put it onto the OPD program? The bank told me that because we did not opt to sell the car when we originally went on the OPD program, that now it is to late. Our only other options is working an extra job full time, or bankruptcy. What can we do?
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