NOt sure, but if you have a status update let me know. They repoed my car too and I'm just wondering what their process is. Thanks!

They can and they will take legal action. Call HSBC direct and ask them what they are willing to accept monthly to pay what is still owed on the car post-auction. If you try to negotiate, it shows good faith and a lot of lenders are willing to accept a "deal". Before you call, figure out how much you can honestly pay them monthly. They will ask and it must be reasonable. If you tell them $5.00, not likely to work. Hope this helps. Good luck.

The bank has a right to collect its debt. The bank can place a lien on any of your assets, until the balance is satisfied. Maybe, you should have filed bankruptcy, instead of the reposession?

Declare bankruptcy. You're already marked, so you may as well make it all better and just file.

in all actuality they will probably just write off the loan as a bad debt and charge it off. That will still affect your credit and make it much harder to obtain any new types of loans or charge accounts. You should be able to negotiate it down to about 30% off the original debt by contacting them and making an aggreement for reimbursement but if you ever miss a payment it will automatically go into default and you will once again be responsible for the entire amount.

So sorry, I understand obligations and such but that bank bought out HFC, Household finance, the kings of abuse of people who are likely to have a tough time. They are the worst. Years ago I tried to do the right thing when injured and called them and the guy told me to voluntarily turn the car back and it would have very little impact on my credit. They wrote it off anyways, stayed on my credit for 7 years, even after paying it off in two, hounded me like I was wanted for murder even after paying it off. My credit score dropped from the 700's to 490 without other collections and 2 years later the lady at HSBC said, "you probably should have just gone BK" Nice!

If you have something for them to go after, judgements, wage garnishments, they will. The collectors are ruthless, but that is their job and they are paid a bonus on results. That is the driving force behind the callers aggressiveness.

Your best bet would be to file for bankruptcy. That way, the car debt will be charged off as will the rest of your debts. If your car was repo'd chances are the car payment wasn't the only thing you were behind on.

Its best you file a bankruptcy Just to Add, the credit system makes it too hard for people who sometime fall short on their expenses and once your down your out, i don't see how that's for the people who majority are hard working day to day to stay alive, i think when your car got repo'd the balance should be written off and the facilitators for the loan get their money when that car is re sale if the car is still in a good condition, i think the problem is the credit system and how it is structured through the banks, so to get a car from any company because it's a loan off hand from the bank, correct me if i'm wrong but my understanding is that the car is paid for by the bank and i should repay the bank, the car dealer get paid from the bank, so i'm of the opinion that the bank should sold the car at an amount to write off the debt, but instead you get a timeline in anyway to pay for a car that is already paid for by someone else and could be sued for it too, i think its a RIP OFF simply because your still in debt for something you don't own, if a car is repo'd by the bank that should be it, the only thing we should probably pay is a bailiff fee.

THANK YOU SO MUCH FOR YOUR INFO...

Yes, dear, they WILL really sue you. You need to either pay up or try to work out a payment plan. Getting a judgment against you will only make your credit worse.