There are plenty of reasons to lose your vehicle to repossession. A sudden loss in income or increase in expenses could put you behind on payments. Repossession allows the lender to sell the car for as much money as possible, but it may not be enough to discharge your debt. In many cases, your loan provider may sell that debt to a collection agency.

If you’re worried about your credit getting even worse, you need a solution. Optimal Debt Solutions can help you consider debt relief options and make a choice that works for you.

How to Pay Off a Repossessed Car

If you’re wondering, “Should I pay off a repossession?” start by looking at the most common options. To avoid repossessions, you might consider a debt consolidation loan that rolls all your expenses into one, usually with a lower payment. Once your vehicle is repossessed, you may need an option such as debt settlement. To settle your debt, you save money and have a debt negotiator resolve the debt, often for much less than you owe on the repossession.

Your Options for Repo Help 

Debt settlement is fairly easy to understand, but it’s wise to know the process first:

• Determine eligible debts and create a settlement plan.
• Start saving money in your savings account, using money you would pay to creditors.
• Make regular payments to the account until Optimal Debt Solutions can help you settle and pay for the service.
• Check your credit to confirm the debt is resolved.

By comparison, a debt consolidation loan is a traditional loan for which you apply and use to pay other debts. Rates and terms depend on your income and credit.

Advantages of Repo Assistance

Debt Settlement

• Enables you to determine how much you can afford to pay
• Resolves your debt for less than you owe
• Eliminates debt years sooner than traditional repayment plans
• Offers debt relief options that are less damaging to your credit than bankruptcy

Debt Consolidation

• Simplifies payments by allowing you to consolidate more than one
• Gives you a predictable payment and end term
• May save money on interest
• Can help to preserve your credit while you make on-time payments

Other Options

• Pay On Your Own
• Credit Counseling Program
• Bankruptcy 

Call Optimal Debt Solutions for Debt Relief

If you’re facing a repossession and not sure what to do, it’s time to call Optimal Debt Solutions. We help people with debt consolidation and debt settlement — even for debt after a repossession. Use our debt calculator to determine how much you could save. To learn more or start, talk to one of our debt analysts today.

(877) 336-7008