My car was stolen recently and I still owe about 6,000 on it. I have been preparing to go back to school this year but I have been hit with tragedy time and time again. First my car was broken into and my laptop was stolen. Then I was robbed at gun point and my phone was stolen. Next my abusive boyfriend stole and pawned my phone because I wanted to leave him. Now my car has been stolen. Because of this my savings are now zero. I still make enough to go to school in june partly because I won't have a car insurance payment. My question is should I continue to pay the car payments. My credit score is 420. My auto insurance company will not pay any money towards the car. My choices are:
Pay the payments, live off ramen noddles and hope I have enough to pay for school.
Stop paying, go to school and consolidate my credit in 2010
Stop paying and try to declare bankruptcy in 2010
Any way my credit will not improve drastically for a few years. Which way will put me back on the road to finical stablity fastest.
I have about 4,000 in debt 10,000 with the car. I make 19,000 a year. Finishing this program should realistically add 400 - 800 a month in income starting early 2010 ten.|||Why won't your insurance company pay off the rest of the car? Is it because you didn't have GAP insurance and they only paid the value of the car at the time it was stolen? You should have full coverage insurance and if they didn't pay anything they are wrong and you need to bring it up with them again.
If you have the debt due to lack of insurance or lack of GAP insurance then you should pay it.|||Why won't the insurance company pay the book value on the stolen car? Insurance is supposed to cover this, especially as long as there is a loan on the car. You would have to pay any difference between current book value and the loan payoff.
Contact your insurance company again with a copy of the police report of the stolen vehicle. If you have coverage and they don't pay, tell them you are filing a formal complaint with the state insurance commissioner. Who writes/reports on consumer issues at your local newspaper/TV station? Talk to them and see if they will they will do a consumer advocacy report on insurance companies like X Insurance Company who do not pay legitimate claims.
The car loan must be paid off. You may be still in school, but your credit is already in the toilet and that will not stand you in good stead when looking for a better job. Employers can %26amp; do check credit. You probably are going to need another car to get to work, too, since many employers (%26amp; especially temp agencies) require that you "own reliable transportation" to be considered for employment.|||Your auto insurance should cover it. Unless the car was stolen due to negligence on your part (and they can prove it, which is unlikely since there's no more car) there really is no reason why they wouldn't pay.|||Why won't your Auto insurance company pay for your stolen car? That could help solve your problems.
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