Home > I officially hit rock bottom (repo)

I officially hit rock bottom (repo)

August 28th, 2009 at 07:12 am

Yup, it finally happened. Rock bottom. I thought getting my gas turned off a few weeks ago (can't remember how long it's been. I had the money to turn it back on and then guess what? I had a HUGE filling fall out and it was incredibly painful and absolutely could NOT wait to get fixed. I'd rather take cold showers and not cook and do laundry at other people's houses than deal with the pain of having no filling!) was as low as things could go, but apparently I was wrong.

I realize it's all my fault that the car got repossessed. I knew I was behind on payments and would pay money here and there. I was in contact with the bank and was surprised that they never said "pay us X or we will take your vehicle" Nope, that never came up in all the times I talked to them, no call, no letter, no nothing.

Wednesday I went to the store to get bread. I was literally in the store for 5 minutes tops. Came outside and POOF, my car had vanished. I nearly passed out. I knew what had happened after about 2 seconds and started freaking out because of the stuff I had in there and not the actual vehicle itself being gone. So anyway, my car loan is through some dinky bank that had no 24 hour number to talk to so I had to wait until the next day. I called the police (just on the very small off chance it was stolen) and they said they had a repo thing so yes, it was repossessed. ARGH!! I can't even explain the feelings that were going through my mind.

So i call my friend in hysterics and she came and picked me up. I called my parents (of course I didn't want to let ANYBODY know because I felt like the biggest loser in the world, but I had no choice) and told my dad what happened... my mom brought me her car to use for work the next day, my dad graciously calmed me down and lent me the $$$ to get my vehicle back so I got it back yesterday, which was a big nightmare in and of itself.

Ugh... bad week. My dad wants to pay off my car so that I can then make smaller payments that I can afford to him, so I have to get a payoff quote from the bank. I really, really, really hated borrowing the money from them to even get my car back and really don't want to take one more thing from them (hello, pride...) but we'll see. I don't know what I would do without my family....

Things can only get better, right?? RIGHT?!?

16 Responses to “I officially hit rock bottom (repo)”

  1. kimiko Says:

    You should take your dad's offer. That's what family is for, to help each other out in difficult times. It's not like you're talking the money and not paying it back. Just think of it as getting a low interest loan due to family discount.

    I'm so dead tired, but after reading this, I had to go and read some of your recent posts to see what happened. From what I saw, you should definitely focus on making sure nothing impedes your ability to work, that means food, shelter, transportation and clothing. Also, sit down and call all your debtors and tell them you're on the verge of bankruptcy. Get them to work something out, either by delaying payments or reduce your debts.

    Good luck and hope something good will come out of it.

  2. Apprentice Bliss Hunter Says:

    I hope things start to improve for you soon ! :-)

  3. Broken Arrow Says:

    Yeah, I really do hope that things will get better for you.

  4. North Georgia Gal Says:

    I too went back and read some of your posts. I feel really bad for you. But you have to accept your fathers offer. He would not have offered if he wasn't in a position to help. My guess would be that they would have paid for your filling too, so you could get your gas back on. I am proud of you for hitting that "I need to handle this myself" place in life. It took me a long time to get there and now that I am there, it feels so much better. But I wouldn't have gotten there without the help of my family when I needed it. Be honest with your dad...tell him exactly what is going on and that you are trying your best to take care of it. Don't expect their help, but be honest with them. Sounds like they don't want you to suffer any more than you have!

  5. Personal Finance Student Says:

    I'm thinking of you and hope things improve soon. I can relate to your pride comment, but you are incredibly lucky to have parents who are able and willing to help you out like that. If you do borrow from them, just set it up so it's as official as normal. Print up payments slips that you include with each payment to them stating the balance - your payment = new balance. I did this when I borrowed from my parents and it helped me feel like I was taking control and took the onus off my parents of keeping track of what I still owed. Anyway, I hope things look up for you soon!

  6. mrs. Says:

    Take your parents' help. They are offering it and it will ultimately ease things up on you, being able to make smaller payments. You will get back on your feet faster.

  7. scfr Says:

    I'm really sorry. Your dad's offer is very kind, and I agree that it's probably too good to pass up. If you can swallow your pride a bit more, it might be a good idea to figure out what it would cost you to get caught up on everything you're behind on and ask your dad if he could make a larger loan to you for everything. Those late fees and reconnect charges can really kill you. If you could stop paying those, it would help to get everything paid off sooner. I agree completely with the idea of making the loan official (put the terms in writing) and having a regular payback schedule. Make sure the payment amounts are something you can realistically handle.

    Yes - Things are going to get better, with quite a bit of hard work and planning on your part.

  8. miclason Says:

    If you were hanging by your fingertips off the edge of a cliff, and your father came by and extended his hand to help you up, would you refuse it and say: No, dad, thanks, but I must do this myself?

    Accepting help graciously is difficult. I know. MY BOSS was the one that came by and offered me a 5% interest loan (cc's were about 30!). Could you believe he even put together a nifty little excel file to show me that YES, it was also an advantage for him?

  9. anonymous Says:

    I agree that families need to hold together. You hold with them by accepting help right now. They hold with you by giving help right now. It's mutual.

  10. creditcardfree Says:

    I agree with the others that in your situation, it is okay to take help from your dad. It is simply a help to move forward. You will move forward. Keep the faith.

  11. frugaltexan75 Says:

    I'm with the others - take your dad's offer and get back on your feet.

  12. baselle Says:

    One of the biggest lessons I've learned as an adult is that if you are stuck, let people help you out. Pride is generally a good thing, but it is what gives denial its voice, saying "I can pay this off myself. Darn it!"

    Scfr is right. Take your dad's offer, & if you can get some sort of consolidation loan from him, you will have caught a break. He definitely will give you a better deal than nearly anyone else!

    I hope things get better - unfortunately, that'll be hindsight. You have to work with the now.

  13. lizajane Says:

    Oh, I'm sorry it all fell apart on you, and I hope things improve. Everyone's already given you great advice. Expecting someone to fix things for you is WAAAAY different from them offering. No doubt your dad is feeling your pain and wants to help. Keep your chin up!

  14. Jerry Says:

    I think that family backup is sometimes the best (and often the most reliable) insurance that we have, and it can lead anyone out of a bad situation. IMHO, the most important key is not to abuse the assistance, to repay it (however you reasonably and rightly can, if not financially), and to take the steps to be able to lend a hand to others in the future. Good luck!

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