DH bought a used car in May. Long story short, the second insurance payment wasn't made and the insurance was canceled in the end of June. I found out about it a couple weeks ago. We rearranged money already accounted for, and got new insurance with the same company.
Yesterday we got a letter in the mail saying that the credit union that gave us the car loan was notified by the insurance company that it was canceled in June, which violates the loan agreement. They need proof of continuous insurance within 5 days.
We have a copy of the insurance card that shows October as the end date, but I'm assuming that won't do any good since they were notified by that company. And I don't know if it would put us at risk of fraud to try to use that.
We're in the worst financial position we've ever been in. We'll be out of it next month. We owe $5,000 on the car loan. We could potentially have that paid off by December, but we have literally nothing beyond the monthly payment that we could give in the next two weeks.
We have "nothing" to sell. Our tv is 15 years old, as is most of the furniture. Our computer is old. Our rent is phenomenally low. I walk to work. I tried a yard sale and Craigslist and made less than $100. I have no real jewelry.
And of course we have bad credit. DH was able to get the car loan through the credit union by the skin of his teeth. The only thing I can think of is to get a loan that will cover what we owe the CU, but I don't know where we'd find one with our credit. We have no credit cards. I would be willing to take one on if we could get a limit that would cover the car loan. I know it goes against all principles of good money management. But we're not at risk of overusing a card. Our financial situation will change next month, and we could make that card our top priority and have it paid off in as few as four months.
We can't lose this car. It's a 2002 with over 100,000 miles. We bought it for the brand reliability and because DH's dad will work on this brand for only the cost of the parts. DH drives 20+ miles to work every day and needs a reliable car and a cheap mechanic. This car was supposed to be the beginning of getting out of debt for us. Letting it go would mean settling on a very cheap clunker that would add up in wear and tear very quickly while we tried to save to buy another reliable car with cash. This car was the one good money decision we've made in years.
Help, please.
Yesterday we got a letter in the mail saying that the credit union that gave us the car loan was notified by the insurance company that it was canceled in June, which violates the loan agreement. They need proof of continuous insurance within 5 days.
We have a copy of the insurance card that shows October as the end date, but I'm assuming that won't do any good since they were notified by that company. And I don't know if it would put us at risk of fraud to try to use that.
We're in the worst financial position we've ever been in. We'll be out of it next month. We owe $5,000 on the car loan. We could potentially have that paid off by December, but we have literally nothing beyond the monthly payment that we could give in the next two weeks.
We have "nothing" to sell. Our tv is 15 years old, as is most of the furniture. Our computer is old. Our rent is phenomenally low. I walk to work. I tried a yard sale and Craigslist and made less than $100. I have no real jewelry.
And of course we have bad credit. DH was able to get the car loan through the credit union by the skin of his teeth. The only thing I can think of is to get a loan that will cover what we owe the CU, but I don't know where we'd find one with our credit. We have no credit cards. I would be willing to take one on if we could get a limit that would cover the car loan. I know it goes against all principles of good money management. But we're not at risk of overusing a card. Our financial situation will change next month, and we could make that card our top priority and have it paid off in as few as four months.
We can't lose this car. It's a 2002 with over 100,000 miles. We bought it for the brand reliability and because DH's dad will work on this brand for only the cost of the parts. DH drives 20+ miles to work every day and needs a reliable car and a cheap mechanic. This car was supposed to be the beginning of getting out of debt for us. Letting it go would mean settling on a very cheap clunker that would add up in wear and tear very quickly while we tried to save to buy another reliable car with cash. This car was the one good money decision we've made in years.
Help, please.