Can Creditors Repossess My Property Without Notice in My State?
When you are approved for an auto loan, you will most likely put your vehicle up as collateral. In certain situations, creditors in South Carolina are allowed to repossess property if it is pledged as collateral. If you do not pay the loan, then your lender may be able to seize your vehicle. Vehicle repossession can limit your ability to work, forcing you into a more dire financial situation.
However, a lender is usually required to give you notice before repossession. Your lender is only required to give you notice the first time you default, not thereafter. Also, federal credit unions are not required to send notice.
The laws governing repossession can be cumbersome, which is why you will want to speak with a SC repossession lawyer to understand your rights.
Notice of Right to Cure
If you are at least 10 days late on a loan payment, your lender is typically required to send a Notice of Right to Cure. Under South Carolina law, you are allotted 20 days to catch up on payments. This may require that you make all your past-due payments or take some other action as specified in the notice letter. If you do not take these steps, your lender can legally repossess your property.
Exceptions
South Carolina law does not apply to federally chartered credit unions. If you have an auto loan through a credit union and fall behind on payments, the lender can seize your property without notice.
Additionally, your bank or financial institution is only required to send one notice per loan. So, the first time you are past due, you can expect to receive a notice of default, but not thereafter.
When Should I Speak with a SC Repossession Attorney?
Life has many twists and turns, sometimes hitting us when we are already down. The legal team at Reed Law Firm, P.A., is not here to judge or make assumptions but rather to help you find realistic solutions. We know that hard work and sacrifice will only get you so far.
If you have experienced a medical crisis that resulted in thousands of dollars in medical bills or have been unable to find employment after being laid off, you may find yourself in financial straits. If you receive a Notice of Right to Cure and are unable to come up with the monies to make your account current, you should consult with our SC repossession attorneys.
If your car has already been repossessed and the sale is not enough to cover the balance on your loan, we can help you with that, too. Although your lender is allowed to sue you for the balance if there is a deficiency, our legal team can identify mistakes made during the process, potentially reducing your liability.
Consult with Our SC Repossession Lawyers Today
With our founding attorney having over 26 years of experience providing debt relief to individuals, you have come to the right place to get a fresh start. If your car or other property has been repossessed or if you are facing the threat of repossession, do not hesitate to contact Reed Law Firm, P.A. To schedule your free consultation with one of our SC repossession attorneys, contact us online or give us a call today.
