I am wanting to settle GMAC Repo from 2004.

[matthewscott]

I am looking for some advice and some things to consider about debt settlement. I've done quite a bit of credit repair so far and this is by far my worst baddie.

We got into a deal on a 2004 vehicle from GMAC. Shortly after, my wife lost her job and our income went in half. We then went into credit card hell. We have been working hard on that. So consequently, we got about two months behind and thought the best thing to do was just to give up the vehicle and deal with the credit cards. Yeah, I know, hindsight is 20 - 20.

So we were contacted by them and set up a payment arrangement. I don't know if we have any of the original documents that they sent around the time the vehicle was sold. I do feel they have followed the rules in that regard. We are currently paying $200 a month to GMAC with no interest. We started out owing about $13000 and we've got it down to about $7,000 or $8,000 now.

I would like to know how to best settle this, and to consider and research before writing them a letter. If you can help on some advice about a letter please let me know.