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My car loan is currently past due and I am working with the credit union and will have the loan current within the month. They want to verify my current employment. Can they do this? I've had the loan for over two years, but they make it sound like they will not accept any more payments if I don't let them verify my current employment.
I imagine they may be able to do this. Are you employed? If so I would just use one of my paystubs to verify the employment just to get the issue put out of the way. What I can not understand is if this is going to be current with in the month why the would turn away any payments, Do they need the pay stubs to redo the loan or anything?
I'm no expert of any kind, but it doesn't seem right that they would be able to tell you that you can't pay your debt. If you give it to them it will likely update on your credit report (if it's not current). If you don't have a job what are they going to do then? Refuse to except payment on the grounds that you are unfit to pay debt? Unless they just want to know that accomodations they are making are fruitful this doesn't seem to make sense to me. Tell us more.
They may verify your current employment to be sure whether you will be able to continue with the payments once the debt is made current. However, you should never disclose any confidential information like your social security number and credit card number to anybody.
Well my question is, and this is just out of curiousity, what do they do if you tell them that you aren't currently employed? Although, you plan to keep making payments and quickly reaquire employment.
I would tell them exactly that. Even though I am not currently employed I am actively seeking employment and will be able to keep up the payments. All you can do is be honest at this point and hope they take your word.
They may not make your debt current if you do not have a job because they might think that even if they make it current and work out a repayment plan with you to help you pay off the debt, you may again default on your payments as you do not have the permanent source of income to make the payments.
I am currently employed, I just don't see the need for them to contact my employer and ask them all these questions. I'll just send in my paystubs to prove my employment and income. I don't think it's right, but they have told me that they will not accept a payment until I provide them with this.
You may send your paystubs to the creditor to prove your employment status, but they may be fake. To be on the safer side, the creditor always verify the employment information your provided, with your employer on the basis of the paystubs, and then decide whether they would make your debts current and come to a repayment plan with you or not.