Hands fisted, knuckles white and angry tears pouring down her cheeks, Carol stormed through her front door and headed straight for the telephone. She tries to compose herself as she dials 911 to report her car as stolen.
The 911 operator takes her information and lets her know that an officer should be there momentarily. When the officer arrives, he takes her statement but also asks if there is any chance the vehicle was repossessed.
Carol jerks her head around at that question and tells the officer that she was 3 days late on her payment to a company that offers vehicle title loans. But, she queries, "surely that couldn't be the problem? It's only 3 days! Isn't there supposed to be a grace period?"
The officer completes the statement and suggests that she contact the company who gave her the loan. After asking her to let the department know if it was indeed repossessed he leaves.
Carol calls the company and gets the bad news! Yes, just 3 days late and her vehicle is repossessed. Yes, she can get it back but in addition to the late payment she will have to pay the towing charge, impound fee and a penalty fee.
This scenario sounds pretty drastic, doesn't it? Well, think again. It happens every single day more times than you would believe!
Carol is not a "bad" person. She did what all of us have probably had to do on occasion. She had an emergency and she required some quick cash. She is young, living on her own for the first