A
Alex D
Guest
the creditor do? A few years ago, I made a very poor decision to use my Honda Card to purchase 4 dirtbikes that (in exchange for the dirtbikes), 3 other friends would make the monthly payments with me. I was under the impression that the Honda Card was considered a credit card, and therefore, unsecured. After falling into great financial trouble, I tried to enroll into a debt settlement program. The company told me that they could not include the debt from the Honda Card because it was secured. My question is this: The bikes are long gone as they have been either completely wrecked or sold. Since these bikes did not require any type of registration, and I no longer have the bikes, what can American Honda/GE Money Bank do to me besides take me to court for the balance of the card? So, basically, what does a the bank do when the debtor no longer has possession of the secured property? I realize I may have gotten myself in a possible legal dillema, so any advice would be great.