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 Posted: Sat Nov 24, 2007 9:29 am Subject: repo |
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I had a 2000 car repoed in 2001. I was working with Cavalry Portfolio by making payments. I paid approx. $4,000 on a $8,000 balance. After a few years of payments I called and explained that I needed to adjust the amount of payments. They didn't return my messages so I just lef it alone. After about a year another CA contacted me about the car. They told me that my account was now in pre-litigation and that since I had a pretty good credit rating (I don't, my credit rating sucks!) I needed to restart making payments with them, not Cavalry. When I asked for information about the original loan I was told that if that information were to try to be accessed it would probably alert the lawyers and the payment arrangement I had made would be null and void. I had made an arrangement that I could live with so I just let it go. But since I started visiting the payday loan forum I keep thinking that this whole thing doesn't make sense. The original price of the car was around 10,500. After paying on it for a year before it was reoped and then paying 4,000 to the 1st CA - how can I still owe 4,000? They must of sold the repoed car for a couple of hundred or something. It also bugs me that I can't see the original loan information out of fear of being sued.
Any advice?
Thanks, Pepsi
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pepsigrl65
Joined: 19 Nov 2007
Posts: 11
Debtcc Points: 358
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| Posted: Sat Nov 24, 2007 1:14 pm Subject: |
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Hi pepsigirl. This sounds very strange. It doesn't seem right at all. I'm not familiar with these situations, but hopefully someone will be along shortly who is. Also, this will "bump" you up so that hopefully others will be able to see it more quickly. 
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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| Posted: Sat Nov 24, 2007 1:18 pm Subject: |
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Sounds like CA 2 is full of it. Rather humorous really, that if the original loan info were accessed it would alert the lawyers. If this is in "pre-litigation" (whatever that means), then evidently, the lawyers would already have been alerted. Could be that the debt was sold, and CA 2 is dodging the issue of the original loan because they don't have any documentation.
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The science is in knowing, the art is in perceiving - Robert Fripp (1946-)
Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)
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LawStudent
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Joined: 04 Apr 2007
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| Posted: Sat Nov 24, 2007 1:19 pm Subject: |
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That makes way more sense, Lawstudent. They probably have no way to validate the debt to they are feeding pepsigirl a line of bs to cover themselves.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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| Posted: Mon Nov 26, 2007 4:47 pm Subject: JDB scum |
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Your "junk debt" loan has been sold at least twice. They are claiming to be a factoring company thus the interest rate, i.e the amount will accumulate.
In essence when you started paying cavalry you brought your TL up to date lowering your FICO and reset the statute of limitations SOL.
You probably paid cavalry on a settlement offer, lets say 50% off. The other 50% gets sold to another JDB who in turn...deja vu.
At this point I would find it hard to believe they could validate the debt. This is the nasty business of a JDB and their bottom feeding.
~Don't fear me, fear the consequences~
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debtonator
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