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 Posted: Fri Sep 30, 2005 7:55 am Subject: Bank has sold my account and paid off - car repossessed |
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I have not finished paying for a vehicle that I currently posses for some 5 yrs now. The concern is the bank has sold my account to someone else and paid off most of the debt. I owe some $6k dollars on the vehicle. My question is can I negotiate payingoff what I owe and keep the car?
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Big E
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| Posted: Fri Sep 30, 2005 8:30 am Subject: |
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IF your car hasn't already been repossessed, I'm sure you can try to negotiate with your bank. But if they've already paid off the debt, it might be a little more tough. YOu might ahve to talk with the company they sold the account too. Did you get the loan through a bank or other company?
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Lindsey
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| Posted: Fri Sep 30, 2005 11:01 am Subject: |
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Hi Big E
Welcome to the forums.
Has the agency contacted you about the debt that the bank sold to them? I think it should appear in your credit report too. You will be able to get more information about the said account from your credit report and then contact the agency.
Ask the collection agency to produce necessary papers about the debt. Based on this, you will be making the payment arrangements. If at any point of time, you find the agency unwilling to accept your payment plan, you can consult a debt consultant for skilful negotiation.
Regards
Roxette
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roxette
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| Posted: Fri Sep 30, 2005 1:18 pm Subject: Bank has sold my account to someone else and paid off |
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I still have possession of the vehicle and would like to continue having it in y posession. However, since its been so long I am afraid that when I try to register the vehicle, I wouldn't have the opportunity to keep it.
In addition, I have just sent off for my credit report and I will review exactly what's on there and handle it that way. Isn't there something in the law stating that after a certain number of years they cannot collect thereafter.
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Big E
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| Posted: Fri Sep 30, 2005 2:53 pm Subject: |
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Hi Big E
Similar situation about the repossession has been discussed in the thread given below. Once the vehicle is repossessed by the creditor, statute of limitations won't apply in this case.
http://www.debtconsolidationcare.com/forums/car-repo.html
Regards
Roxette
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roxette
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| Posted: Fri Sep 30, 2005 6:24 pm Subject: |
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Repossession will stay on your vehicle till the time is paid off. Try to arrange a payment plan with the company that has purchased your debt. You can consult a debt consultant also for this purpose.
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ben
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