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 Posted: Fri Aug 08, 2008 7:23 am Subject: debt |
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I have been paying on a debt every month and I haven't been late, they are threating me to pay the whole thing now or else they will come after me. Can they do this?
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PaulinePruitt
Joined: 08 Aug 2008
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| Posted: Fri Aug 08, 2008 7:27 am Subject: |
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Is this a collection agency? They can file a lawsuit, if that's what they mean by "come after" you, but usually if you are making regular payments, that isn't too likely. Even if they did, you could show the judge that you are making payments, and he would likely tell them to work it out with you.
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alias1958
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| Posted: Fri Aug 08, 2008 8:03 am Subject: |
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They aren't a collection agency they are the company that I have the debt with. I thought I was right that if you are paying they can't really do much. I wonder if I am allowed to say that to them, that I am paying what I can and monthly and not get into trouble. I have been really nice to this company and they are really being mean to me. It's not like I am not paying anything at all. I write them checks and they cash them so I have proof that they are getting paid.
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PaulinePruitt
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Shazzers
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| Posted: Fri Aug 08, 2008 8:10 am Subject: |
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Illinois it was a voluntary repo.
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PaulinePruitt
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| Posted: Fri Aug 08, 2008 8:18 am Subject: |
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Welcome to the Community  I may be wrong, but I thought that in some contracts that there was a clause that said they could, at anytime, call for the balance in full?
How long have you been making payments to them? I would think that a judge,even if they could call it in full, wouldn't be real happy with them, if they were to do this.
Let us know what happens, maybe someone with this experience will come along and give you some info..karen
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Bossy4455
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NASCAR_Devil
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NASCAR_Devil
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| Posted: Fri Aug 08, 2008 8:31 am Subject: |
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Yes, the vehicle was sold and we got it in writting. The playment plan was done over the phone and recorded by their company. I have been making payments for 11 months now.
I am not the only one this company is doing this too I just found out someone close to me is going threw the same thing. What can I do?
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PaulinePruitt
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NASCAR_Devil
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| Posted: Fri Aug 08, 2008 8:37 am Subject: |
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No I wasn't sent anything about payments. They were supposed to and didn't.
I am screwed huh?
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PaulinePruitt
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| Posted: Fri Aug 08, 2008 9:05 am Subject: |
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Just seeing what I could find on Repo's in IL. I pulled this from:
http://www.illinoisprobono.org/index.cfm?fuseaction=home.dsp_Content&c ontentID=293#statutes
Maybe something there under defenses can help you fight this.
| Quote: | Defenses
Creditor has Kept or Used the Car Without Resale
After a repo, a creditor must decide whether to keep the property or resell it. If creditor decides to keep it, or doesn’t resell it according to law, then they cannot go after the debtor for any deficiency. If a creditor uses a repossessed vehicle, the law says he has kept it.
Notice Requirements
If the creditor decides to resell the car, then the creditor must send the debtor a proper written notice about the intended resale, which can be either public or private. Minimal Information Required: For a public sale, such as an auction, the notice must include the time, date and place of the sale. For a private sale, the creditor must state the date after which the sale will be held.
The Purpose of the Notice is to give the debtor a chance to redeem the vehicle before resale, to give the debtor a chance to find potential buyers for the vehicle, and to give the debtor a chance to observe every aspect of the sale to make sure the vehicle is sold for a fair price.
Other Requirements of the Notice:
It must tell the debtor about his/her redemption rights.
It must give enough time to redeem or to find other buyers before the resale.
It must be given not only to the primary debtor but also to cosigners and guarantors.
It must be correctly addressed.
If it states the wrong information on the notice, such as wrong date or sale location, the notice is no good.
It must be clearly written.
If the creditor learns that the debtor did not receive the notice and takes no steps to correct it, the notice is no good.
A debtor must be sent a new notice if the sale gets rescheduled.
Was the Resale Commercially Reasonable?
The law requires that all aspects of the resale must be commercially reasonable. This means that the manner, method, time, place, and terms of the resale must all be reasonable by commonly accepted commercial practices. The creditor must use every reasonable means and their best efforts to obtain the full value of the car or other property. However, just because the sale brought a low price for the car does not prove that the sale was unreasonable. But, if there is a big difference between the price obtained at resale and the true value of the car, a judge might look very closely at all aspects of the sale to see if it was fair.
Consider looking at references from the public library like the "red book" or "blue book", which is published at regular intervals to discover the book value of the car at any given point in time.
Private Sales. The creditor is not allowed to bid upon or purchase the property. More than one bid must be solicited. If the notice of resale informs the debtor that the sale is to be private, it must be a private sale.
Public Sales. This is usually an auction. Here, the creditor is allowed to bid upon and purchase the property. More than one bid must be obtained. It requires appropriate advertising or other publicity to attract bidders. The secured property must be available for inspection by the public before and during the sale. The sale must occur at a convenient location and be accessible to all members of the community. It should not take place in bad weather. If the notice informs the debtor that the sale is to be public, it must be a public sale.
Automobile "Dealers Only" Sale. This kind of sale may be unreasonable because the consumer is denied the chance to take part in the sale. Also, if the creditor has a retail store (such as a car dealer) available to it, the property should be sold through the store on a retail basis. Sales at wholesale, to dealers, usually bring a much lower price.
Other Requirements:
The creditor should prepare or recondition the property in order to bring the best price at the sale.
The creditor has the duty to use care in preserving the property from the time it is repossessed until the time it is sold.
The sale must be made to a purchaser who bids in good faith. There can be no collusion or alliances between the creditor and the purchaser.
The sale should not be held too quickly after the repossession, but it should not be delayed too long (60 days may be too long). If the sale is too late, the debtor can claim that the creditor decided to keep the property, and the debtor should not be liable for a deficiency.
Other Defenses to Deficiency
If the automobile was a lemon or had significant problems with its operation, the debtor may have a breach of warranty defense.
If the creditor promises to forgive the debt if you voluntarily return the car, that is an accord and satisfaction, preventing any deficiency.
Check to see if a deficiency lawsuit was filed more than four years from the date of default. If so, the debtor has a statute of limitations defense.
Defenses and Counterclaims if Improper Notice of Resale or if Resale Not Commercially Reasonable
The Defense. If you can show either that the creditor failed to give a proper resale notice or failed to resell in a commercially reasonable manner, the debtor has a defense to a suit or claim for deficiency. In this case, the law presumes that the value of the car is equal to the outstanding debt. Under this presumption, no deficiency would be owed. But, if the creditor can show in court that the value of the car when repossessed was less than the remaining debt and can show the resale was commercially reasonable, then the debtor still owes the deficiency. See Section 9-626 of the UCC.
The Counterclaim. Again, if there is either an improper resale notice or a resale that is not commercially reasonable, then Section 9-625 of the Uniform Commercial Code permits the debtor to sue for actual damages or for statutory damages against the creditor. Statutory damages are equal to the finance charge plus 10% of the cash price of the secured property. The counterclaim is available for an improper notice even if the resale was otherwise commercially reasonable. If there are multiple debtors, such as a husband and wife, each may be able to get damages assessed against the creditor. |
_________________
Texas Residents
All CA's are required to post a bond with the SOS
http://direct.sos.state.tx.us/debtcollectors/DCSearch.asp
When requesting Validation, reference the FDCPA as well as Chpter 392 of the TFC:
http://tlo2.tlc.state.tx.us/statutes/docs/FI/content/htm/fi.005.00.000 392.00.htm
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NASCAR_Devil
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| Posted: Fri Aug 08, 2008 9:18 am Subject: |
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not much in there helps me. I know it took them 2 months to come get the car when I called and said I couldn't afford it any more. I know people who have had repos that weren't voluntary and they don't go thew any of this stuff. I was being honest by giving it back because I couldn't afford it and I have had to deal with these people over a year now.
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PaulinePruitt
Joined: 08 Aug 2008
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| Posted: Fri Aug 08, 2008 9:34 am Subject: |
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A couple things you can look at:
How much did you owe vs. Bluebook at the time vs. what they sold it for and how notice of sale was givin
| Quote: | Consider looking at references from the public library like the "red book" or "blue book", which is published at regular intervals to discover the book value of the car at any given point in time.
Resale Not Commercially Reasonable
If you can show either that the creditor failed to give a proper resale notice or failed to resell in a commercially reasonable manner, the debtor has a defense to a suit or claim for deficiency. In this case, the law presumes that the value of the car is equal to the outstanding debt. Under this presumption, no deficiency would be owed. But, if the creditor can show in court that the value of the car when repossessed was less than the remaining debt and can show the resale was commercially reasonable, then the debtor still owes the deficiency. See Section 9-626 of the UCC. |
_________________
Texas Residents
All CA's are required to post a bond with the SOS
http://direct.sos.state.tx.us/debtcollectors/DCSearch.asp
When requesting Validation, reference the FDCPA as well as Chpter 392 of the TFC:
http://tlo2.tlc.state.tx.us/statutes/docs/FI/content/htm/fi.005.00.000 392.00.htm
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NASCAR_Devil
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| Posted: Fri Aug 08, 2008 9:42 am Subject: |
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I owed 13,000 and it was sold for 4,000+ can remember the total the kelly blue book said it was worth 6,000+. They said we owed ove 8,000 and I gave them 1500 when we set up the payment plan
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PaulinePruitt
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NASCAR_Devil
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