Loan on TV
Date: Fri, 04/16/2010 - 04:55
Back in 2008 I had bought a HD TV which had defects. We went back and forth with the dealer to get it changed. Long story short, I no longer own the TV. However, it was bought on a loan and the TV was put as a collateral. Two days back a collection agency called me up for that loan. They have also threatened to repossess the item if I don't pay them. I've explained to them that I longer possess the said TV. Am I still responsible for the loan? What recourse do I have (if any)?
Yes you are still responsible for the loan and they can pursue y
Yes you are still responsible for the loan and they can pursue you for it. There just is no longer any collateral.
