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will they keep doing this?

Date: Wed, 08/18/2010 - 20:39

Submitted by anonymous
on Wed, 08/18/2010 - 20:39

Posts: 202330 Credits: [Donate]

Total Replies: 3


I am curious about something, I have a car that I was buying and I had to do a voluntary repo on it. I tired to work out something with the company to get the payments lowered to something I could afford as I lost my job about 3 months later. The original creditor started calling and harrassing me, asking me all kinds of questions that had nothing to do with the loan etc.

I have not made any payments since June 06, I think and I have gotten letters from 4 or 5 different collection agencies now saying I owe this debt. My credit report shows it as a write off, (not sure what that is). Every time I get a letter from a collection agency I send a validation letter to them and I get nothing back. One did send me a copy of my contract, but nothing else and could not explain how they got the extra $5,000 it shows me owing, then sent it on to a different CA.

So I am just wondering if this is going to continue and for how long, I send a validation letter and a couple months later a new collection agency has the debt and is trying to collect. Do I just keep sending validation letters until the SOL expires which I think is in two years. When I tired to work out some type of payments with the original creditor they would not work with me. My only income is disability and child support which I don't think they can garnish if I am correct. Should I be worried about this or just let the CA keep buying the loan and getting nothing from me as they can't validate anything. Thanks.


Quote:

Originally Posted by SOAPLADY
The extra funds is probably your deficiency balances and repo fees.
What state are you in?



I live in Oregon, the repo fees and other stuff dded up to about an extra $250, not the extra $5,000, unless they keep adding stuff I don't know about on it.


lrhall41

Submitted by on Thu, 08/19/2010 - 20:41

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By "defiency" she means that they sold your car after repo for less (sometimes much less) than it was "worth" and then came after you for this difference in money.

This is very common for them to do in houses or cars or basically any secured loan that is defaulted on. Its not over just because you give up the collateral.


lrhall41

Submitted by rown on Fri, 08/20/2010 - 05:07

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