I bought a car in 2000 and in 2001 lost it in a repo. I have reviewed my credit and it says that it will stay in my record till 2008. But a few day ago I received a call from a person saying they had bought that case and that if I wanted to settle. I told them I didn't have money because I have 4 kids and only one job. They said they would take it to court and that they would have that taken from my check. What % in the state of California would be taken. Also would it affect my tax return for this year.
2007-01-17 05:43:15 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Long story short you are liable still for the difference in the vehicle from your original contract price minus out what they sold it for. There is also any fees that they have added in. Yes your repo will stay on your report for 7 years
You were contacted by a collection agency. So here's the deal yes they can take you to court. As each state is differnt in what they can sue you for I can't answer for amounts they are entitled to. They probably will not take you to court though. Again probably won't take. it means that yes they can still do this.
Basically though you need to cease all phone conversations with them and to check out California law. Also any further conversations with them must be done in writing and send it certified. Worst thing you can do is to talk on the phone with a collection agent. They are not there to help you. They will lie to you and use any scare tactic they can. That is there job and yes some things they do are illegal. But they count on the fact that you will not know this.
You made a mistake and you do owe this debt ok. But inform yourself and don't get threatened by them. Odds are it was just a threat and is going nowhere. Check out the link I sent you.
2007-01-17 06:02:04 · answer #1 · answered by logan 5 · 1⤊ 0⤋
If it is outside the statute of limitations you have nothing to worry about. They cannot win in court so next time they call just hang up on them, never talk to a collector over the phone. Sometimes they actually do take people to court and they get a default judgement on old debts because you dont show up and use the statute of limitations as your defense. Know your rights and you will be just fine!
2007-01-17 08:27:48 · answer #2 · answered by roger v 4 · 0⤊ 0⤋
The statute of limitations on written contracts in California is 4 years.
You debt is not legally enforceable if you defaulted on the loan in 2001.
You are dealing with a "zombie" bill collector. Just ignore him. Hang up if he calls. He will not be able to garnish your wages. Don't say anything to him than may be interperted as reaffirming the debt.
2007-01-17 05:56:56 · answer #3 · answered by jbowler 3 · 0⤊ 0⤋
They can take it to court. You talking to them "reopens" the case and gives them from this point as the new statute of limitations on it. Do not take any more phone calls from them. If they take you to court, it is not a fast process, and you will have the chance to plea your case in front of a judge. He would determine, if any, what % would be garnished. They have to have legal rights to garnish, and that cannot be accomplished without a hearing.
2007-01-17 06:11:28 · answer #4 · answered by BMW BFD 5 · 0⤊ 0⤋
Bottom line is you will need to exercise your rights here. Send them a one letter "cease and desist" letter, also known as a C&D. Simply:
"According to my rights under the FCRA, I am charging you to stop contacting me about this debt in any way, shape or form. If you contact me again, I will notify the Attorney General of this violation of my rights."
This will not affect your taxes for this year.
If you see anything from a court, simply answer it and put "statute of limitations expired" are your defense. Of course, they are probably just bluffing with a debt so old but I wouldn't talk to them again.
2007-01-17 07:15:36 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋