My husband made arrangements with a debt collector to settle on the amount owed on a car loan. The amount owed total owed was 2,000. We settled for 1,500. They told us once the check cleared we would recieve the title in the mail in 30 days. As of today we do not have the tiltel (it has been 45 days). We called to see what the delay was and now they are saying we owe the remaining 500. They claim no one from the firm would of agreed to send us the title. What is our recourse for this? Is this legal? We asked several times when we would receive the title. Any help appreciated.
2007-04-16 11:09:30 · 6 answers · asked by salterini1 2 in Business & Finance ➔ Credit
Did you have this arrangement in writing?
If not, there isn't a lot you are able to do other than pony up the 500 bucks. That being said, have it in writing that once you pay the 500 bucks you WILL get the title.
If so, sue them! Go to www.nolo.com, and purchase the book on how to sue in small claims court. The beauty of this is that you won't even need to hire a lawyer.
If you do decide to sue, make sure to follow the steps carefully. Do NOT call them on the phone and threaten to sue, etc etc, as this could be blackmail in some jurisdictions.Also, make sure to sue for "plus court costs". Save any and all receipts, even gas running to the post office and court and tack it on there. Also, sue for "punitive damages". Even a thousand bucks is... a thousand bucks.
Good luck
2007-04-16 11:17:13 · answer #1 · answered by Anonymous · 1⤊ 1⤋
It is strange that your car loan is being held with a debt collector yet you still have your car. In most cases the original lender will just repo the car and charge you for the difference. So in this respect consider yourself lucky if this is truly the case.
But with that said, if you do not have it in writting there is really not much you can do. A lot of times the debt collectors will tell you anything to get you to send the money, and sometimes people hear what they want to even though it is not what was said. I don't know which case it was for you. However, if you do send them the remaing $500 make sure you have it in writting that you will receive the title.
Assuming they did say this, you could try to purse and try to prove that they said this. However, without it in writting that is going to be tough if not impossible. If you have who you talked to as well as the Date and Time you talked to them that may help. But it will take a lot of time to go through this process an is it going to be worth the $500.
2007-04-16 11:31:20 · answer #2 · answered by OC1999 7 · 1⤊ 0⤋
There is no such thing as a verbal agreement with a debt collector. Until you has a SIGNED agreement in your hand, EVERY word out of their mouth is a LIE. Your only recourse is to produce the written agreement. NO, what they did is not legal. Your problem is you can't prove anything.
2007-04-16 11:32:09 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Did you get it in writing? You legally owe 500 on the car. They do not have to release the title until the obligation is met.
2007-04-16 11:19:36 · answer #4 · answered by James K 1 · 0⤊ 1⤋
I'm certain you have the agreement to settle for $1500 in writing, right?
If not I think you're screwed.
2007-04-16 11:39:04 · answer #5 · answered by Oh Boy! 5 · 0⤊ 0⤋
If you did not have this agreement in writing, there is nothing that you can do.
Is this legal? Yes.
Is this moral? No.
The only way to deal with collection agencies is in writing, certified return receipt mail.
2007-04-16 11:36:58 · answer #6 · answered by Matt 4 · 0⤊ 1⤋