My vehicle was repoed 6yrs ago. 3yrs ago I hired an agency to clean my credit report & it worked!!! but......?

Question

now i am having the car loan company haunting me w/ their lawyers as of 2yrs ago to pay the loan. I don't understand why it doesn't show on my credit report and I didn't pay the remaining balance from the repoed vehicle. I need to know how this is possible, because we own a house and 2 new (2007) trucks all financed buy top financing companies? p.s. please help

Answer 1

I agree with rendizzo. I just wanted to add a couple things to what he posted.

If there is a judgment and you were served but failed to answer there isn't much you can do. You can either pay or try to wait it out.

If there is a judgment but you were not served, you may be able to have it vacated for improper service.

Check with your county court clerk to see if there was anything filed in your name. If there was, and you were "not" served request a complete copy of the file, especially the service papers so you can see if you were sewer served.

If there is no judgment and it has been 6 years since the repo sale, then you are past the collecting SOL for the deficiency balance.

Deficiency balances on repo's have a 4 year collecting SOL. The deficiency balance SOL falls under the UCC Article 2 (§ 2-725).

If the creditor failed to send all of the required notices in a legal and timely manner or failed to sell the vehicle in a legal and timely manner - then the repo would be considered an illegal repo and the deficiency balance would be considered uncollectible, generally after 2 years of the sale. (UCC § 9.506)

You might click on my profile and go to the last link I have listed then do some reading on repo's.

Answer 2

It is possible that the bank that issued the original loan obtained a judgement against you, possibly for the remaining balance of the loan due after recovering the vehicle.

Just because your credit report was repaired doesn't mean that the orginal debt was removed. The original debt just wasn't being reported but it was still there. What you need to do if find out EXACTLY what leverage the creditor's attorney has against you. If the creditor obtained a default judgement against you, chances are you will have to pay the debt and/or they have the ability to garnish wages. Find out if there is a court judgement against you. IF the repo was more than six years ago and no judgement has been granted, chances are the Statute of Limitations on the Loan has expired, meaning, the creditor can still collect on the loan, but has no grounds to obtain a court judgement forcing you to pay the debt. The Statute of Limitations varies from state to state so look it up depending on where you were living when the car was obtained/repoed.

Another thing collection agencies do is send letters making it appear that it is coming from an attorney. They use that as a scare tactic, hoping you'll pay once you see the name of some attorney at law. Depending on its usage and the exact wording of the letter, that has the potential to be illegal and could be used in your favor.

If there is no judgement against you and you have not made ANY payments since the repo, my suggestion is to reply to the letter stating the Statute of Limitation has expired on the debt and they are wasting their time. Since the debt hasn't reached the 7 year mark, the collection agency CAN put it back into your report but only to have it fall off anyways at the 7 year anniversary (and 180 days). The creditor has the right to collect on the debt until it gets paid, they just don't have any leverage to actually force collection through court. You can also write them to tell them to stop contacting you COMPLETELY and by law they MUST COMPLY within 30 days.

Answer 3

The simple answer is that the company you hired may have cleaned your credit file, but any deficiency balance owed is subject to collection and/or wage garnishment. When you bought the vehicle, you signed a contract that is legally binding in the court of law. Your choices are as follows but be careful what you do..

1st (best) Write the creditor and ask them to settle with you. You can offer them a small portion of the balance. Continue to negotiate with them until they settle. Once settled, no further legal action will be necessary. Make sure and get everything in writing

2nd Pay the balance in full that is owed and they will stop calling. Get everything in writing!!!

3rd Don't pay, don't settle, tell them to never call you again and hope they don't take you to court for the deficiency balance and hope they don't garnish your wages. Not advisable!

4th Hire an attorney to do the work for you.

Answer 4

They are trying harder now, it's getting closer to their deadline to try and collect on an old debt. They try it by intimidating you, threatening your good credit by reporting the bad. You obviously don't have to worry if you bought a house and two new trucks. Try letting it go on for another year, you've already made it through 2, to make it to your 7 year statute. Or talk to a lawyer to see what other options he can come up with, he may advise just to leave it be as well.

Answer 5

It may not be their lawyers or actual ones calling you. Don't give them any information about you.
How long have they been harassing you? If it doesn't show on your credit report, they may not be legitamate. Be careful on the information that you give to them. Do not verify your social or any other personal information.
I would contact the FTC and let them know, hopefully you have the phone number etc. for them.

Answer 6

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Answer 7

You still owe the money.....you will never get out of that. But who did you use to clean your credit? I am looking for some help in that dapartment.

Answer 8

I dont know exactly how this happens, but I would like to know what company you used to get them to do that...my husband and I have been looking into doing something like that...could you please tell me?