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mypenplease

repo collection issue

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I am hoping to find some good help

 

In Nevada, I had my car repo’d from coming out of divorce, nothing I could do… it seemed like the best move. anyway to make a long story short. After the Repo about 3 months later I received a letter for the bank notice to pay in full and they will be selling the car, then nothing for 9 months. I get a letter from a collection company wanting $13,600

 

I respond with this >

 

Dear Mr. Recoveries

 

Thanks for your letter I just received it. Sorry for the delay in returning correspondence I am currently struggling with unemployment and homelessness and on the good graces of friends and family. I am looking at all legal means to resolve this. First I need to start by getting the assignment of this debt or it’s probably safe to say the debt is not valid.

 

As referenced in the top of the letter, I am financially bankrupt and only have the support of friends and family. Because this is a legal matter any future communication will be in writing.

 

*no response from the letter.

 

like the letter say’s, I have been getting my flowers kicked, so flash forward here present day it is now 13 months, like the letter has said I have been sleeping at my moms saving money, im a little better off. I would like to get this fixed before it gets out of control. I have called some attorneys, not real promising. looks like with such a low amount of debt, I’m prolly on my own with this and im not going to turn my money over to these debt settlement scam agencies.

 

my questions are this -

 

what should I try to settle this for?

 

what is my next step?

 

and advice going forward?

 

what are the chances of getting sued?

 

and do I have this correct that in Nevada they have 3 years SOL on this?

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Was the car sold? I can't see oweing that much if it was sold. Some states have to give you at least fair market value no matter what it sold for.

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Wow and that was the amount due after being sold! I would do a quick google search and see if Texas requires lenders to give you fair market value or not. Also check the repo laws to see if they violated any while repo'ing.

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Did you sign anything when you turned over the car? If you didn't sign anything giving up your rights, this situation is treated the same as a regular repo where they come and get the car without permission. The bank needed to send you an accounting of how much the car sold for and how that amount was applied against the loan balance and fees to arrive at the amount you still owe.

 

Your best course of action now is probably to do nothing. It is a good idea to wait at least 2 years after the repo before getting aggressive about disputing.

 

Letters like the ones you sent are not recommended. You're just telling them that you're still alive and where to find you. They will assume that your claims of having no money are not true. If or when they start making phone calls you can go to a DV / limited C&D letter strategy. You did make a couple of points in that direction with the letters you sent but you should leave out the stuff about being homeless etc.

Edited by mk_378

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