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AlabamaSteve

My Credit Journey...rebuilding (again)

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So, to start this off I was a member back in the mid to late 2000's, and learned a lot about how credit worked. Growing up I watched my parents struggle with debt, and lack of control for their spending habits. When I graduated college in 2008, I was working 2 jobs, and making a decent amount of money. I wanted to pay off the roughly 16k worth of debt I had from school, in less than 2 years. I was actually able to accomplish this. During this time I was also dumb, and acquired a crap ton of credit card debt. Roughly 40 grand worth. Clearly not learning anything from here the first time, I just kept chugging along making my payments, until the inevitable happened. I was laid off from my job, and had a non-compete. Thinking "those don't hold up in court", I took a job with a competitor, and promptly got sued by my prior employer. Trying to fight this, I spend nearly 14,000.00 in lawyer's fees and costs, to eventually run out of money to fight it. I lost everything. My house, car, thank god I wasn't married yet. But at that point I was over 100,000.00 in debt with Credit cards, defaulted auto loan, and the balance due on my foreclosed home. 

 

In March of 2015 I would up filing for Bankruptcy. Not seeing a way out of the hole I had put myself in (which I blame no one but myself), I bit the bullet. Came out of my Chapter 7 the end of 2015, thinking "ok I got this". Cue forward 4 years. I was an idiot again. Now 40 grand in debt again, primarily all credit card debt (some very small medical collections), I have had enough. I don't like to reference Dave Ramsey that much, but I am sick and tired, of being sick and tired. So here's a quick run down of what I have accomplished so far, and what I still need to get cleaned up. 

 

Current Scores (FICO 8) 

Transunion - 513

Equifax - 497

Experian - 585

 

Equifax 

Originally 22 Collections accounts, now 7. (14 were old included in BK accounts, not updated). 1 I did a PFD and got it removed. 

3 CA's with Portfolio Recovery. All 3 are on payment plans now, and will be paid off in 3 months. - Totaling 12k

Specialized Collection Service - 768.00 (Medical Collection....from a company I have never heard of). Requested a DV from them back on 4/10, waiting on results. 

Midwest Recovery Systems - 436.00 (Total Visa card from 2016). Haven't started on this one yet. 

Credit Acceptance - 19,865.00 (Repossessed vehicle from my ex-wife). Yeah...this one is going to be fun. 

 

Open Lines -

USAA Amex - Balance - 4,3002.00 

USAA Visa - Balance - 496.00 

 

Steve

 

Going to take this one bureau at a time. Sadly I don't have a ton of time to work on all 3 at once, but will tackle these as I can. I know I screwed up royally, and now have to work my way out of this. The largest one being the Credit Acceptance Repo, which I have a feeling I maybe screwed on. 

 

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Congratulations on mustering the will to change course and get this all fixed.

 

I deeply respect the fact that you haven't tried shifting blame to some fictional external force.

 

Best wishes as you move forward!!

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Posted (edited)

Ok so since I have some free time here, I am going to ask a hopefully quick question. 

 

Back in 2015 I purchased a car through Carvana. Go Financial is the financing company, and wound up falling behind in 2017. They repossessed the car in March 2018, and surprisingly I received absolutely nothing in the mail from Go Financial (i.e. sale date, outstanding balance...nothing). 

 

Since this is just over a year old, balance outstanding according to the credit bureau's is 5600.00 roughly. What is the best plan of attack to try to get this removed. WhyChat's method, from what I have read, really shouldn't be used until I am outside of the SOL, which in Alabama is 4 years. 

 

An other methods work in the past? 

Steve

Edited by AlabamaSteve

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20 hours ago, AlabamaSteve said:

Ok so since I have some free time here, I am going to ask a hopefully quick question. 

 

Back in 2015 I purchased a car through Carvana. Go Financial is the financing company, and wound up falling behind in 2017. They repossessed the car in March 2018, and surprisingly I received absolutely nothing in the mail from Go Financial (i.e. sale date, outstanding balance...nothing). 

 

Since this is just over a year old, balance outstanding according to the credit bureau's is 5600.00 roughly. What is the best plan of attack to try to get this removed. WhyChat's method, from what I have read, really shouldn't be used until I am outside of the SOL, which in Alabama is 4 years. 

 

An other methods work in the past? 

Steve

@Why Chat I wanted to see if I could get your opinion on the above. If the debt is within the SOL's, but the financing company did not follow any of the post-repossession processes, could I still use your process to go after this on my reports. Or, should I let sleeping does lie, and come back in a couple years when it's no longer a threat?

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There is a difference in the "SOL" for defaulting on a loan and the period of time anyone has to sue on the amount due after a repossession. The repossession and subsequent auction sale negates the original loan. You need to follow the guides for REPOSSESSION not for credit cards.

 

As far as I can tell if your car was repossessed in March 2018 AND they furnished you with ALL the required notices including an accounting of the auction sale and the amount of the deficiency ( the difference between the payoff balance of the car and what they got for it at the auction) they have 2 years from that date to sue you for the deficiency. 

 

https://whychat.me/GUIDEBOOK.html

https://whychat.me/repoltr.html

 

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WhyChat. Thanks for the response. I do appreciate the clarification. They did not provide any documentation at all. Not one letter was sent. According to Carfax, the car was sold at auction in April.

So should I wait until next year to start fighting this one? Or would I have other grounds to go after them on?

Again thanks for the help.

Steve


Sent from my iPhone using Tapatalk

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@Why Chat Getting back into the swing of trying to clean this mess up after battling pneumonia for 3 weeks. I did go back through all of my documentation, and verified that Go Financial did not send any documentation after reposessing the vehicle. I did verify they had my updated address, but not one letter sent. 

 

An initial dispute letter was sent back 4/3, which came back "updated - remains" by all 3 credit bureaus. Next step would be to send the repo letter, just trying to make sure I am following this process correctly and not screwing anything up. 

 

Thanks again for the help. 

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Posted (edited)

You can follow the program.

https://whychat.me/repoltr.html

AFTER 2 years from the sale date has passed. They COULD still send you the documentation and claim a deficiency within 2 years from the date of the auction sale

 

Make sure you are still opted out and that any old addresses (if you moved since the date of repo) were deleted

https://whychat.me/GUIDEBOOK.html

 

Glad you are recovered from pneumonia. Take it easy for a while your system needs a LOT of R&R

Edited by Why Chat

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