Just received CA letter but not on my CR yet

rastoma · 04-21-2008, 03:38 PM

Looking for some advice here....

Would I handle this differently or just follow the standard steps of sending a DV letter to the CA? The CA is not reporting to my CR so there's nothing to dispute there.

Note: The OC IS still reporting on my CR:

Past Due: $0
- High Balance: $11879
- Terms: 48 months
- Limit:
- Payment: $422
- Opened: 05/23/2006
- Reported: 03/31/2008
- Responsibility: Individual

The OC is reporting a balance of $7316. The letter I got from a CA today shows balance is $8252.80. This was for a voluntary repo (I know there's no difference) when I had lost my last job.

I've checked and the CA is licensed and has a RA in my state (Tennessee). I don't know how to check to see if they have posted a bond though which is required in TN.

Thanks for any guidance any of you may have.

hannah · 04-21-2008, 05:05 PM

Quote:

Originally Posted by rastoma

Looking for some advice here....

Would I handle this differently or just follow the standard steps of sending a DV letter to the CA? The CA is not reporting to my CR so there's nothing to dispute there.

Note: The OC IS still reporting on my CR:

Past Due: $0
- High Balance: $11879
- Terms: 48 months
- Limit:
- Payment: $422
- Opened: 05/23/2006
- Reported: 03/31/2008
- Responsibility: Individual

The OC is reporting a balance of $7316. The letter I got from a CA today shows balance is $8252.80. This was for a voluntary repo (I know there's no difference) when I had lost my last job.

I've checked and the CA is licensed and has a RA in my state (Tennessee). I don't know how to check to see if they have posted a bond though which is required in TN.

Thanks for any guidance any of you may have.

If it were me I would not send a DV at all. You are still within the 4 years statute of limitations for auto deficiencies if the OC repoed legally.

rastoma · 04-21-2008, 05:13 PM

Quote:

Originally Posted by hannah

If it were me I would not send a DV at all. You are still within the 4 years statute of limitations for auto deficiencies if the OC repoed legally.

Ahhh.. good point.

I'm not able to pay or make payments at this time, so there's nothing to really respond to correct?

rastoma · 04-21-2008, 05:20 PM

This is the first collection letter I've received in a LONG time and the first ever since learning about credit repair. In the letter it says if I don't reply within 30 days they will assume the debt is valid.

I'm not setting a precedent or painting myself into a corner am I?

centex · 04-21-2008, 05:43 PM

The problem you run into is that by not doing anything, it WILL show up on the report. However, it is still fresh paper, and if you DO attempt anything, you may find yourself staving off an appearance on the reports right away BUT also find yourself on the wrong end of a summons.

hannah · 04-21-2008, 05:47 PM

Quote:

Originally Posted by rastoma

This is the first collection letter I've received in a LONG time and the first ever since learning about credit repair. In the letter it says if I don't reply within 30 days they will assume the debt is valid.

I'm not setting a precedent or painting myself into a corner am I?

They can assume all they want to, it won't make a difference if they sue you for it. If it were me, I'd lay low. You respond and you've given them ammo that you are alive and well. Keep the letter and start a file. And no, you are not setting a precedent or painting yourself into a corner as you know for sure you owe the deficiency from what you owed and what it was sold for at auction. You just may not know the exact amount which is a minor thing if you are sued. You already stated that you voluntary gave up the vehicle. Do you have all the paperwork from where the OC repoed it? What are the procedures in TN on a voluntary repo? Was it repoed correctly according to statute? Until I knew that for sure I wouldn't do a thing.

rastoma · 04-21-2008, 06:12 PM

Quote:

Originally Posted by hannah

You already stated that you voluntary gave up the vehicle. Do you have all the paperwork from where the OC repoed it? What are the procedures in TN on a voluntary repo? Was it repoed correctly according to statute? Until I knew that for sure I wouldn't do a thing.

I never received anything and haven't heard from them since they picked up the vehicle. After several calls and letters I explained that it wasn't possible for me to catch up on the payments since I was out of work and they wouldn't accept any other options such as refinancing or deferring the late payments to the end of the contract. So I told them I'll just have to bring it to them or they can pick it up. They said they have someone that picks cars up for them and they'll just send them. I said ok and explained I needed a little bit of time to get my stuff out including an aftermarket stereo I had installed. They said no problem and said to call them back when I was ready. I did and eventually someone came by to pick it up. I asked the guy if I needed to sign anything or get any paperwork and he said no.

The vehicle wasn't sold at auction. It was bought from a buy here pay here lot so they must have just resold it. I never received anything stating it had sold at auction and what the balance was or anything.