OhWhatHaveIDone
Junior Member
I presently live in TN. I started cleaning up my credit about a year ago. Regions, who was the note holder, had a reported balance of $0. I knew this not true and did not want this to come back and haunt me. Added to that, I want to make sure I do the right thing, that is by the letter of the law. So here are the bullet points:
- I lived and purchased the car in Alabama
- Account went delinquent 7/2010
- Last payment was 11/2010, account was not made current with this payment
- Lost my job and was working on the west coast, staying in a hotel
- I worked with the skip to voluntarily leave my car at an airport paid parking lot (video surveillance if they said car wasn't there). This took place in California
- I've since moved to Tennessee 3 years ago
- Regions validated the dispute with the credit bureaus and moved the balance from $0.00 to $12.3K
- I have sent two letters to Regions asking for Proof that I was invited to the auction for the vehicle. I have also sent a letter requesting proof of deficiency, meaning what the vehicle was sold for, etc. I sent my first letter to Regions on 2/16/15, they responded on 3/12/2016. My second letter to them was on 3/14/16 and they responded on 3/25/16. The letter I received back from them was more like a form letter that validated the debt. They gave me a payment history and a letter that stated they had repossessed the vehicle and if I did not pay in full that it would be sold on or after 8/9/2011.
- The letters from Regions state that this is not an attempt to collect a debt, simply a communication and if I wanted to discuss further I would have to call the recovery team.
I believe that the statute of limitations for TN are 6 years. I just don't know what the date would be. This has been "charged off" and is not active. Yes, I know I still owe. However:
1) I don't want to offer a settlement for $2K and receive a 1099-C for $10K
2) I have more leverage knowing what the exact SOL date is, if I have to negotiate.
3) Why won't they product the sale information? If they cannot or won't how do I proceed?
4) Shouldn't I have been invited to the auction?
5) What state laws preside here? Where the car was repo'd or where I currently live? I assume where I legally live.
I could have left this at $0 and let it age off my report. Per the 3 credit reporting agencies this is scheduled to come off my credit report on 6/2017.
What should I do?
- I lived and purchased the car in Alabama
- Account went delinquent 7/2010
- Last payment was 11/2010, account was not made current with this payment
- Lost my job and was working on the west coast, staying in a hotel
- I worked with the skip to voluntarily leave my car at an airport paid parking lot (video surveillance if they said car wasn't there). This took place in California
- I've since moved to Tennessee 3 years ago
- Regions validated the dispute with the credit bureaus and moved the balance from $0.00 to $12.3K
- I have sent two letters to Regions asking for Proof that I was invited to the auction for the vehicle. I have also sent a letter requesting proof of deficiency, meaning what the vehicle was sold for, etc. I sent my first letter to Regions on 2/16/15, they responded on 3/12/2016. My second letter to them was on 3/14/16 and they responded on 3/25/16. The letter I received back from them was more like a form letter that validated the debt. They gave me a payment history and a letter that stated they had repossessed the vehicle and if I did not pay in full that it would be sold on or after 8/9/2011.
- The letters from Regions state that this is not an attempt to collect a debt, simply a communication and if I wanted to discuss further I would have to call the recovery team.
I believe that the statute of limitations for TN are 6 years. I just don't know what the date would be. This has been "charged off" and is not active. Yes, I know I still owe. However:
1) I don't want to offer a settlement for $2K and receive a 1099-C for $10K
2) I have more leverage knowing what the exact SOL date is, if I have to negotiate.
3) Why won't they product the sale information? If they cannot or won't how do I proceed?
4) Shouldn't I have been invited to the auction?
5) What state laws preside here? Where the car was repo'd or where I currently live? I assume where I legally live.
I could have left this at $0 and let it age off my report. Per the 3 credit reporting agencies this is scheduled to come off my credit report on 6/2017.
What should I do?