What is the name of your state (only U.S. law)? Florida
I took out a title loan in Alabama on my car in August. In October the car was seized by the Sheriffs office in a writ of execution for a debt on a pre paid credit card that the bank allowed to go beyond the limit of money I had placed on the card. Unable to continue making the payments without a car and way to get around, I quit making the payments on title loan assuming the loan amount would go to collections and stop accruing interest so I could actually pay it off. Now the title loan company has sent me a letter saying to pay in full to avoid litigation...my question is can they sue me with the collateral having been taken and sold at auction, or do they have CPP insurance for these kind of situations?
Also, I received the title back in the mail with no lien holder listed on it after the title loan was taken out...did they perhaps make a mistake in filing the paperwork?
I took out a title loan in Alabama on my car in August. In October the car was seized by the Sheriffs office in a writ of execution for a debt on a pre paid credit card that the bank allowed to go beyond the limit of money I had placed on the card. Unable to continue making the payments without a car and way to get around, I quit making the payments on title loan assuming the loan amount would go to collections and stop accruing interest so I could actually pay it off. Now the title loan company has sent me a letter saying to pay in full to avoid litigation...my question is can they sue me with the collateral having been taken and sold at auction, or do they have CPP insurance for these kind of situations?
Also, I received the title back in the mail with no lien holder listed on it after the title loan was taken out...did they perhaps make a mistake in filing the paperwork?