need guidance

[starlight040696]

What is the name of your state?What is the name of your state? North Carolina

I have a problem....I voluntarily repossessed my car.....it took the company 3 months to come get it and then another 3 months to sell it. They sold it for a third of what was owed and now they say I owe a little over 10000. I made an arrangement with the finance company only to be contacted by phone from I guess a collection agency a few days later demanding payment in full. And to be frank I don't have an extra 10 grand laying around. I called the finance company only to be told that they had sold the debt....and they didn't notify me of it, and so the agreement we came to no longer exists. Now this collection agency is threatening to get a judgement if I don't come up with around 3000 in the next day or two. I did receive a 30 day letter from them after requesting they send me a letter. I am totally confused on what to do because I thought I had taken care of the problem. What do I do or what can I do? Plus shouldn't they have sold the car for as close to blue book as they could? Because what they sold it for was 4500 below that value. Can anyone help?

 

[Ladynred]

I called the finance company only to be told that they had sold the debt....and they didn't notify me of it,

They don't HAVE to notify you they sold the debt, there is no legal requirement that they do so, its THEIR business decision.

Now this collection agency is threatening to get a judgement if I don't come up with around 3000 in the next day or two.

Typcial collection agency tactic, create a false sense of urgency, make threats, create a bogus 'deadline' all to make you fork over cash RIGHT NOW. They make more money that way, they bought our debt for pennies on the dollar !

Plus shouldn't they have sold the car for as close to blue book as they could?

Nope, not even close. They sell these things at auctions, they NEVER even come NEAR blue book ! The sale is supposed to be 'commerically reasonable'. If you can prove that they didn't you might be able to fight it, but that's a long shot.

Unless you're hearing from a law firm in NC, it is unlikely that a lawsuit is around the corner. You're getting CA threats and intimidation at this point, hoping to scare you into paying them.

 

[starlight040696]

Thank you for your input......my other problem is that I have been unemployed since December and am now prayerfully getting a very good federal job who does credit checks for employment and I am worried that this situation will stop me from getting the new job. Any other advice would be great. I got the 30 day pay now or dispute letter and really don't know what to do with it. This whole thing has me stressed to be honest.

 

[Ladynred]

You CAN try to negotiate a similar payment arrangement with the CA that you had with the creditor, but don't expect them to accept it right away. IF you go that route, do it ALL in writing and keep the paper trail. I wouldn't pay them a dime until I got a SIGNED agreement - by someone with the authority to MAKE the agreement. Do not evey try to negotiate with these people over the phone, they will LIE, LIE, LIE if they think you're going to cave in.. hell... they LIE anyway !

Oh.. and NEVER agree to let them take money directly out of your bank account, they'll drain it dry.

Good Luck on the job