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Collections Law/Being Sued by Hosto, Buchan, Prater and Lawence on behalf of Capital One

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Expert: Michael Brotherton - 11/2/2008


Question
I am being sued by a collector for  Capital One for a car I was purchasing in
2002. I go to court in five days, they attached a copy of the contract on the
summons. How do I answer it? I took the car back myself in October 2006, I
paid over 20,000.00 on. I decided recheck the blue book value, It was less then
6000.00. They said they sold it, and I owe them 4911, for it. What do I do now?

Answer
I am sorry for the delay in answering you but I have been inundated with questions and it is hard to keep up at times.

if it isn't too late write a letter to the courts and ask them for an extension of time to respond to the complaint. You need time to seek counsel and respond properly.

It is probably inevitable that they will get their judgment since it is a valid debt. You may ask the courts to reduce the debt and/or interest they can charge but unless you file bk or negotiate a settlement you will have to pay. This is why I hate repos, voluntary or involuntary. You end up paying for nothing. For additional information read my previous post.

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Michael Brotherton

Expertise

Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).

Experience

Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.

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