About 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.
Question 2 years ago, my girlfriend (at the time) and i purchased a 2004 dodge ram truck. Her and I both signed. The truck was insured with me and she made the truck payments and was the primary driver. We ended the relationship and she would not sell the truck. I received 2-3 phone calls that the payments were behind and informed them to contact her since she was in possession of the truck. A couple of months later I get a 2nd key made to pick up the truck only to find out it was reposed. I did not receive any info regarding how far behind the payments were or any indication such an action would take place. Before we ended the relationship we were living together. After, she stayed put and I moved. Now any info that might of been sent was sent to her address and she did not forward me any info. The tuck went to auction and now I have a collection agency calling me and saying that I have to pay the remainder of the balance. $16,000 was left on the loan and the truck was auctioned for $8,0000. So the collection agency is saying that "We" are responsible but are only seeking me out. My question is, what are my options?
Answer At this point your options may be few. You may attempt to take your X to court for defaulting on the debt and force her to pay the debt or you may take responsibility for the debt and negotiate a settlement or payment plan you can live with.
This is why I hate co-signer loans. The co-signer always gets stuck paying the bill.
There is probably not much you can do about them not notifying you before hand if they didn't have a good address. Your X should be held at least partially responsible here. You might have an attorney send her a strong letter offering a voluntary payment arrangement on the deficiency, otherwise you will be filing suit for damage to your credit and non-payment of the debt.
You might want to seek local legal counsel to see if there are any particular laws or statutes that may affect how you proceed.
