	AllExperts > Collections Law
	Search

About Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

You are here: Experts > Business > Corporate Law > Collections Law > Repo question

Collections Law - Repo question

Expert: Regan Shinski - 10/30/2009

Question
My Fiance was buying a car through Mc Curdy Motor Co Inc, in Hutchinson, KS. She couldn't make her payment so they came and repoed the car. After they got the car they still made her make payments for the car through Apollo Credit Agency, starting back in 1994. She is still making payments for a car she no longer possesses. Is this legal?

Answer
Jeez, that's awful. There are several factors at play. In general, it's not illegal for them to TRY and collect it unless she had taken specific steps to stop it before such as sending a cease and desist letter.

Also, she should have only owed for the shortfall amount. This is the amount of the contract plus costs and interest to repo the car, LESS the resale price of the car. They also had to sell the car in a commercially reasonable manner - usually auction or retail sale. So make sure the price of the resale of the car was deducted from her balance.

If she has been paying since 1994, I'm guessing she has been making PARTIAL payments - meaning less than the original contract payment amount. This is critical to know! In Kansas and sixteen other states, there are laws that say a partial payment does NOT restart the statute of limitations (SOL) unless there is a NEW written contract. This is really important because your best way out of this - legally - right now is to have it be out of the SOL. Kansas SOL is six years on a written contract. So if she has not made a full payment or been caught up in the past six years AND there was no new written agreement AND there is no judgement against her, the debt is outside the SOL and she cannot be sued for it. Chances are very high that this is outside the SOL.

This is an incredibly unique case! I would be very interested in knowing more of the details. Please e-mail me. Something does not seem right with the collection agency in this case. I think you have options. Not only to tell them to take flying leap, but I strongly think there may be violations of the law that would enable you to collect from THEM! Please e-mail me the details and we can discuss. There are also certain things you can do to properly put an end to this.

Regan
mbscompany@aim.com
813-454-1459

Add to this Answer Ask a Question