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Collections Law/home buying with a vehicle repossesion on my credit report
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Question
No they offered the $7,000 and we agreed to it but when we tried to confirm it with the company(getting it in writing) they denied ever even making the offer, and now they just keep sending me letters saying that I owe like $19,000(with interest that has accrued on the original balance) and the letters say to pay within ten days or they will send it to there legal dept.
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Followup To
Question -
Sir,
when I first joined the military I wasnt making much money, coouldnt afford the payments and had the vehicle repossessed back on OCT 2002,they offered us a lump sum payment of $7,000. and we agreed and now they act like they never made the offer, we offered to make $200.payments they laughed and threatened to sue me. I am trying to qualify for a home loan now. What should I do wait it out or...? Thanks, Ben
Answer -
Mr. Wilcox: I am not understanding what happened here. Did they take the $7,000 from you back then when you made the offer and still come after you now even though the case was already settled? Is that what happened?
If your goal here is to to get these people to quit calling you, that can be easily handled with your sending a letter to them. However, given that you are concerned about the home loan issue, just sending a letter will not help you any (assuming that this entry would be a disqualifying factor in the first place). You have a couple of other options (other than just sending a letter) regarding this old debt, but if you are going to maximize your chances of getting a home loan you have to be careful. This will be easier to talk about on the telephone and I will not charge you just to talk on the phone. Call me on my cell at 661 492-2673 if you like.
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Answers by Expert:
John Hall
Expertise
Law school graduate, Juris Doctorate (J.D.) Degree; Over 25 years of experience throughout the United States in bankruptcy law matters (Chapters 7, 11, and 13 of the United States Bankruptcy Code) primarily representing individual debtors with consumer debt or small businesses; Experience has included all aspects of debtor/creditor relations.
Experience
FREE BANKRUPTCY HELP. If you are being sued, if your home is being foreclosed, or if you are being harassed by bill collectors, filing for bankruptcy may be a quick and inexpensive solution.. The mere filing of a bankruptcy will operate as a federal court order (it is called an automatic stay) to stop all bill collection efforts, including lawsuits that are pending or ongoing. Bankruptcy is a legitimate way to meet your problems with debt head-on. The bankruptcy law is designed to give you a second chance to make a new start without the psychological and financial burden of pressing debts that you are unable to pay. Depending on what state you live in and what your assets are, it is very unlikely that you are going to have to lose anything if you file for bankruptcy, and this is something that you can do immediately without having to pay the $500 to $1,500 attorney fees that most attorneys charge. Also, you might be surprised that you can file for bankruptcy and that it will not have the devastating effect on your credit that most bill collectors describe. Life is too short to have all this anxiety over losing your car through repossession, getting evicted from your home, or losing your home through foreclosure. Bankruptcy law was designed to give you a second chance. I will not charge you just to talk on the phone. Call me at 432 853-5711, or send me an email at j_h14@hotmail.com with your telephone number, and I will call you back.
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