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Expert: Michael Brotherton - 7/24/2007


Question
i bought a new truck. after 2 months, lost my earning potential and or wages. the truck was repo'ed. capital one turned over to NCO collection and they said i owe 15,000.00.
i made arrangements with them to pay 200.00 for 3 months. what legal issue , and or options, do i have. i'm going blind on this. thanks. garry

Answer
Hey Garry,

I am afraid they have you by the you know whats in this situation. In most cases when a car is repo'd they sell it at public auction then are supposed to provide you with an accounting of the deficiency balance. it is no uncommon to owe almost as much as you did originally since the cars sell for 30-50% of the actual balances and of course they charge you for their costs. The only way to get out of it is to offer a lump sum settlement or file BK. Offer them $3K to "settle in full".

Call me if you need help with the negotiation 877 270 8204.

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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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