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 30 years experience negotiating disputes and resolving financial issues related to consumer debt, corporate debt, and mortgage restructuriing.
Question We had a vehicle that we fell behind on payments with in late 2005. By Feb. 2006, we informed that bank that we could not make payments and asked that they come and take the vehicle. Nothing was done until NOV 21 2008 when the vehicle was repossessed. The question we have is, is it normal for a bank to take up to 2 1/2 years to take a vehicle? Also, wouldn't it have been a better thing to have taken the vehicle 2 1/2 years ago while to vehicle had more value? I've spoken to the bank, have gotten the run around and conflicting answers about this situation. Also, I was told that they (the bank) have "internal policies" which they refuse to disclose to me in regards to matters of repossessions and a person in the military. Apparently, these policies can change on a whim from what I was told. Does this sound right? Help! Thanks!
Answer You are probably right but it is their decision. If it was a matter of policy they do not have to disclose that policy to you, however if your husband was active duty military they couldnt have taken the vehicle anyway. There is a law called the Soldier and Sailors Protection Act that forbids certain types of actions against active duty personnel. This would explain why they didnt repo the vehicle before now.
