August 17, 2009

Settling A Two And A Half Year Old Repo

Hello my name is Taylor. I am 31 yrs old and live in Nashville TN.

My question is 2 1/2 yrs ago my jeep Cherokee was reposessed because I was in jail for a few months. My original loan was through wells Fargo and has been sold to arrow acceptance. I am wanting to by a house now and my fico median is around 680. 

The loan has been turned over to a law firm who says nothing will be reported on my credit until it is paid in full. They threatned to sue me but I am a merchant mariner and it is impossible to place a garnishment or attatchment against my wages according to u.s.c. 46 part 11109. I told them this about a year ago and they have not responded back.

My real question is should I use a dept settlement company to pay them off or should I just say screw them. My credit has already taken the hit for the repo but I don’t know if a settlement would further hurt my score.

The owed balance is $10500 they said they would settle with me for $8500. I think this is hi being that they in no way can garnish my wages what amount should I be looking g to settle at? 

Thanks for any help or advice.

Taylor the towboater (more…)

July 21, 2009

Me & My $134,000 Motor Home

Filed under: Judgment,Repo


I have a loan on a 2007 motor home for $134,000 that I can not afford to keep making the $1002 a month payments on.

The problem is that the RV industry and the economy have made the value on this motor home maybe $75,000 now.

If I do a volutary repossession or if it is repo’ed in Oregon which is a anti-deficiency judgement state will my other assests like my car or my Certificates of deposits be liened on.

What can I expect to happen?

James (more…)

April 8, 2009


I have a auto loan which is upside down,as a result I cannot trade up without a large down payment.I am also looking to refinance my home within the year. Someone stated to me that I could voluntarily repo my car.Is this true and how does this affect my chances of refi on my home.Am I still responcible for paying off the car.If alouded how long of await before I can apply for refi and auto loan. I thank God for you guys,I tell my family,in-laws,close friends and co-workers about you. In todays times we need you more than ever. God Bless.

Reginald (more…)

March 9, 2009

Ten Points & Home For Kelly

My fiance and I are preparing to buy a house soon. Our loan officer says he needs to bring his credit score up 10 points.

We will have the money to pay off most if not all his old debts very soon. My question is where to focus our efforts for a 10 point increase.

He has about 4 misc accounts (all charge offs) that amount to about $1200 total and an auto repo that is for $16,000 (the amount owed when it was repo’d about 2 years ago).

We never recived any paper work on the repo telling us when it was sold or for how much. We live in California so the statue of limitaions in 7 years (I believe).

We do plan on settling up what is owed eventually. I am pretty sure we can get the small debts to pay for delete.

Is it possible to get a pay for delete on the auto repo? If not what is our best action.

Thank you for your help!

~Kelly (more…)

March 7, 2009

Buy Here Pay Here Car Lot – Judgment

Filed under: Judgment,Repo

In 2005, I purchased a car from a buy here pay here lot.  After about six months while recovering from a devastating house fire, the car’s transmission went out of the car.  At this point, I am staying at a hotel because I have no place to live.  The car was repossesed at the hotel i was staying at thanks to the Red Cross. 

So, this morning I check my bank account and my paycheck of 650.00 had been deposited as usual.  A couple of hours passed and I went to pay my electric bill and all of my money was gone from my checking account. 

These collectors from an attorney’s office told me that they had every right due to a judgement against me. They did not garnish my wages, they took it directly from my account. 

I made payment arrangements, and they asssured me this would not happen again, as long as my monthly payments were payed on time. 

I guess my question is, can they do this??  Can they take everything I have from my checking account, and leave me without any money for anything at all???

I don’t even know how I am getting to work for the next two weeks.  Please help!!!

Bethany – Hopeless in Kentucky (more…)

January 10, 2009

Dana’s Story

Dana Fixed Her Credit & Buys a Home!Mine is twofold: Testimonial and attempt to stump the experts!

First, the testimonial. My credit score was doomed until I stumbled upon this site about 10 months ago. I used the abundant advice on this site and have repaired my credit so much so that I’m well within reach of approval for a mortgage to purchase my first home!! The pay for deletes, references to consumer rights using exact verbiage, and the ever helpful green cards, have been a credit-saver. I CANNOT THANK YOU ENOUGH!

Now, for the question. I had a vehicle on my report for about $12,000 that went into default back in February of 2002. It was repossessed, but wasn’t reported as such. Additionally, GMAC reported the debt twice on my report, with 2 different account numbers, for different amounts, AND they were not reporting the payments I was making on the account. It simply read that the account was seriously delinquent. It goes without saying it wasn’t difficult to get it removed from my credit file since even I didn’t know what account was valid, and GMAC couldn’t verify (sounded like a failure on their part records wise). Also, the statute of limitations shown on my credit report showed the debt would be removed in October of 2008 anyway. So, it is gone.

This past week I received a letter from a collection agency for the full amount of this account attempting to settle for less than the amount owed. Up until now I’d never received a letter from any collection agency regarding this account. I’ve scoured for answers on what to do in this case, but I can’t find anything. I’d like to send the collection agency a letter citing what my rights are and their wrongful collection practices (if they’re wrong at all).

Even more on this issue is the IRS. I received a letter from them back in September stating I would have to pay taxes on the full amount of the debt because GMAC has reported it as income to me. So, I am also paying the IRS. I stopped making payments to GMAC once I received this letter. I sent a letter to dispute this with the IRS along with copies of my payments to GMAC (how can I owe taxes for income on a debt that I’m still paying on?), but the IRS still says I owe taxes on the amount. I don’t want to mess with the IRS!

Can the collection agency really collect on this debt? And am I really up against the wall with the IRS on this?

Oh…if I may add…today, while sending off my final letters and proof to the credit reporting agencies, my local post office informed me of a new way of receiving proof of receipt without the need for the green card. The clerk said to send via Certified mail. On the receipt is the tracking number. Within 3 days of mailing check the tracking number on the USPS website and simply print out the signature. I tried this with one of the past letters I mailed and sure enough! There was the address, date and time of delivery, and the printed name and signature of the recipient. She assured me it was just as good as the green card. Saved me about 20 bucks today! This should be enough…right???

Dana (more…)

December 30, 2008

Bankruptcy Repo

Filed under: Auto Loan,Bankruptcy,Repo

My husband and I filed a bankruptcy that finalized June 4, 08. My car was repossed in August 08.  We were given no warning.  They said that we hadn’t paid in three months.  They worked with us before with late payments.  In May we were up half a payment that month and made the other half payment that month.  With my husband out of a job it was hard to make a full payment.  So the next two months we only made a half payment.  Which put us behind 1 full payment by July. 

We told them that we would be able to make July’s and August’s payment all at once, by the end of August, from the economic stimulus payment we would recieve.  Our payments were $365. So we would owe them $730. Well right before the end of August two men came to repossess our car. 

We called them and they said it hadn’t been paid in three months.  We called Truepay, which removes money from our bank account and places it with the car loan bank account.  They had went out of business!  We had no idea where our payments went.  They sent our account to Speedpay, another middle man.  But they had no idea about the payments either. We told our bank that we would not make payments until it was settled. 

They then told us that our car was repossessed because my husband had told them we weren’t going to make July and August’s payment, when we said we were going to pay in full.  They even said we were late every month because we made our payments on the 5th and 20th and they didn’t accept half payments and even though they said payments were do by the 27th, they told us that the date varied every month!

The guys took our car and it was sold about a month and a half later.  It was sold for half of what we had left on the loan!  Now we can’t get ahold of the bank to make payment arrangements.  Though we can’t afford them since we had to get another vehicle and pay a high interest.  Its not even as good as vehicle as what we had.  We went from 2006 Hundyaii Sonata to a 2003 Chevy Cavalier.

Even though we agreed that payments would stop until the car was sold, the bank still made the new middle man take out the next two payments.  They said we verbally agreed on them taking them out.  We did get those two payments returned and had a stop placed on the bank and on Speedpay.

Can we do anything about the middle man taking out money?  And what about those half payments that were never posted to their bank?  Was the bank with the loan in the wrong? 

I have two children and one on the way.  My husband is getting deployed soon and we need the money. I am afriad that they will garnish his wages.  Or even take our tax return which i need to pay my student loan that has to be paid.  It feels like we were trapped!

Kimberly (more…)

December 26, 2008

Did You Receive Your ‘UCC Compliant’ Repo Notice?

Filed under: Auto Loan,Repo

1984 Movie, Repo ManAppellant’s car was repossessed and sold, and she filed this class action against the lender, alleging that it failed to comply with the notice requirements of the UCC. The trial court granted the lender’s motion for summary judgment, but we reverse because of the insufficiency of the notice. We also find a settlement offer for the full amount plaintiff sought did not make the class action moot.

The notice provided by the lender failed to include a number of requirements found in section 679.614(1)(a) and section 679.613(1), such as whether the sale was public or private, or where or when the sale would be held. The lender argues that if the notice was not in compliance with the UCC, plaintiff had received actual notice of the sale through conversations between her and the director of collections for the lender. The case relied on by the lender to support its argument that the oral notice would remedy any deficiencies in the written notice, Bondurant v. Beard Equipment Co., 345 So. 2d 806 (Fla. 1977), was decided before the legislature enacted the current statutes requiring written notice, and is no longer good law. The court accordingly erred in entering a summary judgment in favor of the lender.

Nor do we agree with the lender’s argument that its unaccepted settlement offer for the full amount of plaintiff’s claim, a practice which is known as “picking off” a class representative, made this case moot. Neither Florida nor the federal courts sanction that practice. Allstate Indem. Co. v. De La Rosa, 800 So. 2d 245 (Fla. 3d DCA 2001); Weiss v. Regal Collections, 385 F.3d 337 (3d Cir. 2004). Reversed.

Jackson v. Southern Auto Finance Company [4D07-3284, Fla 4th DCA, August 20,2008]

October 22, 2008

Commercially Reasonable Sale

Filed under: Repo

Recently I returned a 2002 vehicle to J.D.Byrider,CNAC, I was up to date on payments, yet a constant struggle / insurance etc. Now they send me a letter os auction sale,and will garnish my wages for any difference in payoff. I thought I was doing the honorable thig. Took excelent care of the car, Even left it with a full tank of gas.

Diane (more…)

September 8, 2008

Raise Our Score 50+ Points To Qualify

Filed under: Credit Scores,Repo

My husband and I have been renting for a long time now, and are really wanting to buy our own home.  We have recently spoken with a morgate company that told us we needed to raise our score 50+ points just to qualify for a loan.  He has a bancruptcy from 2002 and a voluntary repo (which by the way we were told would not effect us the same way as a repo, since we turned in the car before they even talked about repo… we just could not afford the payments anymore due to some medical issues that kept on bed rest for a few months with my 2nd child… well everyones got their story, so the point was that we were told it would be ok, they would auction if off, and we would get any extra back… of course the auctioned it for 5000 less than was owed. hard to believe, but oh well)…so back to what i was saying, there are his problems with credit, mine are all medical bills, and 1 credit card that i didn’t pay for like a year when i turned 17, but finally paid off, we can be stupid when we are young. 

So, now because of our past mistakes we can not get a loan, but we can also not get a credit card.  I have heard of the credit cards where you put the money in and then basically use your money to pay back your money, and I think you get charged pretty big fees for this.  I think it’s called a secured credit card?  Well, I do not have a problem doing this if it will help, my concern is if it will really help, and approx. how long it takes using one of these things before you can get an actual credit card, and then from there how long it can take to raise a credit score.  I read that new credit only acounts for 10% of your FICO score, so could it be years and years before we can ever own our own home. 

Is there any other way to raise my score?  we have always paid our rent, and our utility bills, and our insurance, I feel like we should get some credit for those things.  Well, sorry this was so long, I could keep going, but I am afraid you will just get tired of reading.  Any help would be GREAT appreciated. 
Thanks so much, have a blessed day,

Elizabeth (more…)

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