Collection Agency made Hard Hit Inquiry on my Experian report....

[payingoffdebt001]

Yes, that is my fear too, they may take more than agreed or continue deducting after the 24months.  I will call and use another bank account number that I have and see if that works.  Although if they ever took out more than they should, that account would go into overdraft and I'd still have to pay.  So that may not really help either. 

To Happy:  yes they apparently did apply the sell of the car to my balance.  They applied around $800 for that.

This agency is claiming total amount owed to be around $19,000..I didnt get exact number as I sort of fainted and went into shock when she said this.

[happy0510]

They sold a car that has a balance due of 15K for $800???  Was the car totaled or something?  My car back in 04 was sold for around 3K or so and it was worth maybe 6K even though my balance was 8500K as they always are in these cases.

$800 in comparison to the 19K they say you owe seems way way off to me! 

You can get through this.  You are already making a big step by making arrangements and coming here for advice.

You are on the road to recovery.

You have come to the right place to rebuild!! Welcome!!

[payingoffdebt001]

I got ripped off when I got the car but didnt do my homework and got into a bad deal.  BUT the car was valued at about 4,000 when they took it back.  It was a 2002 Lincoln LS with like 130,000 miles.  When I first got the loan it was for around 21,000 with 19% rate.  And I would pay late at times which really hurt me alot, I had no idea they calculate per day after the due date.  I would typically be about 30days late or less..but any day after the actual due date would rack up more in interest owed. 

and thanks, I know I'll get through this..and i'm I'm trying to do right things in life I guess only good can come through this.   

[guiness56]

What state are you in?

Look up repossession laws and find out what exactly is required after a repo.  If they were required to inform you of the impending sale, or supply you with the information from the sale, they could be at fault.

Maybe you could get a prepaid Visa or Mastercard and make your payments like that.  I don't think they can take more than what is on the card. 

[payingoffdebt001]

oh right, my bank offers an "online payment" account..its a debit card account to use when purchasing online items so they dont deduct more than what is on it.  I'll go and talk to my bank rep today to see what she can do for me and then I'll call them back to say my account information has changed or I gave them the incorrect information. 

 

[happy0510]

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@payingoffdebt001 wrote:

I got ripped off when I got the car but didnt do my homework and got into a bad deal.  BUT the car was valued at about 4,000 when they took it back.  It was a 2002 Lincoln LS with like 130,000 miles.  When I first got the loan it was for around 21,000 with 19% rate.  And I would pay late at times which really hurt me alot, I had no idea they calculate per day after the due date.  I would typically be about 30days late or less..but any day after the actual due date would rack up more in interest owed. 

and thanks, I know I'll get through this..and i'm I'm trying to do right things in life I guess only good can come through this.   

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Errrr...they need to do something about these scumbag dealers taking advantage of people!! The same thing happened to me.  I got a 25% interest rate at 20yrs old with a 700 + credit score. 

You are doing a good job taking care of this now.  Do not let this turn into a judgment.  It will make your life a billion times worse!!  Good luck!

[Shogun]

Yeah it's just more obvious when you're getting robbed by someone with a gun than someone with a pen.  The outcome is still the same though.

[payingoffdebt001]

Shogun:  I like that! 

[Shogun]

Sometimes I just wonder how people would like me to have to do my job the same way they do theirs.  I talked to on CSR and he said he'd been there a couple of months and I had no idea what kind of a stressful job he had.  I told him I totally agreed, I've been a paramedic for 24 years and I have no idea what kind of a stressful job he had.   He had nothing to say about that.