Only One Baddie Left Need Advice

tyhollin · ‎08-01-2014

It's a collection for an auto repossession here are the details

- DOFD From December 2008
- Reported since 01/2012
- $14,500 (never paid)
- 4 Months from my state's SOL
- Scheduled to remain on record until 11/2015
- OC Sent Cancellation Of Debt 1099c in 2011 one year prior to reporting to CRA's

I haven't touched this account yet. Should I try to knock this one out or let it die a natural death. It's still within the SOL so a lawsuit is still a risk but OC did 1099c the debt so I'm not sure they're even legally allowed to pursue or report a balance.

Any insight?

esmer0924 · ‎08-01-2014

I had one very similar. American Honda Finance DOFD 12/2007. I owed $10,500.00. I kept disputing it and I got it off of TU and EX the beginning of the year and EQ today and my score jumped 100 points. I disputed the account, then the amounts they said I owed with the credit bureaus. Good Luck,

Starting Score: 672 TU, 669 EQ, 659 EX FAKO(10/3/11)
Current Score: 786 TU FICO(5/23/14), 758 EQ FICO (8/01/14), 811 EX FICO (5/26/14)
Goal Score: 720+

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tyhollin · ‎08-01-2014

@esmer0924 wrote:
I had one very similar. American Honda Finance DOFD 12/2007. I owed $10,500.00. I kept disputing it and I got it off of TU and EX the beginning of the year and EQ today and my score jumped 100 points. I disputed the account, then the amounts they said I owed with the credit bureaus. Good Luck,

Did you wait until you were out of your state's SOL to dispute the item. That way you didn't worry about waking a sleeping giant who could file a lawsuit?

gdale6 · ‎08-01-2014

@tyhollin wrote:
@esmer0924 wrote:
I had one very similar. American Honda Finance DOFD 12/2007. I owed $10,500.00. I kept disputing it and I got it off of TU and EX the beginning of the year and EQ today and my score jumped 100 points. I disputed the account, then the amounts they said I owed with the credit bureaus. Good Luck,
Did you wait until you were out of your state's SOL to dispute the item. That way you didn't worry about waking a sleeping giant who could file a lawsuit?

I would check your states UCC Laws, in a lot of states the UCC takes over the amount of time the creditor that has a deficiency balance can use the courts to obtain a judgment, it is typically a 4 yr SOL from the date of the repo if your states UCC does have written laws on this. If the debt is still within the SOL of either of these I would lay low until it passed as you say you dont want to wake a sleeping giant.

tyhollin · ‎08-01-2014

@gdale6 wrote:
@tyhollin wrote:
@esmer0924 wrote:
I had one very similar. American Honda Finance DOFD 12/2007. I owed $10,500.00. I kept disputing it and I got it off of TU and EX the beginning of the year and EQ today and my score jumped 100 points. I disputed the account, then the amounts they said I owed with the credit bureaus. Good Luck,
Did you wait until you were out of your state's SOL to dispute the item. That way you didn't worry about waking a sleeping giant who could file a lawsuit?
I would check your states UCC Laws, in a lot of states the UCC takes over the amount of time the creditor that has a deficiency balance can use the courts to obtain a judgment, it is typically a 4 yr SOL from the date of the repo if your states UCC does have written laws on this. If the debt is still within the SOL of either of these I would lay low until it passed as you say you dont want to wake a sleeping giant.

Thank you. This is good information. I am looking up my states UCC laws. There is a lot on the matter and I can't seem to find a permitted time my state allows a judgement to be filed from the date of repossession. Any ideas, links or key words I could try to search for? I'm in Utah.

gdale6 · ‎08-01-2014

@tyhollin wrote:
@gdale6 wrote:
@tyhollin wrote:
@esmer0924 wrote:
I had one very similar. American Honda Finance DOFD 12/2007. I owed $10,500.00. I kept disputing it and I got it off of TU and EX the beginning of the year and EQ today and my score jumped 100 points. I disputed the account, then the amounts they said I owed with the credit bureaus. Good Luck,
Did you wait until you were out of your state's SOL to dispute the item. That way you didn't worry about waking a sleeping giant who could file a lawsuit?
I would check your states UCC Laws, in a lot of states the UCC takes over the amount of time the creditor that has a deficiency balance can use the courts to obtain a judgment, it is typically a 4 yr SOL from the date of the repo if your states UCC does have written laws on this. If the debt is still within the SOL of either of these I would lay low until it passed as you say you dont want to wake a sleeping giant.

Thank you. This is good information. I am looking up my states UCC laws. There is a lot on the matter and I can't seem to find a permitted time my state allows a judgement to be filed from the date of repossession. Any ideas, links or key words I could try to search for? I'm in Utah.

Well I would search on deficiency balance, time limits, limitation. I personally have never looked up a UCC so I dont really know how the info is going to be presented. I received the UCC info from another credit related website.