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Repo not in collection not sure how to approach it

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Anonymous
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Repo not in collection not sure how to approach it

I'm almost finish pulling myself out of the hole of my credit issues. I have a repo that was from last Nov and every month the balance increases faithful. Since it's not a collection do I send a verification letter if they verify the debt do I make payment arrangement for a $8k debt?

 

 

 

 

 

 

 

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Repo not in collection not sure how to approach it


@Anonymous wrote:
I'm almost finish pulling myself out of the hole of my credit issues. I have a repo that was from last Nov and every month the balance increases faithful. Since it's not a collection do I send a verification letter if they verify the debt do I make payment arrangement for a $8k debt?

 

 

 

 

 

 

 


I am assuming it is an auto repo?

 

If it is, and they are the OC, I dont think there is anything to verify.  A DV is usally done with a CA where they have to prove they own the right to collect on the debt.

 

l dont know if there are specifc laws that specify anything about an auto repo being different from other accounts, but I was under the impression that it had to be a CO after six months of being delinquent.   

 

Not sure that matters here, because you're trying to get it settled.  I would say contact them in writing and try to go for a PFD, hopefully at a lower than full amount.

 

Does the status of the account show Repo or open?

 

HTH

 

 

Message 2 of 5
RobertEG
Legendary Contributor

Re: Repo not in collection not sure how to approach it

While a traditional DV under the FDCPA is not applicable in that the DV process only applies to debt collectors, you have a repo, and thus have special requirments under your state laws and regs governing their accounting.

 

Did you ever receive, after their disposal of the vehicle, and itemization of their net remaining loss?

Handling of repo debt is regulated by each state, and I would check out the relevant provisions of your state requirments, and use those provisions should you need any clarification of the remaining indebetness.

 

However, the credtior can refer to collection at any time or choose to sell the remaining debt at any time  if a net debt remains, so it might be prudent if you feel the amount is valid to pay before a collection is reported.

Message 3 of 5
Anonymous
Not applicable

Re: Repo not in collection not sure how to approach it

Yes it  shows as a repossession 

Message 4 of 5
Anonymous
Not applicable

Re: Repo not in collection not sure how to approach it

UPDATE!!

 

 

I called Gateway today and they gave me some firm info that for some reason I had been scared to ask for.

 

Orginal Loan $8561.97 @ 25% ira

 

Sold for $1700 only $700 went towards balance

 

Current balance $9300 and still accuring interest

 

they offered me a settlement of $6500

 

or to make a large good faith deposit and they drop my interest to 9% 

 

I can't really afford either not sure what to do

 

Message 5 of 5
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