topic Re: autovest in Rebuilding Your Credit

autovest

mhjr5500 — Sun, 09 Jun 2013 21:49:28 GMT

I had a truck repoed buy wells fargo. I have two letters saying the debt was sold to autovest. The first letter is from Michael Andrews & associates saying I owe $13,130.32. The second letter is from Jacobson, Sobo & Moselle saying I owe $10,021.86. I don't get it, but I'm thinking of sending DV letters to each of them. Is that the right step to take? Thanks Jr

Re: autovest

Anonymous — Sun, 09 Jun 2013 23:00:21 GMT

Is it still within suing SOL?

Re: autovest

mhjr5500 — Sun, 09 Jun 2013 23:07:45 GMT

I'm in Florida. Don't know?

Re: autovest

mhjr5500 — Sun, 09 Jun 2013 23:36:36 GMT

I bought the truck in May 2005

Re: autovest

Anonymous — Sun, 09 Jun 2013 23:39:41 GMT

What is the DoFD? When was it repoed?

Written contracts is 5 years.

Re: autovest

mhjr5500 — Sun, 09 Jun 2013 23:45:02 GMT

2011

Re: autovest

Anonymous — Mon, 10 Jun 2013 00:50:01 GMT

It would still be under suing SOL. If you can't afford to pay in full I would not send a DV.

Re: autovest

mhjr5500 — Mon, 10 Jun 2013 10:36:37 GMT

Then what should I do? Thanks

Re: autovest

mhjr5500 — Mon, 10 Jun 2013 10:39:45 GMT

I don't understand alot of this. Thats why I thought sending a dv would be the right thing to do. I can't pay in full. So now what?

Re: autovest

mhjr5500 — Mon, 10 Jun 2013 23:09:02 GMT

bump

Re: autovest

Anonymous — Mon, 10 Jun 2013 23:12:22 GMT

If it is still inside suing SOL and you send a DV letter they could validate the debt then easily turn around and sue you. Once outside of SOL that is not an issue.

Re: autovest

p- — Mon, 10 Jun 2013 23:20:41 GMT

@mhjr5500 wrote:
Then what should I do? Thanks

You're not getting any responses because your situation does not have an easy out.

Save your money, and pray you can get it resolved before they take you to court. Let me give it to you straight; you're on the hook for all of that money. They can sue, and will likely win a judgement against you. Once they have that, they can garnish your wages.

If you DV, your file will move to the top of the stack for this. Your best bet is to lay low - move in with family or friends, and save money like you've never saved before. Get a temp job in your off time and save like crazy for 6 months or a year. Then before you end up in court try to negotiate a settlement with them. Don't do a payment arrangement, or agree to anything without reviewing it very carefully, preferably with an attorney.

if you are very lucky, they might not sue you before they run out of SOL, but don't count on that. If you get a summons, try to work out a settlement before court, and show up for court with documentation showing you've tried to get a settlement. If you don't show, you automatically lose.

You've got a hard road ahead - good luck!

Re: autovest

mhjr5500 — Mon, 10 Jun 2013 23:38:47 GMT

Well, Ive got another question. Why wouldn't a payment arragement be better than going to court/

Re: autovest

Anonymous — Tue, 11 Jun 2013 00:02:02 GMT

It would be better than going to court.

Re: autovest

p- — Tue, 11 Jun 2013 17:27:08 GMT

@mhjr5500 wrote:
Well, Ive got another question. Why wouldn't a payment arragement be better than going to court/

What I meant was don't sign a payment arrangement without reviewing it very carefully, maybe with a lawyer. Sometimes the paperwork will include you agreeing to a stipulated judgement or other things that waive your rights. Also don't give them your bank account numbers. Assume they will schrew you over if given the opportunity.

A payment arrangement would be much better than going to court. But keep in mind they will have the option to sue if you don't keep the arrangements.