I pulled BF's EQ and EX reports this morning to work on them while he is serving in Iraq and they are a MESS. Most of it I think I can deal with by disputing and sending DVs but there is one major problem he has and I have no clue where to start.
In 2002 he bought an Xterra and financed it through a local CU. Some time around late Dec. 2003 and early 2004 he dropped the car off and had his mother (ugh, men...) call the CU and tell them to pick it up. Basically a voluntary reposession, from what I understand. I believe the front end of the car was damaged, but it was not totaled. The account is listed as a Charg-Off on his credit reports with an outstanding balance of $9,927 as of last month. There are NUMEROUS 30, 60, 90, 120, 150, and 180 day late payments associated with this account. He has also told me that there are letters from a law firm at his parents house that have not been opened yet (I will be picking these up at some point this weekend).
I have already told him he really should talk to an attorney about this, but since he is in Iraq and his dad is POA then I think this is something his dad is going to have to discuss with a lawyer but I would like any input from you guys before I talk to his dad about this.
I looked up the SOL for SC and it is 3 years on promissory notes (which is what this account is, correct??) so they can not sue him right? Also, if they CAN sue him, can they do that while he is serving overseas?
Shouldn't this account be listed as a voluntary reposession and not as a charge-off? If so, there should not be all the associated late payments with this account right?
Please help, I do not know where to begin with this. Once I pick up the papers from the attorney then I will provide more info. Thanks in advance!
Edited to add: I cannot pull TU due to verifying information, they wanted him to call in which obviously he can not do overseas.
Message Edited by MeganML84 on
12-29-2007 04:00 PM
