Several years ago I had a car loan which I always paid on time. This loan was sold to Capital One finance last summer. At the same time I lost my job and was not able to make my payments. I let the car be repossessed. I never made one payment to Capital One. I pulled my credit report last week and it shows that Capital One charged it off. For the past 2 months I've had a collection agency calling and threatening me over this debt unless accept their settlement offer and make payments of $1000 a month. There is just no way I can pay that. I am already working 2 jobs while going to school full time. My question is --- Can this company now report the same debt on my credit report that Capital One has already reported as a charge off? I also fear them getting a judgement and garnishing my wages.
No the debt cannot be listed twice on your credit report. Do not talk to the CA, don't answer questions and don't accept their threats. Simply hang up and do keep a log of the times that they call in case you need to file a harassment claim. Here is a link that should help get you the information you need on how to handle this situation: http://whychat.5u.com/repoltr.html K
Sorry, but you are wrong. They can report it. If Cap1 has sold the account, they must report it as transferred/sold with a zero balance.
Capital One has listed it on my credit report as "charge off." One of the last messages I got from them told me to return their call and "reference case pending State of Arizona #123456 but they would prefer to speak to my legal representative." That didn't sound right. Another phone call the rep questioned me how much my rent was, how many children I had ...etc. I stopped her when she questioned about my children. I have notice they never tell me that the call is being tape and seem to use the phrase, "So you are saying you are refusing to pay us?" I always correct them and say "I never said that."
