If you defaulted on a few thousand dollars in cc debt and you purchase a late model vehicle cash. What's the chances of your creditors finding out and going after your vehicle?
CREDIT CARD DEBT IS USUALLY UNSECCURED...they can't take "STUFF" to pay the bill...but they can sell the debt to a COLLECTION AGENCY which will become YOUR WORSE NIGHTMARE!!!
NOT FROM ME...I have NO experience...all the calls to work get you fired...all the calls at home start at 7 am and don't stop till 9 pm...5 DAYS A WEEK MINIMUM. You send a C&D and they say they NEVER got it. They put the debt on your credt report, ten or twenty times. Others probably have more to add... NOT TO FORGET YOUR DOG...
Oh yeah! God forbid they sic Latwanna's collection agency on you. You'll lose your car and your pets!
I guess I was mistaken on two counts: 1) I thought creditors could get a lien/judgement on your assests (my car). 2) I thought Cease and Desist letters sent registered were very effective towards collection agencies.
In my opinion, it won't happen. My mom has been 11K in credit card debt and had three new/late model cars she owned. No one seemed to care.
Where can I find the law on this. I don't think the FDCPA or FCRA says anything at all about duplicate listings.
Thank you LizardKing. I hope George reads your reply. It sounds like collectors are making his life miserable. I've made it a practice not to talk to collectors at all and I tell them that. Fortunately, on the great majority of my debt, I have the SOL on my side.
George said "NOT FROM ME" meaning he has no personal experience with collectors. He is stating what he knows from the stories on this board.
My problems are... AMEX BLUE STUCK @ 12.99% $15,500 FOR 2 YEARS...NEW PEOPLE ALL GET 9.99%. MBNA NO INCREASE AFTER 6 YEARS...STUCK @ $31,600.00 CAPITAL ONE WANTS TO GIVE ME A "GOLD" CARD @ $72.00/YEAR CR LINE UP TO $4,000. AMEX LOC DENIED CITIBANK...DENIED...OOPS~~~FINALLY GOT THE "BACK DOOR DOUBLE"
Creditors usually can find out what your assets are, but I think it's unlikely that they'd go after your vehicle. If you did get sued (which for "a few thousand dollars" may be unlikely in itself), and if they were awarded a judgement against you, I think they'd be more likely to go after more liquid assets like deposit accounts, or they would try to garnish your wages. Seizing and liquidating a late-model vehicle won't net them much money. Consider the following: they'd lose money paying a repo-co. to repo it, then they'd probably have sell it off wholesale because they don't have the apparatus in place to resell it at its fair market value. So it's wouldn't be worth it for them. Also, if you showed up at court and told the judge that the car is your only mode of transport, it's likely to be excluded as a seizable asset. I'd even go so far to say that if you called the creditor and told them you'd like to *give* them your car to apply towards your defaulted debt, they'd probably say "we don't want your beat up old car, we want money". Of course this is not actual legal advice. But I think you should set your mind at ease. I think your car is safe. -ingenue
A collection agency could be your worst nightmare because they are persistent and underhanded. If you don't know your rights, you can get royally screwed. They will do everything they can to screw up your credit record until you pay them. And then, depending on the agency, they'll keep blackmailing you and screwing with your credit even after you pay them. Plus, the debt can be resold over and over again to different collection agencies so that you get harrassed by multiple collection agencies and have multiple negative entries in your credit report for the same debt. Read up on this board about collection agencies, their tactics, and your shining aegis: the Fair Debt Collection Practices Act. The best way to protect yourself is to know how to deal with the collection agencies *before* the very first time they contact you. -ingenue
