As some of you know, I've been dealing with a repossession on my reports. It was past SOL and done improperly. We were orginally going to settle for a payment of $400 from me. After reconsidering my position, and voicing my reconsideration to the defendant, we were at a stalemate. Today I spoke with their rep. They offered to delete the tradelines if I'd drop my suit. I agreed. Now I've got just one more charge-off to deal with. WooHoo!!
Mainframe, this was a post at Creditinfo, seeing youve been thru similar, any advice? Ok follow me on this one ---Creditors are only allowed to place trade line on your report if the debt is your Right? Well i was the co-signer on two car loans that my husband and I had and both cars were repo'od one becasue of a bk and th eother was repo'd becasue the engine blow up it had 197,000 a rebuilt engine would have been 2400 and we only had 4 payments left.... Well since iwas the co-signer ford motor credit should have contaced me to make good on the payments right? Well they did not i didnot get one letter from them... So i should be able to write a letter to the cra and state that this info needs to be removed from my account since I'm only a co-signer right. Husband made payments for both cars ---When we got these loans for these cars i was using my maiden name (we were married ) it is just recenly within the last year or so that i started to use my husband's last names... Personally, I think FMC should of contacted the Co-signer and gave that person the chance to make good on contract befor repo.
1. If she's "only a co-signer", then she would be admitting liability for the debt to the CRA (I would think). 2. Married vs maiden isn't going to do much, since the loan docs would have SS#'s on them. 3. Now thats an interesting point. We fell waaaaay behind with GMAC a few months ago, and they started sending letters. Hubby got one, and I got one seperately on the cosigned vehicle.
Well i was the co-signer Well since i was the co-signer ford motor credit should have contaced me to make good on the payments right? georgiaboy ================== This makes it yours I don't think they have to.
Perhaps the should have contacted you, but presumably you were at the same address, so they saved the postage. The ONLY legal requirement in this situation was to give any co-signer the same legal notices on the repo as the borrower. If the repossession is showing on your report as a "joint" debt, the it is being correctly reported.
They faxed over the settlement agreement today. There's only one thing that I'm going to tell them to reword in it. They say that they will "REquest" it be deleted. I'm going to tell them That I need confirmation that it will be deleted and I need to know *how* they will ask for the deletion, including copies of all correspondence from and to the bureuas regarding the tradeline.
You need to do a little resarch into your states repo laws. For California, I believe that they don't have to notify you separately (seperate letter) if you both reside at the same address. I would look into the particulars for addressing the letter. In other words, I would check my state laws to see if they letter has to at least be addressed to both parties. Failing that and depending on the recency of the repo, I would try to negotiate. How much are they coming after you for? How long ago was it? You could probably fish for some violations of your state repo and credit reporting laws. I say state and not Federal because Federal FDCPA laws don't nessecarily apply to OC's. Basically, in my case, they didn't send notice. My state (Cali) requires that they do so in order to create an obligation for the deficiency balance. They said they CRRR'd it to me, but they couldn't produce the documentation.
GREAT! You also are now more powerful for your next challenge - whenever/whatever that will be! arrf - dogman
Mainframe, Aren't California's repo laws GREAT from a consumer's standpoint? I must admit that they saved me $31k from two repos back in the Dark Ages. There are so many requirements and they all MUST (as opposed to "shall") be followed to collect any kind of deficiency that I'm surprised lenders collect anything here at all! -HDAlex
Definately! I think the only reason they're able to collect anything at all is because the people they go after are uninformed. They bet on that, just like with the collection agencies and such. The guy I was dealing with regarding my repo swore up and down that the SOL was from "the last time we inform you that your owe us money, which I just did". Hah! If he would have caught me three or four months ago, I probably would've believed him. Yes, Cali repo and cra laws are definately great for consumers.
