I'm in a sticky situation. I've recently been contacted by a CA of an automobile debt that was voluntarrily surrendered 2004. I wish I knew now what I didn't know back then about voluntarrily surrendering a vehicle. Subsequently the vehicle was also sold by the OC in the same year. I sent a verification of debt letter on 12/8 to the CA and they sent me back information on 12/18 regarding this debt. My question is what is the next step? Is there a SOL on a voluntary repossession? I'm in no position to pay the amount that they are attempting to collect. When they first contacted me they said that I would/could be sued for the debt but that hasn't happened yet. I don't want to be sued but I know I can't pay the amount that they are asking? Any advice is greatly appreciated..
First close your bank accounts. Cash your paychecks and get money orders for your bills. Why? Because these crooked CAs can run to court and get a crooked creditor friendly judge to issue a default judgment which could contain a provision to freeze your bank account in addition to garnishing your wages. Depending on the amount you owe, try to negotiate a settlement, but make sure that it is in writing and not just over the phone.
