Psycho

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Psycho last won the day on July 22 2011

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  1. Yes, Ford was a repossession on a car I had co-signed for.
  2. Apparently the bankruptcy line does work if you haven't been using it all along. In 2 1/2 years of trying to work out a settlement with these people I never once mentioned bankruptcy. Last week I changed the power dynamic a bit by refusing to answer or return calls. Yesterday morning I finally answered them, they asked why I hadn't returned calls. I simply told them I was tired, worn out, simply couldn't do what I was doing anymore, was partially disabled do to an automobile accident, and was working with a bankruptcy attorney because I felt like I had reached an impasse with my creditors. He wanted to deal, I told him all deals were off the table, I was tired, and I was filing. He copped an attitude, said ok, we'll be filing a lawsuit thursday, and hung up. About lunch he called again, asked If i'd reconsidered. I asked him what the hell was I going to reconsider in three hours? He asked if he could offer me forty percent would I reconsider. I told him I don't have forty percent, I told you what I have, you said you weren't authorized to settle for that, now please leave me alone, I'm tired, I'm over it, and can't deal with it anymore. And hung up. One more phone call at three, long story short, I told them to take thirty percent or pound sand, it had been going on for 2 1/2 years and I was tired of it. He said no way, they'll never take it, but when I got home last night, I had THIS agreement in my fax machine tray. They were suing for 33,000. Almost exactly 30 percent. They want a direct electronic withdrawal from my bank account. I have an account I use SPECIFICALLY for such things and nothing else, so I'm ok with it. Now don't run out and call your creditors and cop an attitude. It took two and a half years to get to this point and I never copped an attitude. I just simply sounded tired. Really tired, like I was giving up. Not mad, just mildy annoyed, totally unconcerned about the situation, and really really tired. This is my last bad business account resulting from the 08-09 housing meltdown. I am in the residential construction business and had multiple contractors bankrupt on me, leaving me holding the bag on hundreds of thousands of dollars. I had bankruptcy trustees coming back and even getting what money I DID have. Talk about a nightmare, I thought I would never see the light of day again. Other than my house payment, I'm free, and still have all my stuff, my business, and business equipment. If you're looking up at the bottom of the barrel don't give up, just keep working at it. Best of luck to everyone here and thanks all for the advice. Searching the postings on this site has given me a lot of guidance and knowledge to work with.
  3. Finally settled with ford motor credit yesterday, that leaves me with one account left to settle and this nightmare can finally be nearly over. The OC is cat financial and the collection agency is Caine and Weiner. I've let it get all the way down to the lawyers sending letters and they still won't go below fifty percent and I don't have fifty percent to give them, and they're about ready to file suit. I can come up with 30 percent, but can't get them down to it. If anyone has any suggestions I'd appreciate it. I haven't threatened bankruptcy yet. Not much of a bluffer, I just tell them I've got this much money, take it or leave it. Settled the rest of my accounts between 20 and 35 percent with OC's, this is the oldest and stubbornest of the bunch. What's interesting is they're the most at fault of any of my creditors, but are the stubbornest and most difficult to work with. They screwed this account to begin with but god are they hardheaded. Like I said, any suggestions appreciated.
  4. I have negotiated a deal to settle a deficiency with Ford Credit at 50%. The only problem I have with that is this, they're telling me it is still going to list as a charge off with a zero balance. Now, if I've made an effort to deal with the original creditor, and made arrangements to come to a settlement with this, than how is that a charge off? Makes no sense to me. They will not budge on the matter whatsoever. Won't budge off the 50 percent, won't budge off the charge off, and somehow I feel like I'm getting the short end of the stick on this one. Anyone here know any tricks, negotiating tactics, ect, to make that appear as anything besides a charge off on my credit?
  5. The contract mod was for a three month skip, which I signed, sent back, and forgot about. I didn't get an invoice for three months. Then got a phone call from a different rep than I'd been previously dealing with asking for full amount or the machine. I'm thinking I'd probably have better luck with the missing pieces of equipment. How can they have a proper deficiency amount if they haven't disposed of all the items listed in the contract, and cannot, in fact, even account for their whereabouts? Seems to me a judge would have to toss it on that point alone, but I'm not an attorney either.
  6. Psycho

    Ford Credit

    Is anyone here familiar enough with tennessee state law regarding repo's and deficiencies, to tell me what omissions/actions on Ford's part would automatically prevent them from obtaining a judgement? The vehicle was one I cosigned for like the idiot I am. Lesson learned. She didn't pay her insurance, got good and drunk and wrecked the car. Ford picked it up from her apartment and sold it for salvage. Ford didn't give me the ten day opportunity to recover the vehicle. I have zero communication from the other party so have no idea if they knocked on the door, offered her her plates, ect. Thoughts?
  7. Anyone got an opinion on what their chances of getting a judgement against me are IF they sued, and IF I showed up to court and argued my case? Mistakes made.... 6 months to liquidate equipment after repossession, is there a set time for this or does the law just say "reasonable" or something equally as vague? Two pieces unaccounted for. These are serial numbered pieces that are listed in the contract and were repossessed with the equipment. The screwed up contract modification which they say never existed and I have a copy of on their letterhead time and date stamped by their fax machine. Do I have a chance in court of a judge tossing this out? Or should I settle now?
  8. Psycho

    Ford Credit

    Anyone here know what Ford will settle a deficiency for percentage wise? Still with ford, no collections involved yet. Better to settle with Ford? Or wait til it goes to an outside collector?
  9. Managed to find a sensible person to talk to, pointed out the multiple errors in the account and offered 10 percent, if they'll counter 20-25 I'll just pay it out and be done with it.
  10. After doing some research today, it appears that caine and weiner have been assigned the debt and do not own it, they are collecting for the OC
  11. Not sure if the debt is owned or assigned. OC is cat finance, collector is Caine and Weiner. State is tennessee. Probably badger some letters back and forth disputing specific items then offer 10 percent or so and go from there and see what they'll settle for. I'm fairly certain I could beat them given enough time, just don't have time to mess with them. Time is money to me. A lot of money. Thoughts?
  12. Coltfan, I appreciate the detailed reply, only one problem, I do owe a portion of the debt, and I'd be willing to pay that portion of the debt, but due to mismanagement of books, people handling the account being fired, paperwork being improperly filed, ect, I don't have any way of sorting out what the heck I owe them without access to their records, which is why I requested the validation. They have me owing thirty grand, according to what I have here it should be closer to 15. What's missing is this, they have 1500 dollars tacked on for repossession fees, but I turned the equipment at their specified location after being informed that such action would save me "repossession" fees. There are two pieces of serial numbered equipment, attachments, that were also turned in. They are listed in the original contract, by serial number, and cost me a total of about 7 grand. The large ticket item they "repossessed" is listed as having been sold at auction on april 30th 2010, but the attachments are unaccounted for. I want to know where they are, why they haven't been disposed of, and why the value hasn't been deducted from the amount of the deficiency. They have listed about 5500 dollars for "repairs" to a near perfect machine. There was nothing wrong with it, and I had even pressure washed and degreased it before I turned it in. Finally, the whole "repossession" occurred because a loan modification was mis-handled by a now ex-employee, I have a copy of the loan modification as faxed to me in aug 2009. I signed the modification, sent it back with the 275 dollar modification fee, and forgot about it. Three months later I get a call from a new "representative", demanding the machine or payoff. They claimed to have "no record" of the loan modification, but I have the documents they faxed me right here. So see, I actually did need some documentation from them. So where now, wait until they put it in front of a judge and bring all this up to him and let the chips fall where they may? Or chase them down on some more information and try and settle with the CA for a percentage?
  13. Responded to a collection agency with a simple debt validation request, and noted that the debt, or a portion thereof is in dispute. I got back some stupid little one page tally sheet that is hardly validation, and hardly what I needed. The goofy piece of paper they sent me certainly would never be sufficient to prove a debt in court. It's just basically a statement sheet from the oc, showing a grossly incorrect and inflated balance. So what should the content of my next letter be. Inform them that their "proof" is grossly insufficient? A cease and desist letter? Hell if I know, help me out here I'm in new territory...
  14. I've searched the forums and I'm not finding what I need to know. Was wondering if anyone has any experience on what kind of percentages Ford will generally settle for on a cash settlement on deficiency after repo.
  15. They send over to collections/JDB unless some sort of arrangements are made 180 days into default. If they make a deal they'll allow you to make it in three payments over a period of ninety days after default. Last I knew they were doing roughly 20 percent rock bottom. Last year they were going as low as ten, but to the best of my knowledge those days are over. Offer them 20 percent. Tell them that's all you have, period, and if they can't take it than you have other outstanding debts that need to be settled and you kindly need to get moving on deals that can be made. I'm betting they'll take it. Remember that they're probably going to get in the neighborhood of ten cents on the dollar from a JDB, so if they can do better than that it's a good thing for them. Good luck.