This is a goodie...

[elyse449]

Hi everyone,

Here's something I wanted to share with you (feedback will be quite welcome and TIA for any responses).

Last year, on July 3rd 2003 my dh had his vehicle repo'd. My dh's employer was peeved that dh was pro-union so they began slashing his hours...we almost got evicted, lots of bad stuff happened because of what they did to him. Anyway, the finance company (Triad Financial) made a few attempts to contact us. Months went by and nothing was agreed to.

Eventually, during one conversation (this was before I could tell dh to NOT speak to them via phone) they offered to take payments based on "hardship" (dh was laid off here and there). At any rate, when my dh asked for them to send the offer via mail he said, "Well I can fax it..." but dh insisted he send it snail mail (we don't have a fax anyway). At any rate-about 2 weeks later we got a letter from "First Financial Asset Management" saying they'd been assigned to collect. I sent out a DV dated May. 11th but within days I got a letter from a NEW company "Pentagroup" stating THEY now have the debt. At any rate, I ended up having baby and didn't get my DV in to them--

On July 15th 2004 we got a letter stating that they're willing to settle for half the amount provided we can pay it by Jan. 10, 2005. Then yesterday we get a letter resending that offer and changing the due date to August 20th 2004 (right...like we can come up with that much damned money in 20 days!!).

Not sure what to do--DV??? Any thoughts folks???? Gosh--I'm not sure I can do this one honestly, may have to get an attorney. Don't want to go through wage garnishments w/ us having 6 kids to support. The only good thing as far as I can tell is that the debt has been transferred two times since it was w/ the OC.

Thoughts? TIA again. Sigh....lessons to learn...

[Methuss]

I recommend that you send out the DV letter immediately. Repos come with some special circumstances because they can only legally collect the difference between what you owed and what they sold the vehicle after they reposessed it.

e.g

you owed 10,000 before they reposessed it

They sold the car for 6,000

That means you only owe them 4,000...not 10,000!

99% of the time they try to get you to pay all of it and pocket the extra cash. Your DV should include a demand for the sale price of the vehicle after repo, so you can calculate what you really owe vs. what they claim you owe.

If you find that they are trying to collect more than the difference, that is a violation of the FDCPA for misrepresenting the amount of the debt.

[elyse449]

Thanks Methuss. I'll get my DV out right away--

I think they're putting the correct amount...they say we owed 11,000 on the car (I should investigate that, we made a down payment PLUS made almost a years worth of payments so I need to check on this) but they only sold the car for just over 2,000 (eek). Hopefully I can find out more though. My dh thinks they damaged it and weren't able to get the full amount and he said something about requesting the "condition of sale."

Elyse

[bad credit man]

How did everything work out with pentagroup. I ask this I had my truck repo 6 months ago by triad financal and now I just I got aletter from pentagroup.

[elyse449]

Hi there,

Actually Pentagroup ended up transferring the account to, I believe--First Financial??? Gosh, I'd have to look up my file...ok, yah, that's pretty much what happened and then it got transferred to "Suretech Recovery, LLC."

Not getting anywhere on this debt--and I mean myself when I say that, not them. I just had to send a partial C&D to Suretech because they were calling here a lot...I was worried it was going to get out of hand.

E~