bad credit man Posted March 21, 2005 Report Share Posted March 21, 2005 My car was repo 6months ago from triad was lender they are the ones on my cr. But just got a letter from pentagroup ca its say I have 30 day to answer them and pay full amount of debt like I have 10,000 to give them in 30 days.or they will put jugement on me. I don't have that kind of money or I would have paid them. What do I do. Link to comment Share on other sites More sharing options...
willingtocope Posted March 21, 2005 Report Share Posted March 21, 2005 The "30 days or else" is just another intimidation tactic that CAs use. Send them a DV with a limited C&D just like you would any other collector. They're subject to the FDCPA...so did the letter include your "mini-miranda" rights? At this point, they're just fishing to see if they can scare you into doing something you might not have too...and to see if you respond with any money. If you haven't got any...fight back... Link to comment Share on other sites More sharing options...
willingtocope Posted March 21, 2005 Report Share Posted March 21, 2005 And, by the way, it just occured to me that there's a post here somewhere about asking the lender to repay YOU the up front interest they charged on the loan. Car lenders generally load all the interest on the first year or two payments. You'll have to search around for it, because I don't remember exactly where it was... Link to comment Share on other sites More sharing options...
bad credit man Posted March 21, 2005 Author Report Share Posted March 21, 2005 The "30 days or else" is just another intimidation tactic that CAs use. Send them a DV with a limited C&D just like you would any other collector. They're subject to the FDCPA...so did the letter include your "mini-miranda" rights? At this point, they're just fishing to see if they can scare you into doing something you might not have too...and to see if you respond with any money. If you haven't got any...fight back... no the letter did not include mini-miranda rights. I will dv. Thanks for your help Link to comment Share on other sites More sharing options...
Guest Posted March 21, 2005 Report Share Posted March 21, 2005 Most car loans are done on PRE computed interest.. so its kinda like a mortgage but not entirely.Basically all the interest is added at the beginning and you pay down that balance.Say you bought the car for 5995.. Interest is like 2000 so you owe 7995Car is repod after you have paid 2000All payments made must then be subtracted from the 5995 NOT the 7995So basically you owe 3995 before they add repo fees and then subtract what the vehicle got at auctionAlso make sure EVERY SINGLE LAW was followed in your repo. Check your state laws for those.Lots of luck Link to comment Share on other sites More sharing options...
bad credit man Posted March 22, 2005 Author Report Share Posted March 22, 2005 And, by the way, it just occured to me that there's a post here somewhere about asking the lender to repay YOU the up front interest they charged on the loan. Car lenders generally load all the interest on the first year or two payments. You'll have to search around for it, because I don't remember exactly where it was... I could not find that info I did search came up with nothing. Thanks. Link to comment Share on other sites More sharing options...
bad credit man Posted March 22, 2005 Author Report Share Posted March 22, 2005 Most car loans are done on PRE computed interest.. so its kinda like a mortgage but not entirely.Basically all the interest is added at the beginning and you pay down that balance.Say you bought the car for 5995.. Interest is like 2000 so you owe 7995Car is repod after you have paid 2000All payments made must then be subtracted from the 5995 NOT the 7995So basically you owe 3995 before they add repo fees and then subtract what the vehicle got at auctionAlso make sure EVERY SINGLE LAW was followed in your repo. Check your state laws for those.Lots of luckthanks where can I find laws in my state va. Also can someone pm me a dv letter I could send to them. Iam still new to all of this. Link to comment Share on other sites More sharing options...
bad credit man Posted March 23, 2005 Author Report Share Posted March 23, 2005 bump Link to comment Share on other sites More sharing options...
bad credit man Posted May 15, 2005 Author Report Share Posted May 15, 2005 Update I sent dv letter to the ca these jerks the ca are now reporting on cr. The ca have not answered my dv letter but they were fast to put this on my cr. Now the oc and the ca is on my cr and I have not gotton anything on this repo. Help Link to comment Share on other sites More sharing options...
codename_fortyseven Posted May 15, 2005 Report Share Posted May 15, 2005 Since they put it on your CR, hit em with the DV 1-2 punch. DV them, and dispute the TL. If they verify before they respond with validation, it is a violation. That should give you some leverage on them. Make sure you send the letters CMRRR to both the CRA's and CA's. Get a phone recorder for good measure too. Link to comment Share on other sites More sharing options...
Guest Posted May 15, 2005 Report Share Posted May 15, 2005 Are you saying they reported it to your reports AFTER YOU SENT THE DV?@!?!?If so this is a HUGE violation of FDCPA...Are they listing the account correctly?Does it match EXACTLY what the OC is reporting.. and is the OC reporting a 0 balance since they have sent it on to a CA?Did the CA buy or did the CA just start ccollectingYou really need to get on the ball on this one. Link to comment Share on other sites More sharing options...
DocDon Posted May 15, 2005 Report Share Posted May 15, 2005 Also, you need to check Article 9 of the UCC (Uniform Commercial Code)http://www.law.cornell.edu/ucc/9/There are specific laws regarding repossessions - from how they repo they recover the vehicle to what notices they must send you and when.Refunding interest would be in your state UCC. You can search the VA Code here:http://leg1.state.va.us/000/src.htmDon't forget to file a formal complaint against this CA too. Link to comment Share on other sites More sharing options...
bad credit man Posted May 15, 2005 Author Report Share Posted May 15, 2005 Are you saying they reported it to your reports AFTER YOU SENT THE DV?@!?!?If so this is a HUGE violation of FDCPA...Are they listing the account correctly?Does it match EXACTLY what the OC is reporting.. and is the OC reporting a 0 balance since they have sent it on to a CA?Did the CA buy or did the CA just start ccollectingYou really need to get on the ball on this one.yes as soon as I sent them the dv letter they are reporting it.yes it matches what oc is reporting yes the oc is reporting too the balance is not 0. Idont know if the ca brought the acct. Link to comment Share on other sites More sharing options...
bad credit man Posted May 16, 2005 Author Report Share Posted May 16, 2005 Also, you need to check Article 9 of the UCC (Uniform Commercial Code)http://www.law.cornell.edu/ucc/9/There are specific laws regarding repossessions - from how they repo they recover the vehicle to what notices they must send you and when.Refunding interest would be in your state UCC. You can search the VA Code here:http://leg1.state.va.us/000/src.htmDon't forget to file a formal complaint against this CA too.how do I file a formal complaint. Link to comment Share on other sites More sharing options...
bad credit man Posted May 16, 2005 Author Report Share Posted May 16, 2005 Could this post be move to the credit repair forum. Thanks. Link to comment Share on other sites More sharing options...
bad credit man Posted May 16, 2005 Author Report Share Posted May 16, 2005 I was looking at credit report and these jerks the ca put a date report it before I sent them the dv letter. But when I sent the dv letter it was not on my credit report. Need help the ca is being sneaky. Link to comment Share on other sites More sharing options...
DocDon Posted May 16, 2005 Report Share Posted May 16, 2005 FTC: https://rn.ftc.gov/pls/dod/wsolcq$.startup?Z_ORG_CODE=PU01Here's the link for VA:http://www.oag.state.va.us/Protecting/Consumer%20Fraud/complaint.htm Link to comment Share on other sites More sharing options...
bad credit man Posted May 17, 2005 Author Report Share Posted May 17, 2005 Are you saying they reported it to your reports AFTER YOU SENT THE DV?@!?!?If so this is a HUGE violation of FDCPA...Are they listing the account correctly?Does it match EXACTLY what the OC is reporting.. and is the OC reporting a 0 balance since they have sent it on to a CA?Did the CA buy or did the CA just start ccollectingYou really need to get on the ball on this one.yes as soon as I sent them the dv letter they are reporting it.yes it matches what oc is reporting yes the oc is reporting too the balance is not 0. Idont know if the ca brought the acct. if this is a violation of fdcpa what can I do. Can I sue them? Do I need to send them a letter. How can I get this of my credit report? Link to comment Share on other sites More sharing options...
bad credit man Posted May 21, 2005 Author Report Share Posted May 21, 2005 Update just check cr and the ca is gone. Yay Link to comment Share on other sites More sharing options...
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