lonruhter12 Posted June 9, 2005 Report Share Posted June 9, 2005 I'm new to the site and just needing a little direction.To make a long story short....Bought a high interest vehicle from an undesirable company in March of 1999. They told me I could refinance soon if I kept up payments as scheduled. After 13 payments of $450 a month, and a down payment of $2,000, I thought I could refinance on the 1997 Honda Accord. I also needed to, because I went overseas for work in Sweden for two years. They backed out on the refinance and I couldn't make payments while overseas at this rate. I talked to a man with their company, who told me the only option is to have my car repo'd, and if there was a excess bill, they would contact me. After looking at my records, he thought the cost would be 1-2 thousand, if any. I gave him my e-mail adress. I did this in early May of 2000, which is reflected on my CR. I didn't hear from the company for the next four years. I checked my CR with an online company, and this didn't initially show up, so I thought it was a dead issue. It came up when I went to get a home loan in July of 2004. I got the company's (1st Investers) phone number to work this out, which turned out to be a bad idea. They wanted to charge me almost $9,000 and refused to work out any reasonable plan. I told them that I would get an attorney involved if needed. They dropped the issue. Now just recently I received two unpleasant phone calls from a CA out of Illinois, CCB Credit Services, who now state I owe them over 14,000. Two days later I got the initial letter. I was shocked and apalled. I looked up their site on the net, and they look like a reputable business, however I cannot find if their licensed or bonded on the Illinois State web site. I also know my SOL is five years for this in Nebraska, which I think ran out May 2005. How should I pursue this and get this monkey off my back.. Thanks for all the help!! Link to comment Share on other sites More sharing options...
GreatGadsby Posted June 9, 2005 Report Share Posted June 9, 2005 they have to be able to prove how they arrived at the amount they are claiming you owe. how much was the original loan amount? by my calc's you paid 7850. they have to let you know how much the car was sold at auction for (if they sold it again, maybe to the next private person too?) and deduct that amount from the original amount due, minus the rest of the interest also. and they're supposed to send you a notice within 5 days of the car being sold to tell you all that. DV them. Link to comment Share on other sites More sharing options...
lonruhter12 Posted June 10, 2005 Author Report Share Posted June 10, 2005 What about the SOL, and if I DV them will that engage them into pursuing me more or just check to see if they are able to pursue? Thanks for the help! Link to comment Share on other sites More sharing options...
GreatGadsby Posted June 10, 2005 Report Share Posted June 10, 2005 sounds like the SOL has run, but you leaving the country for 2 years may have tolled (paused) the SOL. there's a section in the UCC about repos having a special SOL and conditions but I don't remember exactly what it said...try here: http://www.law.cornell.edu/ucc/if they're already calling you then they're already pursuing you, I would go ahead and DV them. make them prove that it's your debt and that they have a legal right to collect, and that the amount is correct. Link to comment Share on other sites More sharing options...
breathing_easier Posted June 10, 2005 Report Share Posted June 10, 2005 If they repo'd the vehicle in May 2005 or before, then the SOL has run. A simple C&D letter is in order. They may still sue, but you have an excellent affirmative defense in the SOL. Link to comment Share on other sites More sharing options...
GreatGadsby Posted June 10, 2005 Report Share Posted June 10, 2005 If they repo'd the vehicle in May 2005 or before, then the SOL has run. A simple C&D letter is in order. They may still sue, but you have an excellent affirmative defense in the SOL.i think he meant May 2001 Link to comment Share on other sites More sharing options...
breathing_easier Posted June 10, 2005 Report Share Posted June 10, 2005 I did this in early May of 2000, which is reflected on my CR.Bought a high interest vehicle from an undesirable company in March of 1999. They told me I could refinance soon if I kept up payments as scheduled. After 13 payments of $450 a month, and a down payment of $2,000, I thought I could refinance on the 1997 Honda Accord.lonruhter12: Was your last payment of $450 actually in May 2001? Link to comment Share on other sites More sharing options...
lonruhter12 Posted June 10, 2005 Author Report Share Posted June 10, 2005 Sorry, I meant it repo'd in May of 2000. But I need to check on that issue of being out of country for the two years. Could I send them a C&D letter and add the part of the SOL also....? Thanks. Would that scare them off? I also read in the discussions a part about companies needing to be bonded and licensed in both NE (where I live) and IL (CA address). I can't find their license on the IL State website, and we also have a law in NE, if I read it right, that the CA needs to have an office in the state they are collecting. Which I got off the lawdog.com. What do you think? I haven't found any signs of offices in NE to this point. Link to comment Share on other sites More sharing options...
lonruhter12 Posted June 10, 2005 Author Report Share Posted June 10, 2005 And by the way, last payment was March of 2000. Link to comment Share on other sites More sharing options...
breathing_easier Posted June 10, 2005 Report Share Posted June 10, 2005 When was your last payment? Link to comment Share on other sites More sharing options...
lonruhter12 Posted June 10, 2005 Author Report Share Posted June 10, 2005 Last payment was March 2000, sorry. Link to comment Share on other sites More sharing options...
breathing_easier Posted June 10, 2005 Report Share Posted June 10, 2005 I have never heard that a repo, as far as the SOL goes, is treated differently than any other debt. No time to research the UCC, so hopefully someone else who knows for certain will jump in.If it's determined that the SOL has run then there is no need to worry about whether the CA is bonded, licensed, etc. Just send the C&D. Link to comment Share on other sites More sharing options...
GreatGadsby Posted June 10, 2005 Report Share Posted June 10, 2005 Ladynred is the UCC expert. she'll probably pop in here eventually. Link to comment Share on other sites More sharing options...
breathing_easier Posted June 10, 2005 Report Share Posted June 10, 2005 Yes, I hope she does as I'm curious as to how being out of the country for two years could have any bearing on SOL. Don't remember ever seeing anything in the UCC on that...but you never know...could be there and I've just never seen it. Was the repo before, during or after your stint in Sweden?You could always PM LadynRed and post a link to this thread in your message. Would like her to post here, though, so in case there is something quirky about the SOL for repos and when a person is out the country we all can learn. Link to comment Share on other sites More sharing options...
GreatGadsby Posted June 10, 2005 Report Share Posted June 10, 2005 i don't know about it being in the UCC, I've just read so many different things on this site abuot leaving the state potentially tolling the SOL, I figured surely leaving the country would do it. Link to comment Share on other sites More sharing options...
lonruhter12 Posted June 10, 2005 Author Report Share Posted June 10, 2005 Just curious, Why would I send a C&D letter instead of a DV letter? What are the strengths of each? Just trying to learn as much as possible. Also, if they sue, what would my next step be. Thanks Again for the great advice! Link to comment Share on other sites More sharing options...
breathing_easier Posted June 10, 2005 Report Share Posted June 10, 2005 A C&D letter tells the CA that since the SOL has run they are never, ever to contact you again about the debt. Finished, kaput. A DV letter is for when the SOL has not run and you are asking the CA to prove, pursuant to the FDCPA, that the debt is valid, how they arrived at the amount they claim is owed, and that they have the legal standing to collect on the debt. No need for a DV letter if the SOL has run.[Edit]Keep in mind that in most states a CA can still sue you once the SOL has run, but you have a great affirmative defense to the suit. Link to comment Share on other sites More sharing options...
breathing_easier Posted June 10, 2005 Report Share Posted June 10, 2005 i don't know about it being in the UCC, I've just read so many different things on this site abuot leaving the state potentially tolling the SOL, I figured surely leaving the country would do it.But I think that might pertain to a vehicle titled in one state and taken to another state...maybe... Link to comment Share on other sites More sharing options...
lonruhter12 Posted June 10, 2005 Author Report Share Posted June 10, 2005 I will send the C&D this weekend and let you know how it goes. Thanks! Link to comment Share on other sites More sharing options...
breathing_easier Posted June 10, 2005 Report Share Posted June 10, 2005 Let's wait to hear LadynRed's (or any other UCC expert on the site) response first. Why don't you PM her as mentioned above?Make sure to read everything under the SOL link at the top of this page. I don't see anything in it about a move out of the state or country having an effect on the SOL. I only see this:What state should I use in figuring out the Statute of Limitations?According to Ron Opher, of www.ron4law.com: In my opinion, the FDCPA applies, and so the only relevant jurisdictions are where the consumer signed the loan application and where the consumer currently lives (bank location is irrelevant). If those states are different, I believe the creditor has the choice of where to sue and can select the state with the longer SOL. There may also be an argument that the contract was signed "under seal" which might lead to a longer Statute of Limitations than an ordinary contract. Link to comment Share on other sites More sharing options...
divemedic Posted June 10, 2005 Report Share Posted June 10, 2005 Yes, in many states, Florida included, leaving the state can and frequently does toll the SOL. Link to comment Share on other sites More sharing options...
breathing_easier Posted June 10, 2005 Report Share Posted June 10, 2005 I don't understand that at all. Doesn't seem logical to me (I know, who ever said the law was logical?) that simply moving from one state to the other would alter the original agreement, date of last activity, etc. Hope someone will jump in and cite some law for my confused brain. Link to comment Share on other sites More sharing options...
GreatGadsby Posted June 10, 2005 Report Share Posted June 10, 2005 it doesn't alter the original agreement or change the DOLA. but the same way that moving to a different state lets you kinda pick and choose your SOL, it's the same kind of thing. i'll try to find you some statutes. Link to comment Share on other sites More sharing options...
divemedic Posted June 10, 2005 Report Share Posted June 10, 2005 It makes sense. That rule is to prevent people from moving around to prevent a company from finding them until the SOL runs. Link to comment Share on other sites More sharing options...
wdspeedbump Posted June 10, 2005 Report Share Posted June 10, 2005 my interpretation is that tolling occurs when you leave the state, then return, the time out of state is tolled. a permanent move would incur the option for the creditor as mentioned above.sol's and tolling is on a state by state basis. you can find them in your state's code of civil procedures. the sol on various types of debt and when they can be tolled will be enumerated there. Link to comment Share on other sites More sharing options...
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