rhiannasilel Posted March 11, 2007 Report Share Posted March 11, 2007 Hello everyone. I'm new to this list and I must say that it's all just a bit overwhelming. I've started by getting a copy of my credit report, but I'm not entirely sure where to go from here. Several of the collection agencies listed on their only have partial account numbers and I had a very bad habit of ditching collection letters when I was in a state of depression hoping that they would just go away (stupid, I know). This week, I received a letter from a company that appears to have bought a debt for the remaining balance on a repossession from the state of Nevada. I have read that I should go ahead and file a DV letter, but I'm wondering what happens after that and what, exactly, they can do to me. I'm terrified that they'll end up suing me for 25% of my income which will ultimately land my son and I on the streets if that were to happen. What I am also wondering is if they did get a judgment where would the judgment be gotten Nevada where the loan originated, Maryland where I live, or Virginia where I work. I really don't think that I have enough debt to consider bankruptcy and I've read that debt consolidation is a bit of a scam, so what next?I really want to try and get this straight as I would love nothing more than to become a homeowner in the next year or so, but I'm wondering how I can make this happen.Any tips would really be appreciated._______________EX. 575EQ. 588TU. 641 Link to comment Share on other sites More sharing options...
elyse449 Posted March 11, 2007 Report Share Posted March 11, 2007 Hello everyone. I'm new to this list and I must say that it's all just a bit overwhelming. I've started by getting a copy of my credit report, but I'm not entirely sure where to go from here. Several of the collection agencies listed on their only have partial account numbers and I had a very bad habit of ditching collection letters when I was in a state of depression hoping that they would just go away (stupid, I know). This week, I received a letter from a company that appears to have bought a debt for the remaining balance on a repossession from the state of Nevada. I have read that I should go ahead and file a DV letter, but I'm wondering what happens after that and what, exactly, they can do to me. I'm terrified that they'll end up suing me for 25% of my income which will ultimately land my son and I on the streets if that were to happen. What I am also wondering is if they did get a judgment where would the judgment be gotten Nevada where the loan originated, Maryland where I live, or Virginia where I work. I really don't think that I have enough debt to consider bankruptcy and I've read that debt consolidation is a bit of a scam, so what next?I really want to try and get this straight as I would love nothing more than to become a homeowner in the next year or so, but I'm wondering how I can make this happen.Hi there,Yes-it can be completely overhwhelming. My personal suggestion is to take it one step at a time. Ok, so you've ordered your credit report. Now, wait a few days. Give yourself some time to absorb...than, pick a day to start combing through it. Highlight the ones that are questionable--meaning the amounts are "wierd" or the dates are "off" or if it's one you plum don't recognize note it. Take a few more days. Then, begin preparing letters. If you need to dispute some of the TL's you'll want to research this site to locate the appropriate letters...edit it to fit YOUR situation, send the letter CMRRR. As far as the acct numbers, those typically aren't complete and I'm not sure if it's for privacy, security or what--but I know most CR's are like that. As far as the repo from Nevada...is this a vehicle? How old is this debt? Nevada's Statute Of Limitations are 4 yrs (oral agreement), 5 yrs (written agreement), 5 yrs (promissory-like written except scheduled pmts/interest are noted in contract), 4 yrs (open ended accts, like credit cards). IF the SOL has expired, they can still attempt to come after you--but this would be your "absolute defense." Well, after you send them a DV they have to prove the debt is valid and that they have legal right to collect it from you. So--send the DV, then wait it out for 30 days and if you receive nothing from them, dispute the reporting w/ the credit bureau's that are listing the TL. Than I'd go back and send a 2nd letter requesting validation. What can they do to you? Well--that depends. They can refer it to the judicial process (they'd need to speak to the OC if they don't own the debt and get their permission I believe) and seek to get a judgment against you. You should receive proper notification of course, but keep your eyes on this debt just in case they don't serve you right. You can go dispute this. Them coming after you, doesn't automatically mean THEY win, a lot goes into this and the age of this debt WILL come into play. So, don't be terrified--be informed. There are a wealth of books on these topics and I'd strongly urge you to seek them out--there is one for sell here called, "Good credit is sexy."As far as IF they got a judgment--they'd probably need to sue you in the state you reside in. IF they got a judgment, than they'd need to request garnishment which I think is a separate process, but I'm not positive--someone else here may know. Even so, your income and your ability to continue to get by WILL also come into play.Don't be afraid--just read, read and read some more. A little each day if you have to, but read lots. You can get to a point where you can buy a home, but one step at a time and believe me, with work and perseverance you WILL get there. Welcome!! ((HUGS))Elyse Link to comment Share on other sites More sharing options...
rhiannasilel Posted March 12, 2007 Author Report Share Posted March 12, 2007 Hi there,As far as the acct numbers, those typically aren't complete and I'm not sure if it's for privacy, security or what--but I know most CR's are like that. As far as the repo from Nevada...is this a vehicle? How old is this debt? Nevada's Statute Of Limitations are 4 yrs (oral agreement), 5 yrs (written agreement), 5 yrs (promissory-like written except scheduled pmts/interest are noted in contract), 4 yrs (open ended accts, like credit cards). IF the SOL has expired, they can still attempt to come after you--but this would be your "absolute defense." Well, after you send them a DV they have to prove the debt is valid and that they have legal right to collect it from you. So--send the DV, then wait it out for 30 days and if you receive nothing from them, dispute the reporting w/ the credit bureau's that are listing the TL. Than I'd go back and send a 2nd letter requesting validation. What can they do to you? Well--that depends. They can refer it to the judicial process (they'd need to speak to the OC if they don't own the debt and get their permission I believe) and seek to get a judgment against you. You should receive proper notification of course, but keep your eyes on this debt just in case they don't serve you right. You can go dispute this. Them coming after you, doesn't automatically mean THEY win, a lot goes into this and the age of this debt WILL come into play. So, don't be terrified--be informed. There are a wealth of books on these topics and I'd strongly urge you to seek them out--there is one for sell here called, "Good credit is sexy."As far as IF they got a judgment--they'd probably need to sue you in the state you reside in. IF they got a judgment, than they'd need to request garnishment which I think is a separate process, but I'm not positive--someone else here may know. Even so, your income and your ability to continue to get by WILL also come into play.Don't be afraid--just read, read and read some more. A little each day if you have to, but read lots. You can get to a point where you can buy a home, but one step at a time and believe me, with work and perseverance you WILL get there. Welcome!! ((HUGS))ElyseThank you so much for the warm welcome. I have to say that this is the first credit repair site where I really felt like people want to help and aren't just out to make a dollar. Needless to say, I'm certainly not going anywhere for awhile.The repo is for a vehicle. The car was repossessed when I was still living in Nevada back in 2004. I have since relocated back to Maryland, but I work in Virginia. I am wondering if we aren't getting closed to the SOL running out. The main question that I have is the letter I received stating that I had 30 days to dispute the claim was from an attorney in Maryland representing the CA. Do you happen to know if the DV letter will work with them? Should I send the DV letter to them or to the CA itself?Again, thank you so much for your advice and support. I really could use it right now. In the past I had a very bad habit of just throwing the letters away which is likely how I got into this mess to begin with. Now, I realize the mistakes that I made and want to do my best to fix those mistakes. I'll be ordering the book later today. I can't wait to read it!EDIT: The CA is Thornton Financial and the OC is HSBC. Link to comment Share on other sites More sharing options...
someonesomewhere Posted March 14, 2007 Report Share Posted March 14, 2007 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=264049 Link to comment Share on other sites More sharing options...
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