boss10

Bank Statement Request from Collector

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First off I live in Colorado and had a vehicle reop'd in 2001. I owed about $12K on the car when it was taken. I began paying a 3rd party collector in 2006. I was paying $350/mo until my wife lost her job and decided to stay home with the kids in 2007 and I began to $100/mo payments through last month, with no late payments. I currently owe a little under $9k

I got a call from the collection agency asking for proof of income to adjust my payment before allowing me to continue making $100 payments. I sent them my paystub and my monthly budget. They called again and are now asking for my bank statements to validate what I pay out. I asked them if I could just send a copy of bills to validate them but they insist that I provide a bank statement. I don't feel that I should have to give them that information and open myself up to them cleaning me out when they feel like it...any ideas on how to approach this?

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Its more responsible to do that than give CA a copy of your bank account info!

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This is wrong on all kinds of levels.

There are some specific steps an original creditor must go through in order to collect the "defficiency" on a repo'd car. (Sorry, you'll have to search the forum here to find them...I don't remember the details). But, if those rules were not followed, you don't owe anybody anything.

Second, paying a 3rd party collector is a lot like paying your neighbor's kid. He may know you had a car loan, but, do you have any proof he has the right to collect it?

So...if you feel you're up to it...fight this. Send them a letter saying "....hey, prove to me you have the right to collect this, or take me to court and we'll let the judge decide...". If you feell you need help, se if there is a www.naca.net lawyer in the area that will help.

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First, I would not give any collection agency anything, much less my bank statement. None of their beeswax.

Second, I live in Colorado and we have some really good resources and laws to protect us from folks who cross the line. Start with this link to our DAs consumer web site. This has tons of great information, resources and links to what our laws are.

http://www.ago.state.co.us/CADC/CADCmain.cfm.html.

Good luck!

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The letter below worked for me on a repo motorcycle!!

I wrote the following letter in response to a collection letter from Arrow Financial regarding a repossessed Kawasaki motorcycle. The Certified letter was sent to HSBC, Kawasaki, and Arrow Financial.

To Whom It May Concern:

I am writing in regard to the above referenced accounts and transactions.

This motorcycle was repossessed and resold by HSBC in the State of California on or about April or May of 2007.

Under the laws of the State of California including UCC Article 9 and State RISA and MVISA statutes a deficiency can not be claimed unless all of the required notices were properly and timely given, and all of the allowable redemption and cure time limits were adhered to.

In addition, under the Unruh Act, If the proceeds of the resale are not sufficient to cover the items set forth in Civ. Code § 1812.4, the holder may not recover the deficiency from the buyer or from anyone who has succeeded to the obligations of the buyer [Civ. Code § 1812.5].

Please provide copies of the legal notices and proof of the commercially reasonable manner of the resale of the subject motorcycle. In addition, please provide me the legal authority that allows recovery of such a deficiency in transactions such as the one here.

If no such proof is provided within 14 days from receipt of this notice, the alleged claim of a deficiency will be considered null and void, and any continued collection activities, or continued reporting of this invalid claim on my credit reports will be considered a violation of the FDCPA and FCRA.

In addition, if you singularly or severally fail to comply with the above requests, I reserve the right to seek damages against all parties, under all available State and Federal statutes including UCC § 9, RISA, and MVISA, remedies.

Sincerely,

Arrow Financial Response Letter

Dear XXXX,

Thank you for contacting Arrow Financial Services regarding the above-referenced account.

In light of the information that you have provided to us, we have closed this account and have ceased all further collection efforts. Please note that Arrow is not reporting any information regarding this account to any credit reporting agency.

We appreciate the opportunity to assist you in this matter. If you have any further questions or concerns, please feel free to contact us at 1-800-274-6419.

Sincerely,

Customer Care Department

Arrow Financial Services

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I am in need of some help with a repossession of a motorcycle which seems to be similar to your situation SBD if you could help me please please let me know.

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