Clubchill

Ucc-1 filed agaisnt me collections

Recommended Posts

UCC-1 is the form used by the creditor to perfect a lien on personal property that was used to secure a debt. The amount suggests this is either an auto loan or you financed a ton of furniture and/or other high ticket items. We will need more information to understand what is going on.

What will happen is that if they win the suit, they will come, with the sheriff, to take whatever was used as collateral on the loan. They will then sell the loan, pay off the costs of the repossession, storage, and sale of the items, and then get a deficiency judgement for the difference.

Share this post


Link to post
Share on other sites

It was a buissness loan to buy inventory , I bought it but haven't been paid yet , once the guy I sold it pays I can pay this off but it could be six months until I get the check ,

There is no one piece tied to the secured loan , thee ucc-1 says all personal property , they haven't filed suit yet just a letter so far and calls ,

Share this post


Link to post
Share on other sites

It was a buissness loan to buy inventory , I bought it but haven't been paid yet , once the guy I sold it pays I can pay this off but it could be six months until I get the check

 

This is a MAJOR problem.  You may never get the check.  If this guy doesn't pay you either have to sue him and collect (if you ever do) and that could take years.  Worse he could file for BK and leave you with nothing.  

 

I don't know what this business is but borrowing money to buy inventory that you have sold without payment was a HUGE risk.  I would find a way to start making these loan payments because if they get a lien on this property and you cannot deliver to the buyer you are going to end up in a situation with both the lender and buyer potentially suing you.

Share this post


Link to post
Share on other sites

@Clydesmom it's just a ebay type buissness , the only one who can sue me , would be the lender . The guy I sold it to has always paid me , I saw a chance to make allot of stuff cheap , he couldn't move it as quickly as I tjought , he should be able to blow it out for Xmas season.

It's just a sole proprietor, I have no assets except a truck which is paid off and valued at 6k I am looking for a night job to save up to pay this off, they are not willing to take low payments from me as of yet I am like 80 days pass due , they want 3k payments then 2k I can't swing that at this time

Share this post


Link to post
Share on other sites

 The guy I sold it to has always paid me ,

 he couldn't move it as quickly as I tjought ,

he should be able to blow it out for Xmas season.

 

This is like closing the barn doors after the horses have escaped but delivering goods that you bought on loan and waiting for payment is an incredibly BAD idea as you have now found out.  You are assuming and HOPING he is able to pay you. He hasn't and now you are already in major trouble.

 

I have no assets except a truck which is paid off and valued at 6k I am looking for a night job to save up to pay this off,

 

LONG before you save up money to pay this off with what little you can earn at a night job they will have sued you and got a judgment.  They are not going to wait that long and filing the UCC-1 is the first red flag of their intentions.  The SOL in OH to sue you is 8 years and they have a draconian long SOL on collecting on judgments AND they can be renewed.  

 

I suggest you come up with a plan quickly because waiting to save up to pay it off or for him to pay you in a few months is not going to work.

Share this post


Link to post
Share on other sites

This is like closing the barn doors after the horses have escaped but delivering goods that you bought on loan and waiting for payment is an incredibly BAD idea as you have now found out. You are assuming and HOPING he is able to pay you. He hasn't and now you are already in major trouble.

LONG before you save up money to pay this off with what little you can earn at a night job they will have sued you and got a judgment. They are not going to wait that long and filing the UCC-1 is the first red flag of their intentions. The SOL in OH to sue you is 8 years and they have a draconian long SOL on collecting on judgments AND they can be renewed.

I suggest you come up with a plan quickly because waiting to save up to pay it off or for him to pay you in a few months is not going to work.

They can sue all they want I have nothing to take , actually it will work , because by the time the lawsuit goes through the court I can pay,

Share this post


Link to post
Share on other sites

Hate to be a bearer of sad news, but, this being a business loan, the FDCPA does not afford protection to any business debts. Do read the statute, to better understand who and what is

protected, as well as to learn what options are available to creditors, collectors, as well as consumers, business related or not. You can also go to your state statutes to understand the

rules of court, as well as procedures, and all other items of importance you may want to know up front. I say this as even though the FDCPA does not afford you protection, you can use every other available protection to assist you in resolving this amicably.

Also understand that if you find this creditor has violated you in some way, do not hesitate to point this out when you file your answer. For example, demanding interest when it was never

agreed upon, or, demanding a higher percentage. Anything you can show that was not included with the agreement. Simply showing the court could cause the court to look closer at things. In

short, what is it going to hurt?

Share this post


Link to post
Share on other sites

Hi I have unsecured business loan with kabbage 

Unfortunately I’m default on around 6 months

I got the voice message yesterday about UCC file 

my question is possibility to lien on my property?

all are paid off 

 

Share this post


Link to post
Share on other sites

If you signed a contract with a personal guarantee, then yes, they can take your personal property as well as your business property. The UCC filing simply perfects their lien for personal property. For real property (such as a home or land), they would have to file a lien with the county clerk where the real property is located. It does not sound like it is an unsecured loan if they are filing a UCC-1. Sounds like you put up some property for that and now they are going after the property that secured the loan.

In any case, this is the same answer I gave 4 years ago.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.