We had a car repo'd.. Now they want $8800 for a car we don't have. They just?

(2011-11-06 14:30:06)

1. Lea Says: offered us 55% off to settle. Has anyone had experience with this? We were thinking of offering $2,500 and saying the other amount they proposed is too much. Does this usually work?

2. Never Says: Who is offering to settle ?

The collection agency ?

If you have $2500, why did the car get repoed ?

Have they sued you yet ?

Do you have a garnish-able job ?

If you are self employed and don't have any visible assets, they have no way of collecting.

If you do agree to ANY kind of settlement, get it in writing that you are paying for the total & complete settlement of the entire debt and a total DELETE from your credit report.

Be careful, they will tell you just about anything to get your money but unless you have something in writing, you are SOL.

3. Never Says: Be careful. i dealt with a lawfirm over an old medical bill. On the phone he said he would delete it but the confirmation letter was totally different.

Turns out, I didnt pay a dime and it fell off my report on its own without them collecting a cent.

4. xx_satanic_mechanic_xx Says: ha - you are lucky they offered to settle at all!

You owe the full $8800 - that is what the contract says. Legally, they can enforce this by going to court, seeking a judgement, then garnishing your wages. You can counter, but if I was the bank, I would come after you for the whole amount.

This is what the contract says, and they have every right to do so.