legal question???
legal question??? I recently had to return my truck due to a financial hardship, so I voluntarily returned it back to HSBC. Well basically they sold the truck for $19k, and are attempting to collect the remaining balance from the truck which is $15k. I received a call from a lawyer in Delaware stating that HSBC is filing a civil suit against me for the remaining balance but that he would settle for $6k if I paid it by the end of this month. My question is can they collect money from me if I dont wanna pay? I mean theres a reason why I let the truck go, and I am most definately not about to pay for a truck I dont own anymore. My understanding is that in Texas they cannot collect, they can only write it off and put it on my credit, is this not correct? Any help please.
I recently had to return my truck due to a financial hardship, so I voluntarily returned it back to HSBC. Well basically they sold the truck for $19k, and are attempting to collect the remaining balance from the truck which is $15k. I received a call from a lawyer in Delaware stating that HSBC is filing a civil suit against me for the remaining balance but that he would settle for $6k if I paid it by the end of this month. My question is can they collect money from me if I dont wanna pay? I mean theres a reason why I let the truck go, and I am most definately not about to pay for a truck I dont own anymore. My understanding is that in Texas they cannot collect, they can only write it off and put it on my credit, is this not correct? Any help please.
Thats not a real lawyer calling you it is a collection agency. Next time he calls ask for his full name and who he works for and I guarantee you its some bs info. Offer to pay him $20 a month and tell him its all you can afford. If he threatens the court route then you have made a good faith offer to pay what you can. Also if he threatens you any more tell him you wish to cease communication with him and will only communicate with the original creditor. They will put it on your credit report as a repo and charge off and then sell your file a billion times to different collection agencies. They could try and file a judgement against you but I doubt that would happen.
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A. If the contract originated in Texas, the lawsuit must be filed in Texas. Per Federal Rules of Civil Procedure.
B. Texas does not allow garnishment of wages to pay consumer debt. Only allows garnishment for child support, student loans, taxes, etc.
C. Homesteads, insurance, cemetary plots, and personal property up to $30,000 for singles and $60,000 for families are off-limits.
Basically, the next time they call, ask them where they intend to file the lawsuit. And when they say "here in so and so" ask them why a lawyer who should know the Federal Rules of Civil Procedure would risk losing his license by violating them by filing in an a venue that does not have proper jurisdiction. When they go "huh", inform them of the rules and then ask them if they intend to file in Texas instead. When they go "yes", ask them how they intend to collect the judgement as Texas doesn't allow garnishment and many other protections.......
It's almost a shame I gave up pre-law to study engineering.....because this one was too easy.
Relax, it will only go on your credit report. Next time they call, go ahead and have some fun with them.
B. Texas does not allow garnishment of wages to pay consumer debt. Only allows garnishment for child support, student loans, taxes, etc.
C. Homesteads, insurance, cemetary plots, and personal property up to $30,000 for singles and $60,000 for families are off-limits.
Basically, the next time they call, ask them where they intend to file the lawsuit. And when they say "here in so and so" ask them why a lawyer who should know the Federal Rules of Civil Procedure would risk losing his license by violating them by filing in an a venue that does not have proper jurisdiction. When they go "huh", inform them of the rules and then ask them if they intend to file in Texas instead. When they go "yes", ask them how they intend to collect the judgement as Texas doesn't allow garnishment and many other protections.......
It's almost a shame I gave up pre-law to study engineering.....because this one was too easy.
Relax, it will only go on your credit report. Next time they call, go ahead and have some fun with them.
Years ago I managed one of those thrid party collection houses. Dan hit the nail on the head...what will happen whether voluntary or in-voluntary is it will showed "repossesion" on your credit. That in itself is not good and will haunt you for the next 3+ years from a credit perspective.
However, after about 1-2 years you can start disputing the debt owed by writing letters to each of the credit bureaus reporting the residual amount. I would highly suggest this for anyone that has lates, charge-offs or any other delinquency on your credit bureaus. There are about 50 laws companies have to obide by when reporting delinquencies and none of them do it correctly. What happens is this........you write a letter, the bureaus give the reporting company 30 days to respond defending their position...if they don't it is deleted....the older an item is, the better chance they will not respond.
Also write a letter now to the bureaus asking that they put a consumer statement on your file...in the statement you want to express that "due to work-related hardships I experienced financial hardships". At least anyone looking at your file in the future will see the whole picture.
However, after about 1-2 years you can start disputing the debt owed by writing letters to each of the credit bureaus reporting the residual amount. I would highly suggest this for anyone that has lates, charge-offs or any other delinquency on your credit bureaus. There are about 50 laws companies have to obide by when reporting delinquencies and none of them do it correctly. What happens is this........you write a letter, the bureaus give the reporting company 30 days to respond defending their position...if they don't it is deleted....the older an item is, the better chance they will not respond.
Also write a letter now to the bureaus asking that they put a consumer statement on your file...in the statement you want to express that "due to work-related hardships I experienced financial hardships". At least anyone looking at your file in the future will see the whole picture.
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Pay your debts and quit being a loser. This isnt your first time I'd bet either. You still owe a buddy $20 for some O2 Extensions cause you had none and plugged the fronts in the rear. You were supposed to go back on good faith and never did.
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They are coming after you for the deficiency and YES you are responsible. As stated ealier in all likelyhood they sold your debt to a third party collection agency and that is who is coming after you. They will jack your credit up and if they want to they can take you to court and get a judgement against you. Best bet in my mind is if you call them they will likely negotiate for pennies on the dollar or declare bankruptcy and write it off.
They are coming after you for the deficiency and YES you are responsible. As stated ealier in all likelyhood they sold your debt to a third party collection agency and that is who is coming after you. They will jack your credit up and if they want to they can take you to court and get a judgement against you. Best bet in my mind is if you call them they will likely negotiate for pennies on the dollar or declare bankruptcy and write it off.
Won't matter....the credit situation is already done with the repo. My advice is to sit on it for a while, and negotiate when the debt is not quite so fresh. A low payment will not do anything and will be money wasted right now. I am all about paying debts on time, but now it is all about strategy.
Still waiting on a response or reply to my PM. It's not hard to find you dude. I've done it once already and you didn't care for that. You called me begging for mercy like the little bitch you are. Pay your debts you emo punk.
What the hell is this?????? Guessin this guy owes you money and if so this is not the place for this. Wow!!!