10 yr old car repo on report. Need help

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

Allen123
Guest

Subject: 10 yr old car repo on report. Need help

Wed Jul 01, 2009 4:38 am

My car was repossessed in 1999. But I am still receiving letters from collection agency for debts worth $ 4565. I have not made any payment arrangements since 1999. As far as I know this car repo should have been removed from my report by now. I am confused and don't know if I should pay off the debt.

rachael

Joined: 11 May 2009
rachael's page
Posts: 234

6581 Magic Points

Wed Jul 01, 2009 7:37 am

Hi Allen,

A repossession can remain on your report for 7 years for the date you first fell behind on payments. For instance, you last paid in August,1998 and the car was repossessed in Jan,1999. Repossession on your report would remain till 2006.

To remove the repossession from your report, you should dispute the matter with the credit bureaus, You should send them a "Dispute Letter" via certified mail, with a return receipt requested. The credit bureaus will investigate and remove the repossession records from your credit report.
_________________
Looking forward to a debt-free life.

TRACY RA
Guest

Subject: WHAT CAN I DO/?

Fri Nov 27, 2009 12:53 am

I HAD A CAR REPOSSED IN 1999.THE BANK SENT ME A LETTER SAYING THE CAR WAS SOLD AT AUCTION. NOW SOME CREDIT COMPANY WANTS ME TO PAY THEM FOR THE CAR 10 YEARS LATER.IS THERE ANYTHING I CAN DO

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Fri Nov 27, 2009 6:21 am

Hi Tracy,

You can show the proof of car repossession and tell the credit company that the car has already been sold at an auction. By the way, do you know whether or not the entire debt amount was settled with the money from selling the car? If not then it might be a problem for you. If it is settled, then no one can harass you now.
_________________
All the Best Smile

Justin

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.