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Old car repo on report....twice.

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SamGurl

SamGurl

Joined: 28 Mar 2010
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504 Magic Points

Subject: Old car repo on report....twice.
 
Posted on Sun Mar 28, 2010 4:02 pm  

LOTS of questions! Sorry and TIA for any help!!

So back in 2006 I had a car repo'd. It was financed through a CU. So I see on my report that said CU is reporting it as a "Repossession" with a balance of $9604 and it's estimated to come off my report 11/2011. Well, it's also on my report under the CA (Allied Debt Recovery) but it's showing an original balance of $12,381 and a current balance of $13,506 with an est. removal date of 12/2012. So....

Question 1 - Can it be on my report from BOTH of these companies? I'm ASSuming yes, however I feel better having asked just to be sure. Smile And if so, if I was to pay on one, what would happen to the other? Seems like they're "Double dipping" and my report and I will be screwed either way because obvioulsy I wouldn't pay on both since they're the same debt.

Question 2 - Why is my ending balance from the OC only $9604 but the beginning balance with the CA is $12,381?? Fees?

Question 3 - With the removal dates of these 2 debts being so close...should I just ignore them and wait for them to come off on their own since I don't have the funds to pay it off anyway? And when they do come off my report, do they REALLY come off? All the way?

Ok I think that's all the questions I'm going to bombard you all with at the moment. Wink Thanks all!
goodnatured



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Posted on Sun Mar 28, 2010 5:28 pm  

I can only take one part of this. As far as double dipping on the report, every collection agency that buys the debt will report it so it may appear on there several more times BUT it only counts against you once.

I questioned this directly to one of the credit reporting agencies and that is the answer I got.
SamGurl

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Posted on Sun Mar 28, 2010 5:44 pm  

Hmmmm Well I wonder how you can insure it's not counting against you twice? Since both the OC as well as the CA are listing it under the "Adverse Accounts" section. Probably one of those things I'll never know, huh? lol Guess I can always call the agency. What fun that will be.
SamGurl

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Posted on Sun Mar 28, 2010 5:47 pm  

And also....thanks for the help. lol Sorry, forgot to mention that. Smile
cinnamngrl



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Posted on Sun Mar 28, 2010 8:23 pm  

you need to DV both CAs

Why is it over $12000? Did they sell the car and credit the account?
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SamGurl

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Posted on Sun Mar 28, 2010 8:32 pm  

I have no idea. I thought that's what they always did. Sell the vehicle and you owe the rest. That obvioulsy isn't whats being reflected on my report becuase the car was NOT worth 12-13K. Not even close.
I'm just afraid that if I contact them, they'll start the collection process over again. I remember once seeing Suze Orman on TV and she said something about if you have a really old debt and they're not actively pursuing it you should just leave it alone if it's close to coming off your report. Because if you contact them, and it's been a long time since they initiated contact, then they can start the process all over again and it's like going to back to day 1. Something to that affect. So I'm wondering if I just ignore it, will it just fall off my report on the dates I have listed above?
cinnamngrl



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Posted on Sun Mar 28, 2010 9:34 pm  

well depending on how you financed the car it could be worth much less than you owed.

are there records?

It is illegal to re-age debt. there are states where if you signed letter proposing a new payment agreement, it could restart the SOL. But a DV letter would not restart the clock.
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goodnatured



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Posted on Mon Mar 29, 2010 12:59 am  

Personally I would leave it alone if they are not coming after you and it falls off soon.
SamGurl

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Posted on Mon Mar 29, 2010 1:35 am  

@ Goodnatured - That's what I was thinking too. And is that what happens when it "falls off"? Does it literally just go away? Even something that big?
cinnamngrl



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Posted on Mon Mar 29, 2010 3:27 am  

after 7 years is goes away unless they go to court and get a judgment against you.
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Aaron

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Subject: car repossession
 
Posted on Mon Mar 29, 2010 7:35 am  

Hi SamGurl,

If the companies are not trying to collect the dues, then I think you should leave it alone. They will just fall off after the seven years from your credit report.

You can check out some car repossession discussion at http://www.creditmagic.org/card/charge-off.html#30071 .

Thanks,

Aaron
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SamGurl

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Posted on Tue Mar 30, 2010 1:06 am  

As far as I know, there's no judgement or anything against me. I've moved a few times since then, however I've always had my mail forwarded. I have been curious why they never really persued the issue with me.

@ Aaron I'll go check that thread out now. Thanks!
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