If you have a loan w/co-signer, can the collection agency bill both of you for full amount after repossession?
104206
There is no requirement that BOTH the original debtor AND the co-signer be contacted simultaneously.  The co-signer simply agrees to pay the debt if the original borrower defaults.  Once THAT happens then the lender is free to reclaim its property and/or be repaid by whomever, adn (almost) however they are able.
8545
I believe that credit consolidation companies work with any company that you owe money to, including original creditors and collection agencies.  You might want to ask before you sign up with anyone just to be sure.
663639
Anytime someone co-signs on a loan it affects their credit whether it be good or bad.  Example: If someone takes a loan out for $3000 and puts their car up for security and I cosign and their loan goes into default and their car is repossessed then it goes on my credit report as well as theirs. If the loan or whatever has gone to collection agencies already then it is probably already on their credit report.
700229
They can demand full payment of the bill.  Just because you are paying some money each month does not stop them from filing suit for the balance.  To stop a suit, you would need a payment plan that you both agree to, and that means they can set the amount of money you pay each month.  Without any agreement, they can sue you at any time for the balance.
911719
Roderick,\n\nLet me break this down for you.\n\nOnce you are in a situation where you can even pay a portion of the debt, you need to send the collection agency a pay-for-deletion letter.\n\nJust remind them that you have other creditors to pay, and "in the spirit of compromise" you would like to settle the account for $XXX dollars as payment in full IF and ONLY IF the collection agency will remove the negative item from you credit report at ALL THREE credit bureaus.\n\nThe collection agencies will try to give you the okie-doke by saying that they can not do this (because it's extra work for them).  However, they have the ability and authority to do it.\n\nIf the collection agency declines your offier, just inform them in writing that your payment went to another collector who agreed to the aforementioned terms.\n\nPlease be aware that you are NOT TO TALK to the collection agencies over the phone or through e-mail.  All correspondence must be sent via CERTIFIED MAIL.  In addition, you must maintain copies of the receipts as proof of mailing.\n\nSee hyperlink below.\n\nGood luck.
365213
In this case, they can.  But read my entire message...\n\nAccording to the Fair Credit Reporting Act, they can only report your debt for 7 years, starting from the DAY YOU DEFAULTED on the loan.  Many people are reporting that it begins on the date of the last transaction.  They are wrong.  Read the info in the sources below, I think it states it pretty clear.  If that's not good enough, I can send you a copy of an FTC position statement to clarify it even more.\n\nNow, many times collection agencies will purchase an account, and not really know when the default date was.  So they will simply place whatever date they want on it.  This "date bumping" is illegal, and if you can prove it you can sue them for $1000.  If you have any past bills or paperwork, examine it.  Check the reporting date on your credit report.  If it is wrong, protest it and get the whole negative report removed from your record.  \n\nThe reason they get away with this is because you don't know the law.  So they will take advantage of that to harrass you.\n\nNow, as for actually collecting the debt, check the statute of limitations for your state.  After that date, you no longer have a legal obligation to pay them.  The can continue to try and collect, but any legal action can be tossed out of court due to the expired SOL.  \n\nRead the links below for more information on this.  \n\nYou are fighting a war with creditors.  Do not fight them unarmed.  Knowledge of the law is your only weapon!  Get armed and read the links below!!!
1005923
You will still be responsible for the debt on this home.  They can freeze assets, an can keep you from ever getting another mortgage.  They will either send it to a collection agency or go ahead and pursue further action like litigation.  Then it just becomes more costly b/c of court cost, attorney fees, and the remainder of the balance on the home.  The bank doesn't care that it went up in an auction.  They didn't say that you didn't have to pay b/c you no longer have the house.  Doesn;t work that way.   \n And anyone that tells you not to pay, are ignorant morons.  Its people like that, that make it harder for the ones with good credit and standings with creditors to get credit.  And even makes it harder for you.  Makes you look really bad.  Pay your bill.  Be the better person, not a dead beat debtor.
267443
That depends.\n\nWas this the original creditor who talked to your boss, or was it a collection agency, attorney, or third party collector?\n\nThe Fair Debt Collections Act only covers when the debt is sent to another party, like a collection agency.  Other then that it gets difficult.  \n\nThe FDCA link is below.  Pay attention to section 804 and 805.  \n\nYes, you can sue, section 811 gives you details.\n\nNow, if this was caused by the original creditor, this act may not apply.  However, depending on what information was given, you can sue for liable.  If the information that was given was intended to damage you (even true information), you may also have a case.  Either way, you need to consult an attorney for advice.  Liable laws are a pain to prove.
272987
What specifically are you looking for?\n\nAs long as the creditor went to court and got a writ to repo your car, there isn't much more you can do.
470773
If what you mean is how can a co-signer get out of a loan obligation---\n\nas far as the bank is concerned you are responsible for the payments and your credit is ruined as well if payments are late.\n\nYou get all the responsibility with none of the rewards (like enjoying driving the car for instance).
525768
If you are both on the title and the vehicle is being paid for he can't repo your car.  If the payments are behind on the car and he is a co-signer he can have the car sequestered from you.  More importantly, if you are behind on payments and the finance company is after it, you'd better give it up.  Its called a Writ of Sequestration, a constable comes and gets it and if you don't turn it over you get to go tell a judge why your not giving it up.
286619
I had  a repo several years ago and I even had two checkings and a savings account.They auctioned  off  the vehicle and go less than what I owed.I told them to kiss my *** and they did I,I never heard from them again !!
195335
By law, the collection agency must "validate" your debt.  That means that, upon written request, they have 30 days to supply you with copies of contracts, bills, receipts, and anything that was used to calculate the amount that you owe.  If they fail to supply this, they must remove your information from the credit bureau, and must stop bothering you.\n\nYou are about to go to war!  Do NOT fight these guys unarmed!  Knowledge of the law is your only weapon, go read the links below and GET ARMED!  \n\nYou got an easy slam dunk case here.\n\nFrom this point on, keep a log of every call you make/receive regarding your debt, and copies of all letters.  You will need this if you wish to prosecute.\n\nUse the sample letter I supplied below on how to write a request to validate letter.  Send it by certified mail to the collection agent.  \n\nAfter 30 days, if they do not respond, send letters to the credit reporting agencies, along with a copy of your validation letter, and demand that they remove any negative report that is in your file.\n\nIf the collection agency does respond back, and the information is not given or incomplete, send them another letter and demand it again, but this time threaten legal action if they place anything on your history.\n\nJust keep the credit bureau's informed of the problem, and if they don't remove the history hire a lawyer and sue under the \nFair Debt Reporting Act.\n\nI'm going to bet that you don't owe a lot on this, right?  Less then $200?  They won't even bother to sue you.  They will send it back to the original creditor.  It's not worth the time of the Collection Agent to sue you for that small an amount.  The only weapon they have is your credit history, and if you follow my instructions will stop that.\n\nGet armed!  Read the links below!
276139
If they send your account to collection and they report your payment delinquency to the credit bureaus, then that could hurt your credit rating.\n\nI suggest you first check out your contract. I'm sure there will be provisions as to what happens when you pull out of it. There will be penalties but paying a few hundreds can still save you a lot of money compared to paying for the whole thing. I'm sure that you are not the first who have pulled out of the contract after signing it.\n\nTalk to them and explain your situation that while you want to honor the contract, your circumstances have changed and you have decided otherwise. \n\nThere are easier (and cheaper) ways to start an online business. But I can see how the promise of them handling everything for you can be very attractive to some. This is a costly mistake, so next time before signing anything, check first if the contract provides for an exit door :o)
877661
if you have a house or any joint property the creditor can place a lien, the best thing to do is what you said contact the collection agency and offer them a cash settlement some take as little as 15% as a cash settlement MAKE SURE YOU KEEP PROOF OF PAYMENT collection agency don't like reporting to credit bureaus so a lot of times that debt will still show up years after you have already paid it
658621
I am not an attorney, my opinion is not to be alarmed! Do be informed. \nThe laws on garnishment differ from State To State. Best to look at your state laws. A collection agency acts on behalf of their client. How aggressive does the client want to be on medical bills? That too will differ as cosmetic surgery differs from having an appendix out. Is the original amount $500.00 or can it be driven up by fees or interest attorneys fees etc? Do not be alarmed by idle threats. Do get the facts. Check the FTC web site for consumer information. \n\nYou can stop collection agencies from calling you. I have used the form letters in credit repair kits found in office supply stores and on-line.
414252
The previous answer is untrue. \nAs per the Fair Debt Collection Practices Act, if you TELL them to cease and desist from calling you, it is usually sufficient. If not, you'll need to put your request in writing, and you're well within your rights to do so. If you owe them money, that's one thing, but they don't have a right to call and harass you. Continued calling after you've advised them to stop constitutes harassment.\nIf you still have problems, even after putting your request in writing, contact the FTC.\nI pray that your financial situation improves, too. :)