Illegal to delete debt from reports?

[jlyriq]

no i never recieved any paper work about the selling or anything and i thought i was suppose to get something but i got nothing.

[Trish]

Well.....that makes it a bit more complicated still. Maybe that's why they're willing to settle for 40%.

It's up to you......if you feel like tackling and fighting it.....so let me know........but when they fail to send you the proper notices after a repo........it's considered an illegal repo. And instead of the SOL being 4 years.......it's 2 years. There is a process you go through. I can at least point you in the right direction if you wish.

One thing you definitely need to do is read up on your state's UCC Article 9. Because those are the laws that you would use for back up.

[jlyriq]

Point away :-) thanks for all the help......yea i kinda want to fight, the company was a pain to deal with and they never did anything right, saying that i didnt make payments when i did and telling me that money orders bounced

[jlyriq]

I live in MI btw

[Trish]

Ok.....well, like I said.....start with your UCC.....Article 9
LII: UCC - Locator

Then look at why chat's info and letters on repo deficiency dispute.

So there's some good late night reading for you.
It's a start at least.

[jlyriq]

ok this is what i found for MI

The State of Michigan generally adopts the provisions of the Uniform Commercial Code in secured transactions. (MSA 19.9101, et seq.)

A creditor generally is entitled to recover possession of collateral upon the default of a debtor on a secured transaction. In obtaining possession of collateral, a creditor may do so without judicial process if it can be done without breach of the peace or by judicial action. (MSA 19.9503.)

After a debtor's default, a secured creditor may sell, lease or otherwise dispose of the collateral in a commercially reasonable manner. (MSA 19.9504.) Any time before the disposition of the collateral, a debtor may have a right to redeem the collateral by tendering full payment of the obligation owed and all reasonable expenses incurred by the creditor. (MSA 19.9506.)

The disposition of the collateral may be conducted by public or private sale. Reasonable notice of the time and place of the sale is generally required to be given to other secured creditors and the debtor. (MSA 19.9504(3).) A creditor must account to the debtor any surplus, and unless otherwise agreed, the debtor may be liable for any deficiency. (MSA 19.9502(2).)

what i gather from that is that they were suppose to supply me with letters about the sale of the car, etc. What do you think ( i might just be reading it wrong)

[jlyriq]

Trish just did some late night reading and they didn't comply with my states UCC/RISA all! I'm going to definitely proceed with this. Do you suggest i send this letter to them first or seek legal counsel first?

[Trish]

Yes....but you also need to read (I can't link you to it).....under Article 9........go to "Part 6 Default" and then to "Subpart 1"

THAT is where all of your valuable info is.
All the info about what notifications they have to give......the timelines......the content. Those are the laws you will need to get to know well so that when you need to use them, you will have read them (probably 100 times like I did) and know what they mean.

Also I found this interesting (did you see this page?)
Michigan Repo Laws - Repossession Laws - Repo-Laws.com

I noticed that "repossesses" must be licensed as a collector through the MI Collection Practice Board.........that wasn't a stipulation for TX (where my repo occured).......so it might be something to look into....never heard of an OC needing a collection license so they can repo a vehicle.

[Trish]

Originally Posted by jlyriq

Trish just did some late night reading and they didn't comply with my states UCC/RISA all! I'm going to definitely proceed with this. Do you suggest i send this letter to them first or seek legal counsel first?

I would (and this is just me) try getting the info from carfax and then sending the letters first. You may be able to take care of this and get it dropped on your own.
If you did not get the proper notifications after the repo........then NO deficiency balance is owed........so hopefully they will wise up and let it go.

Mind if I ask.....who the OC is?

[jlyriq]

CPS- Consumer portfolio services