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Can a collection agency that a lien company hired take you to court for not paying off a repossessed car?
Wiki User
∙ 17y ago
If the reposssesion did not net enough funds to pay off the total amount of your debt (which would have increased by the costs of the repossesion, penalties, interest, etc), then the loan (your obligation) was not cleared by the repossession. Presumably the agency owns the right to collect that and they can use any legal method to do so. Court would seemingly be one.
Wiki User
∙ 17y ago
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If vehicle was repossessed in 2004 but ex spouse stopped paying consistently in 1999 What date must the collection agency report to the credit bureau?
The collection agency typically does not report to the credit bureaus, the original lender does. Lenders report to the bureaus, collection agencies collect on delinquent debt.
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
Can a collection agency Garnish if paying not full amount?
no
How do you get rid of the money that you owe from collection agency without paying them and become good credit again?
how to get rid of the money that you owe from collection agency without paying them and become good credit again
Is a collection agency obligated to remove debt from your credit report?
No! The only obligation of the collection agency regarding a debt is to accurately report the debt...i.e. balance outstanding, current status, and payment history. However, if you are paying or contemplating paying a collection agency, it would be wise to negotiate a positive outcome...i.e. the total removal of the account from your credit profile in exchange for payment. This should be negotiated prior to paying the collection agency and the agreement should be in writing.
If you settle an old credit card debt with a collection agency paying the negotiated price in full will the collection agency remove the collection from your credit report?
No the collection will not be removed from the credit report. They will show it paid in full.
Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?
No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.
How do you raise your credit score after paying a collection company?
No
My account balance with American express has been turned over to a collection agency. Does American express over a reduced payoff as a settlement?
when a company "sells" a bad debt to a collection agency it is at a fraction of the total bill due. So, if you have a bad debt to American express in the amount of $10,000, more than likely it was sold to the collection agency for 2-3000. The remainder can be written off by American Express on the taxes that are filed by the company. What you can do is contact the collection agency after saving 40% of the debt (or 4000) and offer to negotiate a settlement. If you settle for $4000.00 you are saving $6000 and the collection agency is making 50-100% profit on the bad debt. This what the debt settlement companies do - no sense in paying the settlement company fees when we can negotiate ourselves.
What if a collection agency is trying to collect a debt that is in dispute?
Paying a collection agency may not be the best way to repair your credit or protect your privacy. There are situation that you may find your self in and have to pay a collection agency to to accomplish a short term goal such as buying or refinancing a home. If you are just in general collection agency hell then paying may do you more harm than good. While I would NEVER PAY A COLLECTION AGENCY. How you wish to handle your individual situation is a personal choice. If you do need to pay them off make sure you do it in a way to not cost you future heart ache and pain...
Can a hospital turn you over to a collection agency after a year even if you have been paying on it and not missing any payments?
yes
How do you satisfy an unsatisfied judgment after another collection agency bought the account from the first collection agency that originated the judgment?
you "satisfy" a judgment by paying balance in full or settlement. but understand that once a judgment has been issued by a court then there can be no one else that does this.
