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  1. #1
    Join Date
    Nov 2013
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    29

    Default Sued for Deficiency Following Repossession

    My question involves collection proceedings in the State of: Virginia

    I'll try to keep it short.

    Car gets repossessed.

    I proactively call the bank multiple times afterwards so I can find out when they sell it at Auction and if it had sold yet so I could know remaining balance and set up payment options with them.

    After multiple calls spanning many weeks they tell me they will let me know when it sells and remaining balance.

    I had gotten info from multiple other sources that a bank can take awhile to sell a car at auction.

    I wait quite a long time to see anything in the mail from them telling me it sold and what remaining balance is.

    2 years later I get letter from collection agency saying they are taking me to court to get approval for a judgement against me.

    I'm shocked and feel like a victim, why didnt the bank notify me it sold? I never got anything in the mail before this court letter.

    Do I have any wiggle room in court to make the bank produce proof they notified me prior to that letter?

    I was more than willing to work out a payment arrangement the very same day they tell me it had sold.

    Any help would be appreciated. Thanks.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Being Sued for a Loan That I Was Willing to Pay for Way Before It Got to This Poi

    maybe the bank simply was not interested in working out any payment arrangement. After all, missing scheduled payments is what you got you where you are, right?



    The only right you have now is to require the bank or plaintiff if the loan has been sold proof that the amount they are suing for is valid.

  3. #3
    Join Date
    Mar 2013
    Posts
    17,916

    Default Re: Being Sued for a Loan That I Was Willing to Pay for Way Before It Got to This Poi

    You're not the victim here.

    You defaulted on your loan and lost the car.

    Being willing to pay is not the same as paying.

    You should have gone to the bank WITH MONEY as soon as the car was repo'd and paid whatever it took to get the car back.

    The bank had absolutely no obligation to work out a payment plan with you. You already defaulted on one payment plan.

    The car got sold for less than the balance owed so you are being sued for the deficiency. Count on lawyers' fees being added to the amount which will drive the judgment amount into the stratosphere.

    I suggest you find the money to pay the debt now, before things get a lot worse.

    Or, consider bankruptcy.

  4. #4
    Join Date
    Apr 2009
    Location
    Somewhere near Canada
    Posts
    35,894

    Default Re: Being Sued for a Loan That I Was Willing to Pay for Way Before It Got to This Poi

    The bank does not have to prove they mailed you a letter. Take your feelings and put them to one side; you're not the victim here and pretending to be one isn't going to help you one iota.

    Why are you no longer prepared to negotiate? Hurt feelings?

  5. #5
    Join Date
    Nov 2013
    Posts
    29

    Default Re: Being Sued for a Loan That I Was Willing to Pay for Way Before It Got to This Poi

    Quote Quoting Dogmatique
    View Post
    The bank does not have to prove they mailed you a letter. Take your feelings and put them to one side; you're not the victim here and pretending to be one isn't going to help you one iota.

    Why are you no longer prepared to negotiate? Hurt feelings?
    I didn't mean for it to some across quite like how you interpreted it.

    I was in a rush initially posting the topic and can add more info that I couldnt get in earlier.

    I have tried contacting the collector multiple times and have asked them I am willing to setup a payment plan with them at any time. The thing I don't want to happen is, I dedicate a payment plan to them and they then actually garnish my paychecks also.

    I have spoken to the collector once, she is very hard to get ahold of, she seemed very nice and like she understood my whole ordeal. She couldnt answer me directly on the question I want to ask you people.

    If I set up a payment plan with them that they accept, let's say for example it's $200 a month. If the court date still happens and they get their judgement are they very likely to try to seize everything they legally can, or is it possible they will let me honor my payment plan and only resort to a garnishment at any time if I miss even 1 payment? I also faxed the attorney whom his name is the name of the collection agency, havent heard anything back yet, but I only sent it this past Monday.

  6. #6
    Join Date
    Oct 2006
    Posts
    16,185

    Default Re: Being Sued for a Loan That I Was Willing to Pay for Way Before It Got to This Poi

    Quote Quoting victim311
    View Post
    I didn't mean for it to some across quite like how you interpreted it.

    I was in a rush initially posting the topic and can add more info that I couldnt get in earlier.

    I have tried contacting the collector multiple times and have asked them I am willing to setup a payment plan with them at any time. The thing I don't want to happen is, I dedicate a payment plan to them and they then actually garnish my paychecks also.

    I have spoken to the collector once, she is very hard to get ahold of, she seemed very nice and like she understood my whole ordeal. She couldnt answer me directly on the question I want to ask you people.

    If I set up a payment plan with them that they accept, let's say for example it's $200 a month. If the court date still happens and they get their judgement are they very likely to try to seize everything they legally can, or is it possible they will let me honor my payment plan and only resort to a garnishment at any time if I miss even 1 payment? I also faxed the attorney whom his name is the name of the collection agency, havent heard anything back yet, but I only sent it this past Monday.
    Generally IF they are willing to set up a payment plan with you they will not proceed with the court date.

  7. #7
    Join Date
    Mar 2013
    Posts
    17,916

    Default Re: Being Sued for a Loan That I Was Willing to Pay for Way Before It Got to This Poi

    You have to understand something about collection agencies.

    They don't want talk.

    They want money.

    So, while you are trying to talk to them about your willingness to enter into a payment plan they are ignoring you and will continue to do so until they do take you to court, get a judgment and garnish your pay.

    If you are willing to send them $200 per month, send them a money order for $200 right now. You don't want to send a personal check or a cashier's check because that tells them where you bank for when they get the judgment and go after your bank account as well.

    Once you've sent them the first $200, scrape together the next $200 as fast as possible and send it. As long as they are getting a steady stream of money, they aren't likely to spend money on a lawsuit.

    Unless, of course, $200 per month is less than 25% of your take home pay. Then they'll just file suit and get a lot more than $200 per month out of your pay.

    As I wrote earlier, talking about paying is not paying. Paying is paying.

  8. #8
    Join Date
    Nov 2013
    Posts
    29

    Default Re: Being Sued for a Loan That I Was Willing to Pay for Way Before It Got to This Poi

    What good will it be though, if I do get garnished, then that means I cant pay rent, therefore I have nowhere to live, can't pay my current car loan, oh hey that opens the door for repossession #2 in 2 years, next step after that is I lose my job, well now it looks like noone is getting any money now, me and them. This would just start a cycle that isn't necessary.

    I forgot to mention the thing for the court date already includes their attorney/court fees of over $2k, when I told them I could give them $200 today (at that time) and if they could forego those costs or going to court, once the collector passed the message to the bank they replied no, so it seems they want to go to court, minds already made up.

  9. #9
    Join Date
    Apr 2009
    Location
    Somewhere near Canada
    Posts
    35,894

    Default Re: Being Sued for a Loan That I Was Willing to Pay for Way Before It Got to This Poi

    So they've already filed. They're not likely to quit at this point - they have no reason for doing so. Look at it from their point of view - why should they believe you? You've already let it go this far.

    Don't be misled into thinking that you being out of work now means they can't collect. Judgments last an awfully long time and if you plan on being unemployed for the next 20 years, you have bigger problems.

  10. #10
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Being Sued for a Loan That I Was Willing to Pay for Way Before It Got to This Poi

    they aren't going to give up the attorney fees. That is apparently the only reason you are wanting to pay now. I guess they are doing their job well.

    sorry you are where you are but you promised to pay back the money. They are simply holding you to your promise

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