What is the step to take after a voluntary repossession when I can’t afford the deficiency balance?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is the step to take after a voluntary repossession when I can’t afford the deficiency balance?
I did a voluntary repossession. Now it GC Services collection agency has contacted me for a payment arrangement, that I have agreed to pay $50 a month. They told me that I may be hurting my credit more by doing this because they will have to continuously run my credit as they continue to make offers every few months. Is this true? They said they have not purchased the account and NMAC does not sell their accounts. Is this true? They told me they cannot provide me with any written proof that I have a standing agreement with them. Is this true? What is the best step to take after repo?
Asked on June 20, 2009 under Bankruptcy Law, Florida
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Oftentimes, in certain types of credit pulls, the more your credit is pulled, the more your score goes down. Your best bet: check with your state's banking department to determine if they regulate the particular entity with which you initially had the loan. Then contact the Florida Attorney General office to help determine if they can help you with the collection agency issue. You will need to pay your deficiency judgment... you basically contracted to me.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.