car loan Garnishment from third-party Law Group

[atlcouple770]

Hello,

My husband purchased a used truck in 2001 and defaulted on the loan. He was obligated to pay Wells Fargo Bank but with a financial hardship hitting our family of 6 we could no longer pay for the vehicle and my husband returned the Truck to the Wells Fargo Bank. The bank sold the truck at auction for and there was a balance left of $8000.. Since then the Bank must of charged off the loan but they never put anything on my husband Credit Report. Now, 6/11/2010 we received a letter (Notice of Garnishment) from said Law Group stating they have won a Garnishment in the amount of $9400. and will be taking (25%) $526. every two weeks to pay this debt off. We never got notice of them taking us to court and never received calls/letter to work out any arrangements to pay them off. I think they purchased this loan from Wells Fargo Bank and/or representing them.

My question is what do we do now? Do we contact the Law Group and work out a debt settlement or do we try to go to the court and contest this debt? Im at a lost, my husband has lost wages due to the economy his check is not enough for a family with 4 kids / 2-in college / and mortgage that is killing us! Please advise me of what we should do we cant afford this Garnishment and survive this Economy?

 

[army judge]

Hello,

My husband purchased a used truck in 2001 and defaulted on the loan. He was obligated to pay Wells Fargo Bank but with a financial hardship hitting our family of 6 we could no longer pay for the vehicle and my husband returned the Truck to the Wells Fargo Bank. The bank sold the truck at auction for and there was a balance left of $8000.. Since then the Bank must of charged off the loan but they never put anything on my husband Credit Report. Now, 6/11/2010 we received a letter (Notice of Garnishment) from said Law Group stating they have won a Garnishment in the amount of $9400. and will be taking (25%) $526. every two weeks to pay this debt off. We never got notice of them taking us to court and never received calls/letter to work out any arrangements to pay them off. I think they purchased this loan from Wells Fargo Bank and/or representing them.

My question is what do we do now? Do we contact the Law Group and work out a debt settlement or do we try to go to the court and contest this debt? Im at a lost, my husband has lost wages due to the economy his check is not enough for a family with 4 kids / 2-in college / and mortgage that is killing us! Please advise me of what we should do we cant afford this Garnishment and survive this Economy?

The statute of limitations in GA on credit contracts is only four years.

See the information for GA below.

Your debt was with Wells Fargo.

Google the exact name and address of this crooked scavenger and you'll see how they have scammed and conned other innocent debtors.

I suspect these are debt collectors trying to get you to start the statute of limitations that has tolled on this old debt.

If you talk with these scavengers about this debt, you potentially restart the statute of limitations.

As the SOL in GA is only four years on these types of contracts, these crooks want to scare you into paying them anything.

If they had a judgment, they'd just attach your bank account or wages.

They wouldn't warn you to NEGOTIATE with them.

They'd simply take whatever they could, whenever they could.

They wouldn't tip their hand, so you could close your bank account and hide your funds.

Thye want you to tell them things about you.

They want your telephone number, social security numbers, employment information, bank account information, anything and everything about your and your finances.

That is how these scavengers, crooks, and con-artists operate.

They are predators of the LOWEST order and ilk.

There is no judgment.

Before they could get a judgment, you'd have been served and ordered to attend a court hearing.

They had to sue you to get a judgment.

They haven't sued you.

They want to scare you into giving them a payment.

Once you do that, the statute of limitations starts all over again.

My advice, don't call them, write them, say anything to them, and most of all don't pay them anything.

This debt is dead.

They bought old paper from Wells Fargo.

WF has written this debt off.

These crooks bought the old debt for about 2-3 cents on the dollar.

This is a scam.

Don't fall for it.

Georgia Statutes of Limitation​

Breach of any contract for sale: 4 years, (OCGA 11-2- 725) NOTE: Parties may reduce limitation to not less than one year, but not extend it. A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.

Contract, including breach of warranty or indemnity: 4 years, (OCGA 11- 22A-506) NOTE: The parties may reduce the period to one year.

Written contract: 6 years from when it becomes due and payable and the six (6) year period runs from the date of last payment. (OCGA 9-3-24)

Open account; implied promise or undertaking: 4 years, (OCGA 9-3-25). NOTE: Payment, unaccompanied by a writing acknowledging the debt, does not stopped the statute. Therefore, the statutory period runs from the date of default, not the date of last payment.

Bonds or other instruments under seal, 20 years, (OCGA 9-3-23) NOTE: No instrument is considered under seal unless it's stated in the body of the instrument.

http://www.fair-debt-collection.com/SOL-by-State.html#11