collections

[lalliwright]

i recently did a voluntary surrender of a car. i was told by the finance company that it was the best thing to do. the car was auctioned off and i recieved a letter from the finance company that i was responsible for the remainder of the loan. this was not disputed. the trouble is that a couple of days later, i recieved a letter from DYNAMIC RECOVERY SERVICES in texas. i was told by the finance company, that when i did the voluntary surrender, i would be able to make payments. my wife is now not working and i have lost some overtime. My question is does the finance company have to accept small payments in good faith until i can come up with the money to pay the loan off?

 

[Theresagail]

No the finance company will not accept any money now- as they have sold your account to a collection agency- if I were you I would contact the person at the finance co that told you every thing would be fine, and see why they turned you over to the collection agency.
If the finance company is not willing to pull your account back you will be obligated to the collection agency, you will need to work out some repayment plan with them and make sure YOUR KEEP YOUR ARRANGEMENTS.

 

[Michael Wechsler]

Just to add, you made a deal. You were supposed to pay $x per month. Just because your collateral is returned, it doesn't change your liability on the rest of the loan. You can't just decide to pay whatever you want just because times are difficult for you, unfortunately. The finance company can enforce whatever is in the agreement you made. Look there and see the rights and remedies.