lien sale notice requirements

[buster1966]

If a company reposesses a ATV that is financed on a credit card, which I had happen, we were given notice after they reposessed it that it was being held and how to redeem it. However we were NOT given any notice of sale or in this case auction, but did receive a statement from the credit card company showing the 'auction' proceed amount deducted from the amount owed on the account then the reposession fee's that were enormous tacked on to the credit card balance. The auction location was shown to be in Indiana which would not had been a reasonable drive for us to even go to if we had received notice of it.

Can a credit card company (this one HSBC) do this? and on the new balance they show a 29% interest rate on 'new charges'?

 

[tpajet]

It really would depend on the terms of your cardholder agreement.

Also, they may not be able to call this new charges, but there is nothing illegal about them jacking up the interest rate in the first place.

 

[buster1966]

I don't have a copy of the terms from that many years ago, as with my other post it was a private label card issued by HSBC. They are CRAPPY to deal with even on good terms.

I guess I didn't ask this quite right, they gave no notice of where the auction was to be held. It was listed as the proceeds on the next credit card statement. I thought they had to give you notice before the auction? Only after the auction did we find out where it was held and what it sold for.

 

[Theresagail]

All they have to inform you of is how you can redeem it back. They dont have to tell you when or where they will sale it.