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Posts: 6
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My son received a call from one of my old collection accounts yesterday and he said they were asking all kinds of questions about me. He knows about my credit history and the problems I have, as well as how frequently collectors call and I have clearly told him not to talk to them.

However, this particular one (who did not identify herself or the agency) was asking if I still worked at a certain employer and my son said yes. This terrifies me because I'm up for a promotion at work in the ACCOUNTING department and don't want ANYTHING to kill this opportunity. The last thing I need is a garnishment right now because I'm finally getting on my feet and starting to clean up my credit. This is a collection agency on a debt that is very close to SOL (I think it's the one) and is due to drop off my report next year.

I am in the process of sending DVs and CD letters to those who contact me continuously but since I have no way of knowing which one this call was from, I don't know which to use or if I should include them both in one letter. He (my son) said they gave him a phone number (1-800) but he didn't write it down because he knew it was a collector. I am fuming mad about him telling them where I work!!!

Should I be concerned about the possibility of a wage garnishment or continue cleaning and sending letters without worry?

Thank you and this is the best site ever for those who want help with credit repair and dealing with a**hole collectors.

Thank you for all you do!

Are they calling about a debt that is fairly large? Or is it something that you could possibly take care of before they try and garnish wages (if they in fact even do).

BTW---have you tried the CreditMagic site that is affiliated with DCC?. Its a forum, much like this one and they also have lots of good information about credit repair, etc.

Sub: #1 posted on Wed, 07/30/2008 - 08:43

Lorri Lorri
(Posts: 1721 | Credits: 224.67)

I think (though I don't know because they did not identify themselves) it is concerning a car loan that I had in 2003 that went into default because of hospitalization. The OC would not work with me so I voluntarily surrendered the vehicle and they sold it. The collection account is approximately $7000 but has been charged off and sold to Cavalry Portfolio Services, who have added $2000 to the balance owed even though they likely bought it for pennies.

It could also be Arrow Financial Service for an HSBC credit card account but I intend to work only with HSBC on that since I've read the scoop about Arrow. I am DVing all creditors to ensure they are legit and am vigorously cleaning up my act.

I was not aware of CreditMagic but will definitely check it out. Thanks for the feedback.

Sub: #2 posted on Wed, 07/30/2008 - 10:31

lunarmom lunarmom

(Posts: 6 | Credits: 1.74)

I can understand your frustration with the collector, kind of tricking your son into giving info. Until something definite and concrete happens I wouldn't worry about it. I mean I know you worry, but try not to until it is necessary.

I can't help you with the particulars regarding your questions, but one of the more experienced with this issue members will not doubt offer good information. Good luck!

Sub: #3 posted on Wed, 07/30/2008 - 11:56

Lorri Lorri
(Posts: 1721 | Credits: 224.67)

Thank you for the help you have provided!

Sub: #4 posted on Wed, 07/30/2008 - 13:30


Sorry, that was me not logged on.

Sub: #5 posted on Wed, 07/30/2008 - 13:31

lunarmom lunarmom

(Posts: 6 | Credits: 1.74)

What state do you live in? Check you state statutes and find out if repos are governed by the UCC SOL of 4 years in your state. That 4 year clock begins ticking when the deficiency balance is realized. If it was repo's and sold in '03, SOL might have expired and they might not be able to take legal action against you. Everything depends on what state you're in though.

As far as Arrow and HSBC, how is it reported on your CR's? Does HSBC still own the debt? You stated that you want to work with HSBC so you'll need to find out if they are still in the picture. Let us know what you find out.

Sub: #6 posted on Wed, 07/30/2008 - 15:49

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

I currently live in NM but the car was bought and repo'd in '03 in AZ. They did sell the car (in AZ) and I received the notice of the balance due but have not been able to even negotiate with them because I'm low income. It is scheduled to fall off my credit report next year but the OC no longer owns the account - Cavalry Portfolios Services does and they have added an addition $2000 to the balance due.

As for the HSBC account, it does indicate charged off and purchased by another lender but I believe they would work with me if I initiated the contact.

Thank you for your help!

Sub: #7 posted on Wed, 07/30/2008 - 22:03

lunarmom lunarmom

(Posts: 6 | Credits: 1.74)

You'll need to do some research as to whether or not AZ and NM use the UCC to calculate SOL for Repo's. I belive they do but double check that. If so, then they legally cannot sue.

For the HSBC if it was sold to a JDB, HSBC is completely out of the picture and you will not be able to deal with them. You will have to deal with whoever they sold it to.

Sub: #8 posted on Wed, 07/30/2008 - 22:35

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

AZ: Deficiency Requirements: Retaking does not bar suit for price, and vice versa. Confession of judgment notes are valid.

Can you explain this for me? From what I can understand, they can still sue but I could find no information on the SOL calculation.

NM: NM: Deficiency Requirements:
Only if contract permits repossession, sale and deficiency.

This is very vague and difficult to decipher.

You are so appreciated nascardevil.

Sub: #9 posted on Thu, 07/31/2008 - 00:21


Ok, I found the SOL for AZ but I'm still a little confused as to what action can be taken.

B. Except as provided in subsection D or E, if demand for payment is made to the maker of a note payable on demand, an action to enforce the obligation of a party to pay the note must be commenced within six years after the demand. If no demand for payment is made to the maker, an action to enforce the note is barred if neither principal nor interest on the note has been paid for a continuous period of ten years.

Sub: #10 posted on Thu, 07/31/2008 - 00:40

lunarmom lunarmom

(Posts: 6 | Credits: 1.74)

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