Hubby's car re-po'd 5 yrs ago & the debt cancelled. another debt agency has bought it

They are asking for payment of the full amount of the original agreement even though it was cancelled by the finance company when they repo%26#039;d the vehicle. After so long, hubby no longer has the paperwork to prove this-he trusted that the matter was closed! Can this be legal, %26amp; if so, can we demand the return of the car in it%26#039;s repo%26#039;d condition? After all, if we have to pay for it, we want what we agreed to buy!! p.s. - we are in the UK

Hubby%26#039;s car re-po%26#039;d 5 yrs ago %26amp; the debt cancelled. another debt agency has bought it %26amp; want payment in full?

Several questions:

Where was the car sold (State / Country). The laws are different.

Was the dealer also the finance company? If it was a conditional sales contract rather than a finance contract, he may still be liable for the full amount.

Was a court judgment entered against him? If not the statue of limitations MAY prevent them from filing suit now.

It seems to me that the deb was sold to a collection agency. They usually buy bad debts for pennies on the dollar, and try to collect. If there is no judgment entered as of now, do not talk to them, do not send them any money. If you make a payment now the clock starts all over again on the Statue of limitations and the Seven year limit on reporting it on your credit report!

Hubby%26#039;s car re-po%26#039;d 5 yrs ago %26amp; the debt cancelled. another debt agency has bought it %26amp; want payment in full?

Sounds dodgy to be, have you been to CAB (Citizen%26#039;s Advice Bureau), they can usually help on things like this. Also you may be able to get a copy of any paperwork from the original company. Good Luck!

Hubby%26#039;s car re-po%26#039;d 5 yrs ago %26amp; the debt cancelled. another debt agency has bought it %26amp; want payment in full?

in the us they cant do that i dont know about the uk

Hubby%26#039;s car re-po%26#039;d 5 yrs ago %26amp; the debt cancelled. another debt agency has bought it %26amp; want payment in full?

I work in collections and I%26#039;m not sure what you mean by %26quot;debt cancelled%26quot;. I would start by contacting the finance company because they should still have the records and should provide you a copy. Also, you can request verification of the debt from the collection agency that is currently trying to collect the debt because they have to provide verification to your husband before they can proceed any further. If all the paperwork they provide you is in order, then he will probably have to pay the debt.

In Georgia (USA), where I am, there are a lot of laws regarding notification when a car is repoed giving the customer 10 days to payoff the debt. If the customer fails to do so, then the car is sold and it must be sold in a commercially reasonable manner such as an auction. After the sale, the creditor is supposed to notify the customer of any balance remaining and give them an opportunity to resolve the debt before pursuing through legal action, etc.

Depending on the laws, he may not owe anything if the creditor didn%26#039;t follow the correct procedures in documenting the repo. In Georgia, we have the Office of Consumer Affairs that handles issues like this so you may want to see if there is such an office in your area.

Hubby%26#039;s car re-po%26#039;d 5 yrs ago %26amp; the debt cancelled. another debt agency has bought it %26amp; want payment in full?

If the vehicle was reposessed the company that took it had to have the title changed over so that is showed them as owners and not you. After 5 years they cannot collect especially when you are no longer the owners of the vehicle.